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Understanding the common types of mortgage fraud

Because mortgage fraud is considered a white collar crime, it does not mean it is any less serious. In fact, this is something that authorities are cracking down on.

It is important to understand the finer details of mortgage fraud, including the common types, as this will help you avoid an honest mix up that could land you in hot water.

Some of the most common types of mortgage fraud include:

-- Fraudulent loan documentation. When completing a mortgage application, you must provide accurate and honest information. You should never think twice about altering pay stubs or submitting forged documents. All documentation should be 100 percent accurate, even if it harms your chance of securing a mortgage.

-- Stolen identity. Using a stolen or fictitious identity to secure a mortgage is against the law.

-- Inflated appraisal. This is when an appraiser, along with a broker or loan officer, provides a high appraisal value to ensure that the transaction goes through.

There is nothing simple about a mortgage transaction. Furthermore, many things can go wrong along the way that could stop you from buying your dream home.

When you understand the common types of mortgage fraud, you will also understand the seriousness of breaking the law. It is important that you avoid anything that could be considered illegal.

With all the problems in the mortgage industry over the past 10 years, authorities are on the lookout for people committing fraud. If accused of any type of mortgage fraud, it is important to learn more about the charges and why they have been brought against you.

Source: FindLaw, "Mortgage Fraud," accessed Jan. 14, 2016

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