One of the more common types of mortgage fraud, at least during the last property "bust" in the United States is property flipping.
Property flipping occurs when someone who owns a mortgage broker and/or title company will purchase an inexpensive property, mark it up excessively and resull it to a buyer who is either part fo the scam or an unsuspecting dupe. In either situation, the buyer will end up defaulting on the inflated loan soon after he takes possession of the property.
Many "flippers" attempt to work with buyers who are dupes - naive people who are greedy who are looking to make quick money in real estate.
We will continue this discussion in the next post.
Property flipping occurs when someone who owns a mortgage broker and/or title company will purchase an inexpensive property, mark it up excessively and resull it to a buyer who is either part fo the scam or an unsuspecting dupe. In either situation, the buyer will end up defaulting on the inflated loan soon after he takes possession of the property.
Many "flippers" attempt to work with buyers who are dupes - naive people who are greedy who are looking to make quick money in real estate.
We will continue this discussion in the next post.
NOTE: THE INFORMATION IN THIS BLOG IS NOT LEGAL ADVICE NOR
IS IT INTENDED TO BE LEGAL ADVICE. IF
THE READER HAS ANY LEGAL QUESTIONS, PLEASE REFER TO AN ATTORNEY.
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tausk
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