Mortgage fraud is a big problem all over the United States and is becoming uncontrollable day by day. It may lead to significant financial losses for homeowners and the business groups. The FBI (Federal Bureau of Investigation) states that this illegitimate operation may have negative consequences on the real estate market and the countrywide economy in a broad way.

Following are some tips to identify and avoid mortgage frauds:

For Buyers

• Perform your homework. Verify the history of sales of the property – multiple sales within a small time frame can be a sign of overstated prices. You should engage your own real estate appraiser or agent to ascertain the value.
• Be highly cautious about cash back at closing offers and no money down loans.
• Verify with the recorder of deeds or tax assessment office in your area whether the seller is the true owner of the property.
• Do not allow anybody else to utilize your name or Social Security Number for purchasing a property, particularly when they offer you money to use it.
• You must go through and comprehend everything prior to signing the dotted line. You can also discuss with an attorney of your choice if you want any clarifications.
• You should not sign any document with incomplete or wrong details like the source of your down payment, exaggerated earnings, inaccurate sales price, type or tenure of your job, purpose of living in the property as your principal residence and so on.
• You must work with the mortgage broker or lender directly. You should not allow a third party to organize your loan.
• Demand for obtaining a comprehensive set of closing documents.

For Sellers

• Be careful about selling your real property, particularly when it is not on the market at present.
• Receive suggestions from mortgage and real estate experts and verify them. Check that they are certified with the city, county or state.
• You should not sign any document with incomplete details or blank spaces.
• You should go through and grasp everything earlier than signing the dotted line. You can also take the help of an attorney if you want to clarify something.
• Be cautious about offers to “protect” you from foreclosure. You might pay a substantial amount as fees without lowering or settling your debt and can even land up losing your home. Deal with your lender rather and ask for providing a full set of closing documents.
• You should not accept an amount that is more than the price that you demanded, particularly when you have been requested for refunding the extra amount subsequent to closing or if the additional amount is to be utilized for upgrading or renovations that you understand are needless.

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