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Mortgage fraud victims can sue. But be warned, these are complex cases. In the context of real estate fraud, it is imperative to speak to a real estate attorney who is comfortable with complicated financial transactions.
Mortgage fraud often involves sophisticated con artists -- people who necessarily know more about obtaining property than you. If you have been the victim of such schemes, you are not alone ... and you should not go it alone.
Mortgage Fraud Has Increased
The IRS has noted an increase in real estate fraud in recent years and details investigations on its website. The federal agency boasts having skilled financial investigators "whose mission is to follow the money."
But chances are good that if you were the victim of such a scheme, you do not have that know-how. In fact, you may not even have had the credit needed to get a home loan.
You Did Not Know
Many mortgage fraud schemes -- like any good con -- involve someone offering something you want, maybe something you thought would be impossible to get. You participate willingly but are an unwitting victim of fraud.
Mortgage fraud comes in many forms. One of the most common ways people get swindled is when they unwittingly allow real estate professionals to falsify information for lenders in order to obtain a loan. Very often it happens without you, the borrower, even knowing.
Real estate professionals who are knowledgeable in the process of obtaining financing may reassure you that they can help you through the mortgage process. Although you may be pleased when you are approved for a loan, you will be very sorry when you cannot pay for your home and find yourself in foreclosure.
Talk to Counsel
Fraudulent financial schemes can be very complicated and involve many sophsiticated parties. If you have been scammed or just suspect as much, get in touch with an attorney.
Let counsel help you follow the money ... and hopefully, get some of it back in your pockets.