HousingWire – Trey Garrison
The most active states for mortgage fraud today include California, Nevada, Arizona, Florida and Michigan, report Freddie Mac’s fraud investigators. They say one of the most active mortgage fraud schemes in these states – and across the country – lures borrowers into paying big fees to a "specialist" for a quick loan modification. The borrower may get a bill, but no modification, when the fraudster claims to have worked with their lender or housing counselors approved by the Department of Housing & Urban Development. HUD doesn’t charge fees for loan modifications.
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