Mortgage Fraud
Owners of vacation homes and rental properties are being targeted as victims of identity theft according to a recent report issued by the FBI. Con artists are creating fake identifications of these owners and transferring the empty estates to themselves. With the property under their name, they are able to turnaround and sell the home.
While there are other variations of this type of crime, the FBI reported a 31 percent increase in reports of mortgage fraud during 2007. In addition, Colorado was named as one of the top 10 mortgage fraud states.
The sudden spike is partially being contributed to the weak housing market that gives fraudsters an ideal setting to try different schemes. FBI agents are working with law enforcement and other regulators to control the growing problem, but the BBB recommends taking the following steps to assure you do not become a victim of mortgage fraud:
* Don’t ignore any payment books or information from an unfamiliar mortgage company. Analyze what was sent and be sure to follow up with the sender.
* Periodically check information regarding your property with your county’s deeds office. Check for forged signatures and any activity that might seem suspicious.
For more information relating to mortgage fraud, please visit the FBI Web site at:
http://www.fbi.gov/publications/fraud/mortgage_fraud07.htm
For more information contact Carol Odell, 719-636-5076, ext. 111.
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