Oftentimes this type of fraud seems innocent—after all who'll get hurt if I fudge the numbers just a little bit? However, as we've seen with the record number of foreclosures happening in recent years, too many people have gotten themselves involved with real estate deals that they simply couldn't afford.
Over $9 million was deposited into an account controlled by Bell. This complex scheme resulted in charges to 24 co-conspirators for bank and wire fraud, money laundering and corrupt racketeering activity. They had participants from real estate, title insurance, appraisal and notary public.
Unfortunately, most of us cannot avoid the need to take out a mortgage when buying a home. But if you must do that, then you should take certain steps to avoid possible lending scams. Here are some tips to help accomplish that goal:
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