Bankrate.com recently ran an article (Mortgage fraud flourishes in down markets) that shares an enlightening and entertaining story of a stay-at-home mom (former prosecutor) who did some sleuthing when strange real estate activity started happening in her neighborhood.
In a tough market sellers are more open to believing stories that seem unlikely. Buyers feel pressure to exaggerate their financial circumstance to qualify for more expensive homes. Real estate agents and mortgage brokers are more open to bending the rules when business has not been as busy as they might hope.
Unfortunately everyone suffers with mortgage fraud – read the article for more information. Contact an exclusive buyer agent to help you through the ropes of buying a home that is perfect for you – including a home you can afford.