In the past few years our economy has taken a hit and almost touched everyone. Most of the blame according to the media and government is the Mortgage industry and the tremendous amount of home foreclosures that are taking place all over the country. We began to investigate mortgage fraud in the early part of 2010. It turned out to be our second most requested type of investigation. The investigations are complex and require research and the examination of documents submitted during the closing of the loan. We locate the borrower and the employer to verify income and employment.
In most cases we have found the loan officers were the ones committing the fraud. Most of this fraud took place from 2004 until the bottom fell out in 2008-2009. We found that income for the borrower had been inflated or even made up so the borrower would qualify for the loan. In some cases, the loan officer put on the application the borrower was employed and had several sources of income which did not exist. When we would show the document to the borrower, which depicted an income of $50,000 - $60,000 per year, there response was “I have never made that much money”. Another statement would be “I never worked for that company or person. I never heard of them before.”
Atlanta is one of the most affected areas in the South that is experiencing fraud. Miami, Florida is at the top of this list right now. To give you an idea of how bad the fraud is, we had an illegal immigrant working as a waiter at a restaurant earning $10.00 an hour and due to false documents provided by the loan officer qualified and purchased a home valued at over $200,000.00.
If you need assistance in this type investigation please call us.