Found on the FBI website...
This photo is from a condo that was involved in a mortgage fraud. The appraisal described “recently renovated condominiums” to include Brazilian hardwood, granite countertops, and a value of $275,000.
Minnesota is in the top 10 for Mortgage Fraud. As Senior Housing Vacancy Rates Increase, and seniors and their families become more anxious to get the family home sold, they are prime targets for schemes to refinance the home, or for innacurate appraisals.
If it seems to good to be true, it probably is.
great post today!
Posted by: California Reverse Mortgage | May 26, 2008 at 04:07 PM