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Mortgage Fraud Cases On The Rise

Posted By admin || 21-Jan-2009

According to an article in the Star-Telegram, as the number of foreclosures continue a steady trend upward, the number of mortgage fraud cases in Texas and nationwide have skyrocketed.

The article says:

According to the FBI, the number of mortgage-fraud suspicious-activity reports nationwide jumped from about 7,000 in 2003 to more than 62,000 last year. Since 2007, the number of Texas loan officers has dropped by more than 50 percent, he said. Some got out of the business voluntarily; others had their licenses revoked for misconduct.

This is just another symptom of the toxic mortgage loan crisis and a sign of many more foreclosures on the horizon. Many homeowners have been the victims of unscrupulous mortgage loan officers who encouraged them to take out more mortgage debt than they could afford. Now the number of foreclosures is quickly rising and many families are being forced out of their homes.

But foreclosure is often not the end of the nightmare for some families. Many mortgage scams include targeting homeowners facing foreclosure. Homeowners facing foreclosure are often targeted by scammers who offer to make payments in exchange for the home's deed; but instead of making payments, they take out another mortgage on the home and disappear with the money.

If you're a homeowner facing foreclosure speak with a Dallas bankruptcy attorney today to find out how you can save your home using bankruptcy. Do not under any circumstances fall prey to scammers offering to pay your mortgage in exchange for your deed.

Categories: Foreclosures
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