Understanding Mortgage Fraud and How It Affects Shoreline Real Estate

You may have heard about mortgage fraud before, but may not understand how it relates to Shoreline real estate. Mortgage fraud is growing at an alarming rate and the more you know about this type of fraud, the better you will be at avoiding it.

Mortgage fraud involves criminal actions that misrepresent or omit vital information on a home loan application in order to secure a larger loan. It can be done by an individual or by a group of organized criminals in Shoreline.

Trends like economic and social changes can affect the spike of mortgage fraud in Shoreline real estate. Customers are looking for quick approvals on their mortgage applications and banks and other financial institutions are feeling this pressure. Also, banks are constantly competing with one another for mortgage customers as the rates change and more appealing features are being offered.

Other types of mortgage fraud include: 

·         Misrepresentation of credit, income, assets or a down payment.

·         False appraisals.

·         Skimming of equity. 

Mortgage fraud is on the rise across the country and the best thing that you can do is keep yourself safe from identity theft. The easiest way to do this is to keep all of your financial information safe by only using credit or debit cards at reputable Internet sites or retail stores and by always covering your PIN. Mortgage fraud affects anyone that is involved in Shoreline real estate. As this type of crime increases, it makes it more difficult and a longer process for hard-working citizens to get the home loan that they deserve. 

For more information contact Adrian Willanger 206-909-7536