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Protect yourself against mortgage fraud in Washington, D.C.

Mortgage fraud is a serious crime that can have lasting implications. At the Ammerman & Goldberg “Bankruptcy” Law Office, we regularly help clients navigate the mortgage process. You should be aware of what this crime is and how you can prevent it.

The Federal Bureau of Investigation estimates that mortgage fraud was associated with loans totaling more than $10 billion in 2010. Such fraud can stem from any type of misrepresentation or misstatement associated with acquiring a mortgage, such as omitting information on a loan application, using a false appraisal, using a false or stolen identity or altering a paycheck stub.

Not all mortgage fraud may be intentional. For example, it is possible for you to commit wrongdoing without knowing it. This can happen if someone you thought you could trust with the process leads you astray or otherwise deceives you.

The FBI offers the following tips so you can avoid falling victim to mortgage fraud: 

  •        High-pressure sales techniques, promises of extraordinary profit and unsolicited contracts should all be considered red flags.
  •        Get access to the title history of the home to determine if it has been flipped and has a falsely inflated value.
  •        Do not sign a document that has blank spaces to be filled in later.
  •        Use mortgage lenders, realtors and other industry professionals you can trust.

The penalties associated with mortgage fraud can be stiff, including large fines, prison time and even liability for monetary damages. For more information on this topic, please visit our page regarding issues surrounding mortgage.

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