Mortgage fraud is becoming increasingly common. Scam artists often target homeowners struggling to meet their mortgage commitments or anxious to sell their homes. There is help available when facing financial problems or foreclosure, but make sure you are dealing with a reputable organization before getting involved. A good rule of thumb is that unsolicited help, whether in person, on the phone, or by mail should be fully researched before accepting any help. To protect your home and home’s equity and avoid falling victim to fraudulent schemes, recognize and understand the signs of mortgage fraud. Know how to report fraud to state and federal authorities so they can stop scam artists from preying on innocent borrowers.
Estimated Annual Losses*: $4 billion to $6 billion Total Mortgage Fraud Suspicious Activity Reports (SARs) in Fiscal Year 2008: 63,173, with more than $1.5 billion in losses - So far in fiscal year 2009 (through 4/30/09): 40,901 Pending FBI Mortgage Fraud Investigations (through 4/30/09): 2,440 Cases opened in Fiscal Year 2009 (through 4/30/09): 965 (compared to 136 in all of Fiscal Year 2004) Successes in Fiscal Year 2008: 574 indictments/informations; 354 convictions
Nationals and Locally mortgage fraud has changed the financial fabric of our communities. Consider the following stats:
Are you a victim of mortgage fraud, short sale scams, and/or loan modification rip-offs? Sentinel Law PA is here for you. Contact us today to find out if you are entitled to damages and what your legal options are. The Attorney General warns as follows:
- Homeowners should NEVER pay any up-front fees and should avoid any high-pressure sales tactics. Fees may only be collected AFTER services are completed.
- Homeowners should first try talking to their lenders or a lawyer before contracting with any third-party company for rescue or modification services.aeaes
If you believe that your rights were violated in the closing process or in the payment process of your loan, we can provide a diagnostic to assess whether your lender violated any requirements in Truth and Lending (section z), Real Estate Settlement Procedures Act, Home Owner Equity Protection Act, Equal Credit Opportunity Act, and/or Fannie Mae -Freddie Mac guidelines.
