Occupancy Fraud on the Rise

There are a lot of ways to commit mortgage fraud. But occupancy fraud is among the hardest types for lenders to prevent. So what is occupancy fraud? If you sign a mortgage contract stating that you intend to live in a new home as your primary residence when in fact you intend to use it as an investment property, then you’ve just committed occupancy mortgage fraud. And it’s easy to see why people do it. It’s much cheaper to finance a personal residence than it is to get a mortgage on an investment property. On this special extended edition of Big Money Real Estate, I talk with Tim Coyle, Senior Director of Financial Services and Global Real Estate for the risk solutions business of LexisNexis. He’s also the co-author of LexisNexis’s annual Mortgage Fraud Report, and he’s got some great insight into the entire universe of mortgage fraud, including the swift increase in occupancy fraud cases nationally. If you haven’t already, be sure subscribe to my YouTube channel for the latest real estate tips and news: http://www.youtube.com/subscription_center?add_user=expertrealestatetips And pick up my Intentional Investor Series on thinkglinkstore.com to learn everything you need to know to become a successful investor in real estate: http://thinkglinkstore.com/collections/frontpage/products/the-intentional-investor-complete-series Looking for more of my real estate and personal finance tips? Read my blog: http://thinkglink.com See my tweets: http://www.twitter.com/glink Follow me on Facebook: http://www.facebook.com/ilyceglink