Loan fraud is simply a fraudulent method of obtaining a loan.

Utah, once a national leader in mortgage foreclosures, is now seeing improvement in the loan fraud scene.  

Fortunate for the consumer, the Real Estate Agent is the First Line of Defense for the unsuspecting Buyer.  This is just another  reason to hire a Real Estate professional when making a sizable investment in your future.

 

 

Tips for Home Buyers

·         Take a home ownership course

·         Obtain Agent References

·         Shop for lenders- Compare costs

·         Never make false statements on loan applications

·         Don’t borrow more than you can afford to pay anticipating the home will be worth more

·         Never sign a blank document- put N/A in blank

·         Read everything carefully – be honest about the intent to occupy

·         Be suspicious if costs increase during the process

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 (Phil Bradbury, REALTOR, Loan Fraud presentation, 04/29/09)