Mortgage fraud attorneys can help protect real estate investors who flip properties for profit.
If you’re a real estate investor,
with foreclosures at record highs, now is a good time to make a lot of money. And, it’s also a time where it’s easy to lose your shirt if you don’t know what you’re doing.
Following is one scheme that is common. If you’ve been burned like this, you should consult a mortgage fraud attorney.
Mortgage Fraud Attorneys: Why You Need One When Flipping Properties for Profit
When investors flip properties for profit, there are many ways for fraud to be committed.
Because of the foreclosure crisis, banks and other lenders have become stricter in their lending policies. While this makes it harder to commit fraud, it’s not impossible. And, it can happen at any point in the process, making a mortgage fraud attorney even more of a necessity.
Document Fraud: When a property is bought and/or sold, the transaction requires a massive amount of paperwork, eg, bank statements, insurance statements, tax returns, inspection reports, property titles, etc. Any of these can be falsified at any point in the process.
This is why, if you’re a real estate investor, having a mortgage fraud attorney on your team from the start can insure that you don’t get scammed in the process. They are practiced professionals, and can alert you when a piece of the puzzle just doesn’t make sense.
This type of knowledge on your investment team is invaluable.
Appraisal Fraud: This is when a property’s value is artificially inflated by an appraiser. It is one of the easiest ways a novice investor can be taken advantage of, especially if they aren’t familiar with the area in which they’re investing.
As a side note, remember, real estate is all about location, location, location. This is why when you first start investing, you should do so close to home because you probably know the area and what a property should be bought/sold for. It’s harder for someone to take advantage of you if they are so inclined.
If you feel that you’ve been the victim of mortgage fraud as an investor, consult a few mortgage fraud attorneys in your area to find out what your options are.
