Mortgage Appraisal Fraud
If you watch the movie The Con you will see that appraisal fraud was a key element to the mortgage fraud that caused the 2008 banking meltdown and housing crash. Real estate property appraisers have testified that they were strong-armed into knowingly inflating the value of properties on paper so mortgage companies could close mortgage loans destine for default.
Appraisal and Property Fraud Scam Signs
Appraisal fraud is one of the most common type of fraud, but amazingly only accounts for around ten percent of the mortgage fraud cases. Here are a few common signs of appraisal fraud:
- The property owner named on the appraisal differs from the seller shown on the sales contract
- The occupancy named on the appraisal is inconsistent with that shown on the application
- Photos of the property or house numbers shown in photos don’t match the description given in the appraisal
- Inconsistencies appear in the type or location of the property comparables in the appraisal
- Multiple non-MLS sales are listed for property comparables in the appraisal
You can spot many discrepancies like these yourself, but in order to present evidence of appraisal fraud in a mortgage fraud lawsuit or as a defense in a foreclosure case you need admissible evidence from a professional who can testify to these facts.
If you suspect you are the victim of appraisal fraud or mortgage fraud let FRAUD STOPPERS help you get the facts and evidence that you need to get the justice you deserve. Contact us today for a free mortgage fraud analysis or join FRAUD STOPPERS Private Members Association and get an appraisal fraud audit that you can use as leverage in your efforts.