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Different Flavors Of Interest Only Mortgages
By Dennis Estrada
Just like an ice cream. Interest Only Mortgages come in different flavors. However, it does not mean that one type is better than the other. When you purchase a home, mortgage lenders consider the Read more...
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Mortgage Fraud Prevention
By Dennis Estrada
Mortgage Fraud is any procedures to acquire with false information. The objective of this article is to detect a fraud at early stage for prevention. Fraud increased gradually recently. It is believe to be around in trillion dollars per year in US and Canada.
Most of us dreams to own a house or home. In the process, we sometimes go over board. The fraudster misrepresents information like employment, status, tax, and other obligation just to obtain a house or home. Some fraudster misrepresents for profit too.
A quick flip an ownership is an obvious signs of fraud. For example, the fraudster buys a house. The fraudster gets a house appraisal with an inflated house price. A straw man who is unconnected to the fraudster purchases the house at an inflated house price. So, the fraudster earns a huge profit. Usually, the fraudster finds a straw man and promises easy money. Often, the straw man is a victim. In the meantime, the fraudster may or defaults on monthly payment. In case of default, the lender forecloses the house. Even though the fraudster loses the house, the fraudster earns a profit from the sale of house to the straw man.
Now, lenders keep a close eye on any property that is sold within ninety days of ownership. This is to combat the last example. Furthermore, some lender disapproves any purchase within ninety days of ownership.
Common Fraud
- inflate appraisal value of property to sell at higher price
- bogus home upgrades or renovations
- misrepresentation of information on application
- use fake documents and identification
- unpaid mortgage, insurance, property tax, and home owner association in behalf of new owner
- flip property ownership to straw man
- fake down payment by the borrower
Mortgage Fraud Prevention Tips
Match the signature to the first and last name of the borrower if you can make out the first and last name from the signatures. If the signature does not match the first and last name, you can raise the fraud alarm.
We often forget that the telephone can be handy. The phone directory verifies the identity of the borrower at times. Also, you can verify the employment and identification by telephone.
With the advancement of technology, the fake documents are often hard to distinguish. A simple way to detect fake bank statement is to match the balance on previous statement to the next statement. Also, you can match the paycheck amount with the bank deposit amount.
There
California Mortgage Refinancing - California Refinance Rates
Avail the benefits of California mortgage refinancing. Also find how to secure best California home mortgage refinance rates which helps you find the best mortgage solution for your home financing needs to fit every situation.
California Home Mortgage Loan Refinance : California Home Loan Refinance
Lowest rates available on California home loan mortgage refinance and refinance your mortgage while rates are low. Get California Home Interest Loan Refinance quotes online.
California Adjustable Rate Mortgage Loans: ARM Loans CA
In California adjustable rate mortgage loan (ARM) programs, the risk of fluctuating interest rates is shared equally between the borrower and the lender.
California Bad Credit Mortgage Loans
Bad credit OK! Find California mortgage loans to purchase your home, consolidate your debts-even save you from the edges of bankruptcy-and get yourself on the path to financial freedom.
California FHA Loans : California FHA Home Loans
California FHA home loan is the best way to finance your home. Find how to secure best terms on California FHA home loans with a reliable lender.
California FHA Home Mortgage Refinance Loans
California FHA home mortgage refinance loans with very competitive interest rates are great for low and moderate-income families who are trying to make the transition into home ownership or even borrowers with less than perfect credit.
California FHA Mortgage Refinance : California FHA Loan Limits
California FHA mortgage refinance would help the homeowners Struggling to keep up with your California adjustable rate mortgage and as many people as possible purchase their own homes in California by increasing fha loan limits that made it easier than ever before.
California First Time Home Buyer Loans
California first time home buyer loans provides instant rates for first time home buyers and also speaks about the importance of pre-qualification and credit history for first time home loans in CA. Offers best tips for the CA first time home buyer.
California Home Mortgage Loan: California Home Mortgage Loan Rate
Find the best California home mortgage loan with the lowest interest rate for your home financing needs to fit every situation.
California First Mortgage: California 1st Mortgage Loans
California first mortgage loan can be the ideal solution if you want to purchase your real estate property in California.
California Fixed Rate Mortgage Loans: FRM Mortgage Loans CA
Apply for California fixed rate mortgage Loans, your loan interest rates remains fixed for the entire loan tenure (typically for thirty, twenty, fifteen, or ten years) depending on the loan period that you choose in FRM.
California Home Equity Loans : CA Equity Mortgage Loan
Provides information on California home equity mortgage loan to get the funds you need without being forced to sell your home to get it.
California Interest Only Mortgage Loan
Before purchasing interest only mortgage loans in California CA, it is extremely important to familiarize yourself with the loan procedure. Find more in this regard.
Additional
Resources
Need Debt Consolidation? - Try Second Mortgages
By Joe Kenny
For many of us, money can get tight every now and then. We have felt the pinch, and many are feeling it now. If you are in that situation where you now have a lot of debt, and are wondering what you Read more...
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Mortgages - Ad Infinitum
By Charles michael Challiner
There are some exiting developments in the mortgage market with the birth of a new mortgage designed in order to allow home owners to pass on their mortgage debt in the event of their death. Whilst Read more...
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California Mortgage Refinancing - California Refinance Rates
Avail the benefits of California mortgage refinancing. Also find how to secure best California home mortgage refinance rates which helps you find the best mortgage solution for your home financing needs to fit every situation.California Home Mortgage Loan Refinance : California Home Loan Refinance
Lowest rates available on California home loan mortgage refinance and refinance your mortgage while rates are low. Get California Home Interest Loan Refinance quotes online.California Adjustable Rate Mortgage Loans: ARM Loans CA
In California adjustable rate mortgage loan (ARM) programs, the risk of fluctuating interest rates is shared equally between the borrower and the lender.California Bad Credit Mortgage Loans
Bad credit OK! Find California mortgage loans to purchase your home, consolidate your debts-even save you from the edges of bankruptcy-and get yourself on the path to financial freedom.California FHA Loans : California FHA Home Loans
California FHA home loan is the best way to finance your home. Find how to secure best terms on California FHA home loans with a reliable lender.
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