Thursday

Mortgage Fraud is Big Business

How to Make Money Online - Mortgage Fraud is Big Business

If you are looking for a mortgage or selling your house to raise cash as you think now is the time to indulge in a bit of online stock trading , take care and make sure you are getting the best information available, particularly if you are looking for a First Time Buyer Mortgage

According to police in London mortgage fraud costs £700 million a year, although these figures are disputed by the Council of Mortgage Lenders (CML), which also dismisses as ‘unsubstantiated’ claims that money raised from mortgage fraud is being used to finance organised crime.

The police are however determined to tackle mortgage fraud and have put forward proposals highlighting the impact of fraud on both businesses and properties and advice people to seek mortgage advice as soon as possible.

The city police economic crime unit in an interview with the Financial Times said: "We are reacting to the pressure of the FSA, of other police forces."

Fifty extra staff have been recruited to assist with anti-fraud investigations and given the scale of the problem they may all find themselves working on mortgage scams.

What form does mortgage fraud take ? Mainly false surveyors’ valuations, which allow fraudsters to obtain mortgages which are much higher than the value of the property and bogus applications in false people's names by individuals who then do not make any repayments.

It's nice to know the police are doing something about it !

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