Comments on: Calculating the Real Cost of Mortgage Fraud

By: collinpl

collinpl — Thu, 02 Sep 2010 06:29:28 +0000

Its really a great post. Mortgage frauds are on the rise with lucrative very low interest rates. People just to save money fall prey to such frauds. The agents or other brokers should really ensure a genuine mortgage trade. Thanks Collin paul HowMuchHomeCanIAfford.org

By: P.L

P.L — Tue, 23 Mar 2010 17:51:38 +0000

So, this post was a time saver!

By: Hollie W

Hollie W — Mon, 22 Mar 2010 20:42:03 +0000

Mortgage fraud could be curtailed greatly if local, state and federal governments encouraged lenders to report fraud. Most fraud is spotted by internal audits and auditors, they would like to report the fraud and make everyone aware of it and aid in the prosecution of these persons. However, nothing is done with the information because the company who discovered it fears repercussions and liability of sharing the information, therefore nothing is done and valuable information is lost that could lead to prosecution. Say for example XYZ mortgage discovers a fraud ring, only one of their files is being audited by the mortgage insurance company. XYZ mortgage will not let anyone else know that they discovered 10 other files found in the fraud ring because they will then become liable for them and open themselves up to more losses than the one they already suffered. So the fraudsters get off scott free.

By: Bob T.

Bob T. — Fri, 19 Mar 2010 15:36:03 +0000

Quick question. Can someone tell me if I have missed many of my mortgage payments, can I still get a mortgage loan modification? And if so, will get get huge fees tacked on to my home loan balance? thanks to anyone who answers.

By: Art Aviles

Art Aviles — Sun, 07 Feb 2010 22:05:42 +0000

I believe we need to make it more accessable and easier to make complaints for mortgage brokers and loan originator we know of breaking the rules and the law. A lot of times we think it is not right to “snitch” because of Karma, but in any other field, if there was a doctor or an attorney per say, breaking the law and committing fraud in their fields, their industry and colleagues would come down on them immediately and report them to the proper authorities. We need access to these departments that will take these matters serious and not just put them in the back burner like some Departments of Real Estate do today.

Let’s better this industry continuing to rise the ethics and deminish the fraudulant agents out there who continue to bring our value down. We need to bring the education lever up and enforce the licensing process to filter out the bad apples.

By: Anita Rich

Anita Rich — Sat, 06 Feb 2010 04:49:31 +0000

It is always easy to find someone to blame.. In this case they do deserve it but here is my question… If we can not go back in time.. what good does it do to dwell on the damage that has been done?
I would like to find a way to build up trust, morale and momentum in the real estate industry.. Please do not think I am overly enhusiastic or unrealistically positive.. I just feel we must get our heads out of the sand and hope we can erase the damage because we can not.. I believe the public needs to see us emerge once again as the professionals most of us are with confidence… and it is great if we have lenders who can be trusted .. lenders who know how to be creative while ethical..
There is and will be fraud… we can not totally control that.. but I feel we can concentrate on what we can control and re-establish the great value in real estate…Please join me.