Arizona features at number 2 in a list of the 50 states ranked according to mortgage fraud risks in 2011. The numbers show little change from the previous year, and the same 6 states that featured at the top in 2010, also ranked at the same spots in 2011.
Nevada has the highest mortgage fraud risk in the country, with a risk index value of 245. That is 99 points higher than the national mortgage risk index value of 146. Arizona comes close behind with a risk index value of 236. These 2 states are followed by Florida, California and Colorado.
When it comes to metropolitan areas, the Phoenix-Mesa-Scottsdale metropolitan area ranks at number 5 with a mortgage fraud risk index of 251 in 2011. The Lake Havasu City-Kingman Metropolitan Area had a mortgage fraud risk index of 247 and the Yuma Metropolitan Area had a fraud risk index of 216. Arizona currently also has a foreclosure rate of 4.14%.
Mortgage fraud refers to the intentional misrepresentation or omission of material facts in order to obtain a better deal on a mortgage. Arizona mortgage fraud attorneys are often called upon to defend a number of types of cases that include property flipping or the use of dummy companies and industry insiders to purchase properties and artificially boost their value. Other cases including fraudulent appraisals, and equity skimming which involves the use of shell companies and bankruptcy/foreclosure threats are used to mislead homeowners and investors.
More simple types of mortgage fraud cases include the presentation of false statements like misrepresentation of income and employment status. Persons who opt for multiple loans on the same property, or obtain a much lower interest rate by misrepresenting the nature of the investment property, can also be charged with mortgage fraud.
Saturday, 31 March 2012
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment