Someone asking you to invest in buying, renovating and selling properties might seem like a real estate market savvy business person in the current market but then again over 500 victims and $30 million were racked up by what can be really can be called a Ponzi scheme.
The lower credit scores for those asking for help seems to be part of a vicious downward cycle.
How comfortably can you live while paying this mortgage?
According to New Jersey U.S. Attorney Christopher J. Christie, Home-equity lines of credit are an expanding front in the battle against mortgage fraud. Homeowners should carefully review their statements to make sure their hard-earned equity is not disappearing from under their noses.
What should you do if you have been a victim of mortgage fraud of any variety? First, report it to the Federal Bureau of Investigation. What can consumers do to protect their credit? It is critical to monitor your credit report, receive regular updates, and stay informed. Immediately contact any lenders that provide information on your credit report when you discover pieces of information that are mistakes.
The most horrific mortgage fraud involving identity theft is the sale of your property without your knowledge. The consumer may get off easy but certainly not without damage.