Call (253) 999-2371 Paul Chunyk is a Realtor in Tacoma, WA. See our new homes for sale in Tacoma, Washington, and all of Pierce County. Search the Tacoma Real Estate Market - condos, mansions, luxury homes, and more

Preventing Mortgage Fraud

Preventing Mortgage FraudIn March of 2014, the San Diego news covered the story of a couple, Eric and Charmagne Elegado, committing mortgage fraud. They had earned approximately 3.5 million dollars on a little over 100 fraudulent deals. What steps can you take to ensure you are not involved in a fraudulent deal?

  1. Offers that seem “Too Good To Be True” are most likely “Too Good To Be True.” If the deal includes bargains like free property management, checks every month, and the investor in charge of all finances, be a little hesitant.
  2. Have the entire transaction on one statement. The transaction has to be on the hud1 or a closing statement. It is fraud if it is not.
  3. Do your homework. Make sure the people you are working with provide you with references. Don’t believe all of their references. Make some phone calls to ask others for information about these professionals. Investing in a home costs thousands of dollars; it is worth the extra time to make sure the people you are working with are trustworthy.
  4. Do not lie. You should never submit false information on any paperwork. That is considered fraud and you will be tried for committing a federal crime. If someone is trying to convince you to lie, contact the FBI. You are not safe after your mortgage application has gone through and your loan is set. Mortgage applications are checked even after the loan is determined.
  5. Ask questions. Make sure that you understand the costs and benefits for you and the lender. Be knowledgeable of all of the specifics in the transaction in order to be an educated buyer. Make a wise decision through asking others to study the transaction.

Contact Paul Chunyk

Reach out to me, I would love to give you more details and get you headed in the right direction to accomplish your goals.

"*" indicates required fields

Name*
This field is for validation purposes and should be left unchanged.