Mortgage Fraud Rates on the Rise

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As Americans continue to struggle with rising debt, increased unemployment, falling home values, and threats of foreclosure, a new report from the Financial Crimes enforcement Network of the federal Treasury division reports that mortgage fraud is becoming increasingly common. In fact, in the second quarter of 2011, identified incidents of mortgage fraud surged by nearly 88 percent.

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In total, this radical increase included 29,558 reported cases of "suspicious activity" linked to mortgage fraud in the April to June period of 2011. That number is 15,727 more than while the same time period last year.

Why Such a Dramatic Increase?

This unparalleled surge in mortgage fraud has been chiefly attributed to a greater number of reviews performed by mortgage servicers. These reviews looked more closely at loan files after mortgage investors became more aggressive in their demands to repurchase defaulted mortgages.

In such cases, the government-controlled Fannie Mae and Freddie Mac, as well as inexpressive mortgage investors, have been attempting to recoup losses brought on by the economic difficulties by forcing banks to buy back loans that failed to meet underwriting guidelines.

Banks uncover Fraud Dating Back Years

These incidences of fraud, though discovered recently, date from a range of time periods over the past few years. Of those already identified, 81 percent of mortgage fraud involved activities were committed more than two years ago, and 63 percent occurred more than four years ago.

Representatives from the Financial Crimes enforcement Network have reported that while they have identified past cases of fraud, they are also lasting to unearth ongoing mortgage fraud activities. These consist of a number of dissimilar illicit activities, most predominantly including false statements concerning income, home occupancy or debts and assets.

Thus far, those states with the highest incidence of mortgage fraud are California, Florida, Nevada, and Illinois.

Fbi Warns Homeowners to Remain on the Alert

The Fbi has warned struggling homeowners to avoid such activities, as the penalties can be severe. They have also recommend that homeowners ought to remain wary of scams that may offer mortgage loan modification schemes or claim to supply foreclosure avoidance services.

In many cases, such scams will recommend that homeowners engage in some kind of fraudulent activity, such as submitting false documents. These activities may not only lead to criminal prosecution for all involved, but can also corollary in further debt and, in some cases, the loss of the asset itself. While some companies are legitimate, it is foremost to keep a close eye out for signs of fraud.

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