Federal Law Enforcement Agencies Target Mortgage Fraud.
You can read the full article: http://bit.ly/11I9LUT
Rachel Dollar, partner with Smith Dollar, Santa Rosa, Calif., said loan fraud schemes run the gamut, from “sovereign citizen” mortgage elimination programs that tell consumers that the banking system cannot legally hold them to their debt, to “quiet title,” in which scammers insist that electronic transfer of a mortgage title through the Mortgage Electronic Recording System (of which MBA is an investor) renders the title worthless. (Numerous court cases have upheld MERS transfers).
“Many schemes are difficult to track because they are filed under state courts and the lender is never notified,” Dollar said. “Recourse can be difficult under these circumstances.”
Federal Law Enforcement Agencies Target Mortgage Fraud.
You can read the full article: http://bit.ly/11I9LUT
Rachel Dollar, partner with Smith Dollar, Santa Rosa, Calif., said loan fraud schemes run the gamut, from “sovereign citizen” mortgage elimination programs that tell consumers that the banking system cannot legally hold them to their debt, to “quiet title,” in which scammers insist that electronic transfer of a mortgage title through the Mortgage Electronic Recording System (of which MBA is an investor) renders the title worthless. (Numerous court cases have upheld MERS transfers).
“Many schemes are difficult to track because they are filed under state courts and the lender is never notified,” Dollar said. “Recourse can be difficult under these circumstances.”
