Las Vegas, Mortgage Fraud and How Not to Be a Victim
Finally, Las Vegas is not ground zero for mortgage fraud. Last week analysis firm CoreLogic published its Fraud Index and guess who wasn’t on the list? Us!
California, Florida, New York, Illinois and North Carolina are now the top-ranked states for mortgage fraud.
What exactly is mortgage fraud, anyway? CoreLogic says undisclosed debt obligations, inflated property values, stolen identities in applying for loans, and misrepresentation on the loan documents are the primarily types.
How can you avoid being a victim? It’s hard, since mortgages can be so arcane. But here’s some advice:
Sellers: Get your own appraisal so you really know how much your house is worth. (Or call me and I will track it for you on the MLS.)
Buyers: Check out where you get your mortgage. And don’t believe those get-rich-quick schemes. They are really get-poor-fast schemes.
Everyone: check your credit rating at least once a year to make sure no one else took out a loan in your name!
((hugs)), BETH Ellyn, Managing Broker
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