Las Vegas Nevada Real Estate Blog

Mortgage fraud has become an increasing problem with today’s real estate market.  Mortgage fraud can hurt investors, buyers, sellers and their neighbors.  With some sellers becoming more desperate to sell their properties, they can be easy targets for fraudsters, who offer to buy a house for more money that its value.  In some cases, that “buyer” offers to refund the difference between the price and actual value to the seller;  in a case like this, all parties are commiting mortgage fraud, which is a federal offense.  This activity also contributes to the future foreclosure rate, which, in turn, causes values in the area to drop.  As a home buyer, always work with professional, experienced lenders who can find a suitable loan program to fit your needs.  As a seller, be sure to read the “fine print” when signing a purchase agreement and escrow instructions.  The best insurance is to deal with a reputable real estate broker who knows the laws, regulations and details of mortgage programs and reputable lenders.