What is Mortgage Fraud?

Mortgage Fraud has been at it's highest in NC in the last few  years. Although the Attorney General's office is in hot pursuit, there are still lenders that continue to use fraudulent lending practices. Watch for"red flags"anytime you borrow money especially when buying or refinancing a home.  A few include asking the buyer & seller toincrease the purchase price  in any amount for closing costs"we do this all the time"or tomake it appearthe buyer has made a substantial down payment, or hearing comments as "we have an appraiser and that won't be a problem", or "you'll have to sign at closing that you are going to occupy thehouse even though you're not"  Mortgage Fraud can include a number of people working together to deceive the actual lender of the money. Also, some practices may be legal  in another state and illegal in NC. Knowing how mortgage fraud works can help you save money and prevent you from being made a part of these practices. Anyone taking part can be charged and sentenced to serve time for the fraud. It's not worth it, is it??