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Georgia Mortgage Fraud |
Georgia mortgage fraud may be defined as intentional misrepresentation of important information related to home loan application by an individual. Today, a large number of borrowers provide fraudulent information in order to get approval for a home loan. Mortgage fraud is quite different from predatory lending where a dishonest lender willfully mislead or conceive the consumers. If convicted, mortgage fraud in Georgia could result into serious penalties. Getting a home loan has become slightly difficult in the present economic condition and lenders make a thorough credit check of the borrowers before offering them the approval. On the other hand, those borrowers who eagerly need a low rate home loan try all the possible means to get what they need. As a result, they provide wrong information relating to their credit rating and financial statements to qualify the loan approval.
Mortgage Fraud Schemes
Incidents of GA mortgage fraud are increasing day by day and there are several types of fraud schemes prevalent in the state. The following are some of the most common fraud schemes.
- Some buyers purchase a property for investment purpose, but they states on their mortgage application that the property will be their primary or secondary residence.
- Borrowers inflating their income status on the home loan application.
- A large number of buyers intentionally omits liability conditions included in the application process.
- When the borrowers fraudulently appraised the value of the property in order to get approval for higher loan amount.
- There are also several home buyers and borrowers who obtain multiple home loans by using the same property.
Residential Mortgage Fraud: Types
Georgia residential mortgage fraud also occurs in two different manners. Firstly, it may be an attempt to get some profit on the part of the borrowers by falsely inflating the equity value of the property. On the other hand, it occurs when home buyers find it difficult to qualify for mortgage programs with low interest rates due to their bad credit record. Equity skimming, identity theft, and property flipping are some common examples of mortgage fraud intended for profit.
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Georgia Mortgage Fraud Act
According to the Georgia mortgage fraud act, mortgage fraud is regarded as a serious offense and the convicts could be charged with 20-30 year sentence. Even if you are a victim of this crime, you may still seek the assistance of some professional lawyers to fight the fraud charges. However, the best way is to stay away from such intentions as it may cause you more harm than benefit.
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| Mortgage Fraud Blog | Mortgage Fraud Blog offers all the latest news on the mortgage fraud that occurs in the state of Georgia. Visit their website to get further details on the services offered by the company.
Website:http://www.mortgagefraudblog.com/index.php/ |
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| GREFPAC | Georgia Real Estate Fraud Prevention and Awareness Coalition works to promote honesty and openness in real estate transactions. The association also offer mortgage fraud advisors to provide awareness to the home buyers.
Website:http://www.grefpac.org/ |
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| The Mortgage Fraud Reporter | At The Mortgage Fraud Reporter, you will be able to get valuable information on the recent mortgage fraud incidents in Georgia. The website of the company also features various other important details relating to the mortgage industry.
Website:http://www.mortgagefraud.org/ |
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