by Alexis Cala, PICurrent Assistant Producer
Courtesy of TheTruthAbout...
As the recession lingers, many homeowners are desperate for quick fixes and even more are vulnerable to scams and mortgage fraud. The FBI is working on over 2,600 cases of mortgage fraud, up from 1,600 cases in 2008. Many of these cases involve more than $1 million in losses. Generally, these scams target those who are already struggling to pay their mortgage or are anxious to sell (read the full story on Reuters).
The overwhelming number of foreclosures, bad mortgages, and job losses has made homeowners an even easier target for scams. But being able to recognize the most common types of mortgage fraud can help you avoid becoming a victim. If you’re thinking about purchasing a home, check out these do’s and don’ts before you buy. Also, you can report fraudulent activities by contacting these state and government resources.
Having difficulty paying your mortgage? Visit The Beehive for a great resource section on homeownership, including how to talk to your lender and avoid scams.
