Watch Out For Mortgage Fraud

From the Springfield Business Journal:

The FBI is investigating alleged mortgage fraud schemes in the Springfield area, some of which may be driving a spike in foreclosures on homes sold to unsuspecting buyers at inflated prices.

FBI Special Agent Josh Nixon couldn’t comment on specific investigations or the alleged perpetrators, but he did say mortgage fraud activity is on the rise in Springfield as it is across the nation…

…“Mortgage fraud is one of the fastest-growing frauds in the United States, along with identity theft,” said Nixon, who is based in Springfield. “The FBI has received numerous allegations about mortgage fraud in this area, and we evaluate every allegation.”

Read the entire mortgage fraud article here.

This is something to be really careful of; especially, in my opinion, when you find a mortgage company on the Web.

Hey, the Internet is great. That’s how most of my clients find me. But the Web is a starting point. Whether it’s a loan officer or a real estate agent, you need to be dealing with someone that you are able to meet with in person.

The best thing to do is to find a good agent first. Find someone who has been in business a long time. Ask around about him. Call the local board of REALTORS and ask about her. And go with your gut — talk to him or her on the phone, then meet with him in person. You cannot fake sincerity. And a good agent will have a good loan officer for you to work with.

And that’s a great way to avoid mortgage fraud.

Buying a home is the biggest investment you will probably ever make. Hire an agent and a loan officer who care.

Hey, we all need money. I’m a real estate agent and that’s how I take care of my family. But I love to help people, too. This is one of the few jobs that you can say honestly affects the lives of people in a major way.

I’m proud of that.