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Loan Modifications
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Short Sales. Loan Modifications & Foreclosures
Bank of America News

Short Sale Fraud Schemes on FBI Radar

Nash Law Firm, PLLC
By:  Stephen J. Nash

The FBI website provides a great deal of information regarding real estate fraud. It lists Minnesota as one of the states with the rate of fraud, and shows Minnesota to be located in a region that has the second most ongoing investigations in the country.   In one section they describe various forms of real estate fraud that they recognize and are actively investigating, one of which is short sale fraud that I wrote about in the October update.  The following is from the FBI site:.   

 Federal Bureau of Investigation

FBI mortgage fraud investigations totaled 1,644 in FY2008, a 37-percent increase from FY2007 and a 100-percent increase from FY2006 (see Figure 10).  Sixty-three percent (1,035) of all pending FBI mortgage fraud investigations as of FY2008 involved dollar losses of more than $1 million.  


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