Mortgage fraud is a crime punishable by law where potential buyers of houses attempt to deceive lenders by providing incorrect information or blatantly omitting details which would cause banks to not lend them money. Mortgage fraud is a crime which has risen in numbers and notoriety in the first decade of the 21st Century, especially during the United States' financial crisis of 2008.
There are many types of mortgage fraud including: Occupancy fraud, Income fraud, Employment fraud, Failure to disclose liabilities, Fraud for profit, Appraisal fraud, Cash-Back Schemes, Shotgunning, and Identity Theft. These crimes could yield a person a fixed amount of jail time and fines, with some prison sentences approaching a 30-year maximum.
by Ray Salloom
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