Mortgage Fraud Prevention Tips!
it at the 100% of the Fair-Market Price.(Retail)!
Flips are common and easy to finance once you’ve done all the necessary homework/legwork they involve.
However,(A WORD OF CAUTION): If your Lender or Broker should suspect you’ve done any Ifunny-business with the appraisal and/or Failed to Disclose al of the terms of your Sale…
Rejection of your loan is the least of your WORRIES!!!
Try talking to the FBI (and/or your Local State’s Attorney) about your innocently omitted intentions!
Word to the WISE: Be careful about your RE Investing practices and extra careful about whom you select for Brokering your deals! This could make the difference between acquiring Wealth or being Confined to a 6 x 9 with a Cellie named ‘Bubba!’
StopMortgageFraud.com, a service of the Mortgage Bankers Association of America (MBA), features
-An 11-point bill of rights for borrowers,
-Includes the right to receiving an identifiable benefit when charged a fee or a higher interest rate to refinance a loan. -Warning signs of abusive lending, and
-A Checklist for borrowers to make sure all disclosures are included in their file.
It also features a point-and-click form for borrowers to fill out in order to report fraud to the MBA.
MortgageFraud.com’s Website is aimed at helping borrowers, but it's also a good source for becoming more familiar with how to prevent fraud where it sometimes starts -- in the industry.
I Hope this Helps!
Derrick Ali
Flips are common and easy to finance once you’ve done all the necessary homework/legwork they involve.
However,(A WORD OF CAUTION): If your Lender or Broker should suspect you’ve done any Ifunny-business with the appraisal and/or Failed to Disclose al of the terms of your Sale…
Rejection of your loan is the least of your WORRIES!!!
Try talking to the FBI (and/or your Local State’s Attorney) about your innocently omitted intentions!
Word to the WISE: Be careful about your RE Investing practices and extra careful about whom you select for Brokering your deals! This could make the difference between acquiring Wealth or being Confined to a 6 x 9 with a Cellie named ‘Bubba!’
StopMortgageFraud.com, a service of the Mortgage Bankers Association of America (MBA), features
-An 11-point bill of rights for borrowers,
-Includes the right to receiving an identifiable benefit when charged a fee or a higher interest rate to refinance a loan. -Warning signs of abusive lending, and
-A Checklist for borrowers to make sure all disclosures are included in their file.
It also features a point-and-click form for borrowers to fill out in order to report fraud to the MBA.
MortgageFraud.com’s Website is aimed at helping borrowers, but it's also a good source for becoming more familiar with how to prevent fraud where it sometimes starts -- in the industry.
I Hope this Helps!
Derrick Ali
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