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CoreLogic has issued its latest mortgage fraud report, based on its analysis of seven million loan files issued from the first quarter of 2005 through mid-2010. What it found is that mortgage fraud has increased over 20 percent since fraud rates reac

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On this week’s Preforeclosure Daily Grind “Tip of the Week” we dig into the cold hard truth that Freddie Mac is now telling our short sale buyers to commit fraud when buying a property that has two delinquent loans on them! Listen in as we cover this unbelievable truth and also the little known trick on how to postpone a foreclosure sale date with Ocwen Financial Corporation, the sneaky but effective way to escalate a short sale file to…

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First American CoreLogic’s index of home loan fraud shows that the rate tied to non-subprime loans has declined to 84 from a 2007 peak of about 112. Still, the firm says a quarter of foreclosures reflect “some evidence of fraud” in the mortgage application. First American estimates that 0.55 percent of mortgages made in 2009 were fraudulent and that the fraud rate for loans insured by the FHA is 1.22 percent. Fraudulent mortgages totaled $14 billion last year; and fraud rates in hot spots like Orlando and Miami, Fla., Atlanta, and Detroit are three to four times the national average. Source: The Wall Street Journal, James Hagerty (03/15/10)Read more