Q. What is Nevada's standing nationalwide for Mortgage Fraud?
A. Nevada is ranked 7th in the Nation for Mortgage Fraud (Source: The Nevada Observer Vol 3, No. 16)
Q. What can the consumer do to better protect themselves in real estate transactions?
A. HUD Tips for Smart Consumer: (Source: The Nevada Observer Vol 3, No 16)
Interview several realtors and lenders.
Do not let anyone persuade you to make false statements on your loan application; such as overstating income, source of down payment, failure to disclose all debts. Lying on a mortgage application is fraud and may result in criminal penalties.
Do not let anyone convince you to borrower more money than you know you can afford to repay.
Never sign a blank document or document containing blanks.
Do not sign anything you do not understand.
Be cautious when costs of homes or home improvements go up if you don't accept contractor financing.
Q. How bad is fraud in the U.S., really?
A. 5% of the FBI workload is mortgage fraud (Source: The Nevada Observer Vol 3, No 16)
