Is A Loan Modification is A Way To Stop Foreclosure?
Not anymore....read on...
“An alarming increase
in the mortgage fraud” states the New Report!
When we plan to get a mortgage
loan the words that haunts us is the “mortgage how much can I borrow”.
But we are not aware that there are other things that we need to be
alert of like the alarming increase in the mortgage fraud. According
to report of the Interthinx’s Second-Quarter Mortgage Fraud Risk,
the risk has been steady over 5 years but it has been declining over
the past year. But all over the region there is a mushrooming growth
in the mortgage fraud and it has spread from the state to national level.
The fraud risk rates have declined
drastically in Chicago as per the latest report.
According to the report, fraud
risk has decreased significantly in Chicago. The report of the Interthinx
states that the ZIP code chart is no longer showing the two Chicago
ZIP codes among the top 20 riskiest zip codes. Chicago is showing a
considerable improvement as there is a decline in the rate of mortgage
fraud risk whereas situation is serious in Miami as there is significant
increase in fraud risk.
Miami is counted among the
five of the top ten riskiest ZIP codes and eight of the top 20 in Florida.
And Miami bagged the first rank in identity fraud risk, 2nd
largest in occupancy fraud risk, and ranked No. 9 in property valuation
fraud risk in the second quarter.
Here is some relevant information
that might be of interest to lenders:
1. Stockton-California was
considered among the top ranked most risky nation according to the metropolitan
statistical areas (MSA).
2. Remember that MSA chart
states that the top three spots and five of the top 10 were occupied
by California MSAs.
3. The investor loan is at
risk than the owner-occupants according to the report of the Interthinx’s
nongeographic fraud risk analysis.
4. You should be aware that
the loan amount determines the fraud risk. The risk of occupancy and
employment/income fraud will increase with loan amount.
83% of all loans are Mortgage Fraud and you need
It is for this reason that we are no longer encourage a loan modification. I believe after you watch the video below you
will see why I believe Bank of America and all the banks on the front page should be forced to shut down or at least be forced to lower your principal balance if you purchased your house since the time investigators can trace back, when exactly the banks created these criminal acts. So, our company stands up for you! You should not have to pay in anyway, shape or form for the banks wrong doing.
WATCH THE VIDEO BELOW
If you decide to short sale as your option please
CALL 888-877-9824