What is Mortgage Fraud? You Could Be a Victim of Mortgage Fraud and Entitled to Immediate Compensation
Mortgage Fraud: any unscrupulous actions carried out by a lender to entice, induce and assist a borrower in taking a loan that carries high fees, a high-interest rate, strips the borrower of equity or places the borrower in a lower credit rated loan to the benefit of the lender. In addition, if you don’t speak English and your loan documents are not in your native language (and the lender did not translate your mortgage documents at the time of closing), you are a victim of Federal and State lending law violations.
Today, across the country, mortgage fraud victims are usually Blacks, Latinos, senior citizens, and people who are not financially sophisticated. “Review links below.’
Today There Are Three Types Of New Mortgage Fraud
❶ Mortgage Escrow Fraud: This takes place when the mortgage servicing company fraudulently pockets the mortgage payment and fails to pay insurance and taxes. Afterwards, they call the homeowner and say the escrow fund is short and demand payment. Please review the following popular cases of mortgage escrow fraud.
❷ 2nd Lien Holders Fraud: This takes place when the homeowner has not heard from the 2nd Lien holder in anywhere from 3-10 years because there is no equity in the property. When the 2nd lienholder discovers there is equity in the property, they call the homeowner immediately and ask for full payment of the second mortgage.
❸ Forbearance End Fraud: This takes place when the mortgage servicing company tells you; you must pay (up front) all delinquent mortgage payments with no options.
Please review videos below. Moreover, please be advised, if the mortgage company does not tell you all of your options, they have committed forbearance fraud.