This article appeared on AZCentral over the weekend. Very interesting. I know mortgage fraud is a problem in the industry but to hear of such scams in our local market is very disheartening. It seems like there are many out there trying to do this. This is another reason why you need to be working with real professionals and not just run of the mill people in for a quick scam!
Illegal deals can wreak havoc on Valley’s housing market: “An example of how it works: A homeowner lists their house for $300,000, but there are no offers. One day a buyer or real estate agent appears and offers $350,000, $50,000 above the asking price. The seller may keep the $300,000 asking price but has to give back the extra $50,000. Sometimes the seller is told the money is for renovations. In other cases, the seller is offered a share of the extra cash.”
Welcome to the Arizona Mortgage Guru blog, a great resource for all your home financing needs. If you're new here and like the content, you can subscribe to my RSS feed to get regular updates on all things related to mortgages. Thanks for visiting.
Arizona Targets Mortgage Fraud
Bonnie and Clyde of mortgage fraud
Fraud in the Phoenix market
Related posts brought to you by Yet Another Related Posts Plugin.
on May 15th, 2007 at 3:58 pm
[...] Republic wrote about earlier this year was based on lenders and appraisers pushing the value. Here is my post on this topic from earlier this [...]