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What Is Mortgage Fraud? : Simply Explained!
In this episode, the Dark Web Deacon will define what mortgage fraud is, examine several different sub-categories of mortgage fraud, discuss some current stats and detail the drivers that spur on mortgage fraud and how to protect yourself from it.
Mortgage fraud is a deceptive practice that involves misrepresentation, omission, or false statements during the mortgage lending process with the intention of obtaining a loan or influencing the approval process. This fraudulent activity can take various forms, including inflating property values, providing false income information, or concealing debts. In essence, mortgage fraud undermines the integrity of the mortgage system by creating a false picture of the borrower's financial situation. This can lead to severe consequences, such as financial loss for lenders, legal troubles for the perpetrators, and, in some cases, the risk of foreclosure for innocent homeowners. It's crucial for individuals involved in real estate transactions to be vigilant and honest to maintain the trust and stability of the mortgage market. To combat mortgage fraud, regulatory authorities, lenders, and law enforcement work collaboratively to investigate suspicious activities and enforce penalties for those found guilty of fraudulent practices.