Post by
LittleLady on Sep 14, 2010 12:00pm
Mortgage fraud thrives in good and bad times
Attention mb you know anything about this?
Mortgage fraud takes many forms, but a well-organized scam frequently involves a limited liability company (LLC) or a "straw buyer." In this scheme, fraudsters use a fake identity or that of someone else who allows them to use their credit status in return for a fee. The seller pockets the money the buyer borrows from a lender to pay for the home. The buyer never makes a mortgage payment and the property goes into foreclosure.