Identity theft professionals are becoming greedier and more proficient at their 0game.0 Identity theft is no longer limited to unpaid credit cards, small credit loans, but with the booming real estate market there is fast cash there for the conniving individual to make.
Mortgage fraud through identity theft is the second most common mortgage fraud scheme. The FTC reported in 2004 that $429 million dollars in damages for home mortgage fraud hoaxed and approximately $1.1 million dollars lost on commercial loans.
Mortgage fraud through identity theft occurs in several different ways. First a person may apply for a loan for a new home or for a home equity loan using your personal and financial information. The home equity loan is most often on the house that you are residing in, thus making this the easiest hoax to commit. Knowledge of an individual0s date of birth, social security number, as well as address makes it easy for victimization to occur.
Secondly, mortgage fraud may occur in a fake sale of your home. One thief will assume your identity and 0sell0 the property to another thief. With mortgage loan money in hand, both thieves get away and no real sale occurs. However, there have been […]

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