Boise Mortgage Fraud
Like any city in the nation where ever mortgage fraud occurs it is a problem. Mortgage fraud is hard to detect and accurately count how many instances occur, even in Boise. Over the past year or so there has been a downward trend I the Boise housing market creating an ideal climate for mortgage fraud scam artists to employ many different schemes suited for this market.
Many of these schemes have emerged with the potential to spread as the recent rise in foreclosures, depressed housing prices, and decreased demand place pressure on lender, builders, and home sellers. As new restrictions are enacted on lending practices, in response to the subprime lending crisis, fewer loans will be made. Perpetrators will seek alternative methods of defrauding mortgage loan products.
Types of scams to be on the lookout for include:
- Seller Assistance Scams
- Builder-Bailout Schemes
- Illegal Property Flipping Schemes
- Short-Sale Schemes
- Foreclosure Rescue Scams
- Identity Theft Used to Gain Access to HELOC accounts
January 30th, 2009 at 5:37 pm
Thank you for the tips. It’s unfortunate that people have to be warned about schemes that unethical mortgage brokers will employ to try to make a buck. It’s a difficult time in many industries, but that’s not an excuse to try to take advantage of your fellow Americans.