Dec
28
Is this considered mortgage fraud?
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If a homeowner is using his (mortgage paid) real estate to secure a home equity line of credit but the home is bombed out due to years of neglect and obviously not worth what the homeowner asserts, and the lender hasn’t inspected the inside of the home to see this, should that be considered fraud on the part of the borrower?
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4 Comments
December 30th, 2009 at 11:01 pm
If the lender cares, they would make an inspection.
January 1st, 2010 at 7:55 pm
The lender doesn’t take what the homeowner “asserts” to be the value of the house; it typically does it’s own appraisal.
January 2nd, 2010 at 3:11 am
nope a case of lender beware!!!
January 5th, 2010 at 12:39 pm
If this were to actually happen which I doubt yes it would be considered fraud on the borrowers part.