The following topic is mortgage and real estate fraud. It affects homebuyers and home sellers and it affects property values. HomeSmart Reports’ information products are geared to help people understand as many markets conditions as possible that affect local market values. The headlines below are taken from the IRS website relating to real estate and mortgage fraud. What is not stated here is that when such fraud occurs, it often has a negative influence on local property values. The www.fbi.gov website speaks to some of those issues.
“Real Estate/Mortgage Fraud: Facts, Figures and Closed Cases
Some of the common real estate fraud schemes include:
Property Flipping
Two Sets of Settlement Statements
Fraudulent Qualifications”
These Case Summary Headlines are taken directly from the IRS’ website
“St. Louis City Man Sentenced to 44 Months in Prison on Mortgage Fraud and Money Laundering Charges First Defendant in LHS Mortgage Fraud Case Sentenced
Four Mortgage Fraud Defendants Sentenced to Prison
Arkansas Woman Sentenced for Mortgage Fraud and Filing a False Tax Return
Defendant Sentenced for Role in Mortgage Fraud Scheme
Organizer of Massive Mortgage Fraud Scheme Sentenced to 28 Years in Prison
Owner of Ohio Mortgage Company Sentenced on Money Laundering and Income Tax Charges
Real Estate Closing Attorney Sentenced to Over Three Years in Prison in Mortgage Fraud Scheme
Newport Beach Man Sentenced for Orchestrating Mortgage Fraud Scheme that Cost Lenders $9 Million
Kansas City Businessman Sentenced for $17.5 Million Mortgage Fraud
Defendant Sentenced to 46 Months in Mortgage Fraud Scheme
Indianapolis Man Sentenced to 37 Months in Prison for Mortgage Fraud Scheme
Ohio Man Sentenced for His Role in Mortgage Fraud Scheme
Chicago Man Sentenced to 87 Months in Prison for Mortgage Fraud Scheme
Multiple Defendants Sentenced in Mortgage Fraud Scheme
Oklahoma Woman Sentenced to Prison for Bilking Investors of $3.3 Million
Husband and Wife Among Defendants Sentenced on Fraud and Tax Charges in Mortgage Fraud Scheme
Former Indianapolis Police officer and Two Indianapolis Area Businessmen Last of 16 Defendants to be Sentenced in Mortgage Fraud Schemes
Wilbraham Man Sentenced to Prison for Role in Multi-Million Dollar Mortgage Fraud
Husband and Wife Sentenced on Tax Charges in Mortgage Fraud Scheme
Three Corporations Ordered to Pay Over $7.5 Million in Federal Mortgage Fraud Case
Participant in $1 Million Mortgage Fraud Scheme Involving South St. Louis Properties is Sentenced to Prison
Real Estate Attorney Sentenced for Laundering Drug Money
Don’t let this happen to you.”
To access the full stories click on this following link. You’ll have a far better understanding of the impact of real estate and mortgage fraud and how it can affect you or your clients.
http://www.irs.gov/compliance/enforcement/article/0,,id=162992,00.html
The bottom line is that the better, more complete information you have, the better your opportunity to make well informed buy/sell decisions.