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Sacramento Mortgage Fraud |
Sacramento Mortgage Fraud is defined as any material misrepresentation or omission of facts furnished by an underwriter or a lender for the purpose of financing, purchasing or insuring a loan. If a part of your loan application is discovered to be false, you will be required to pay immediately the full amount you have taken as loan from a financing institution. That's not all, you may end up paying six-figure fines and/or going to jail, as per the regulations set by FBI. It is thus important for you to know what constitutes Mortgage fraud in Sacramento, CA or elsewhere in the US.
When you seek to gain undue advantage through misrepresentation of facts while requesting for a mortgage loan, you commit a mortgage fraud. A lender can also become a party in the mortgage fraud scheme when he/she uses inappropriate measures to attract more customers or reap financial benefit. Fundamentally, a mortgage fraud is based on a lie, and thus it is easy to discern a fraudulent deal from a fair one. The nature of the fraud may vary, but the fundamentals remain the same. In Sacramento, mortgage fraud can take the following shapes:
- Undisclosed Kickbacks
- False Representation of Employment Income
- Silent Second Mortgage
- Inflated Buying Price
- Non-Owner Occupant Claiming Occupancy
- Down Payment Gifts Required to be Paid
- False Statement on Borrowers' Deposits
- Mortgage Fraud committed by Professional people
How to Prevent Mortgage Fraud
If in case a real estate professional approaches you and offers you to be a part of a mortgage scheme, you should immediately inform the FBI. If at any time during a real estate transaction or a mortgage approval, you suspect of a mortgage fraud, it is in your interest to consult the real estate lawyer and get the things cleared at the earliest. It sounds good and lucrative to get involved in a fraud along with its perpetrators, but it won't pay in long run. The scam is sure to be unearthed anytime by FBI or other government agencies and if so happens you are more likely to be booked for being a part of an unlawful activity. Refrain from any sort of mortgage fraud in Sacramento and get a peace of mind forever.
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