Lenders are losing out on thousands of dollars, sometimes within just mere hours, due to short sale fraud, which is skyrocketing and plaguing the housing market.
In one of the most common short sale scams, an investor submits a low offer on a home that is underwater, in which the borrower owes more on the mortgage than the home is currently worth. Scam artists, working with the investor, present the lowball offer to the lender, asking for a short sale to be completed. Appraisals or broker price opinions may be manipulated to help persuade lenders to do the short sale (one common method: Misstating the home’s location so that the home is compared to lower cost homes).
No comments:
Post a Comment