Increasing numbers are committing mortgage fraudAugust 22nd, 2012 - 8:57 pm ICT by Aishwarya Bhatt
New York, Aug 22 (THAINDIAN NEWS) Mortgages are commonly known to overwork people minds and this is why people are advised to make sure that they consider their financial capabilities while engaging into mortgages.
Due to the need of money people have even faked their financial status just for the favor of earning the mortgage. This is however not fair to the lenders because they may tend to experience a hard time during the paying back of the mortgage. There are increased numbers of frauds that have resulted into unfairness, which is not justice especially to the lenders. The lending institutions are now intending to be stricter with lending money and securing their fate during payment.
According to the statistics that were made by the financial expertise, it has been estimated that there is a 23 % rise of the frauds in mortgages. It was also stated that in every 10000 mortgages applications there are approximately 39 applications which are not genuine thus creating a risk to the lenders.
However, due to the growth of technology, the financial experts have come up with ideas that would be used to minimize the number of frauds in mortgages. They are planning to make the rate decrease within a nick knack of time and the people who went through with fake applications are as well cautioned.
- Spanish government prods banks to modify mortgages - Mar 11, 2012
- US homebuilder confidence up in November - Nov 17, 2011
- New Wave of ID Theft As Kids' Social Security Numbers Stolen - Aug 03, 2010
- Bank Of America Settlement Announced, Home Buyers To Be Compensated - Jun 08, 2010
- Fresh ID Theft in America Attacks The Social Security Numbers Of Kids - Aug 03, 2010
- Augusta, GA, woman sentenced for mortgage fraud case - Mar 03, 2010
- Four Florida residents charged in $6 million mortgage fraud scheme - Mar 17, 2010
- San Francisco, CA broker and real estate developer charged with $19.6m bank fraud - Feb 13, 2010
- Apprentice Star Christopher Farrell Avoids Jail - Jan 29, 2011
- Indians warned against fake job offers from Nigeria - Apr 08, 2011
Tags: fate, financial capabilities, financial expertise, financial experts, frauds, hard time, lenders, lending institutions, lending money, mortgage fraud, mortgages, nick knack, risk, statistics, unfairness