Fraud Awareness Month
Posted by Adam Chahl on
Protecting yourself and your mortgage from fraud is crucial to safeguard your financial well-being. Understanding some of the more common mortgage fraud scams and how to protect yourself can make all the difference!
The most common type of mortgage fraud involves:
A criminal obtains a property, and then increases its value through a series of sales and resales involving the fraudster and someone working in cooperation with them. A mortgage is then secured for the property based on the inflated price.
Below are some red flags to be aware of as potential lead-ins to fraud:
- If someone offers you money to use your name and credit information to obtain a mortgage
- If you are encouraged to include false information on a mortgage application
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