Yet again the mortgage 'fraud', i sometimes feel that this term will never stop following me the whole life. As for today, i was reading a daily newspaper and where i have come across the incident mortgage fraud. It has become a daily news, everyday one way or the other incidents related to mortgage fraud takes place and do occur in the newspaper. However i think that we should be careful with this silly things happening all around us. And moreover we should never neglect it because prevention is much more healthy and wise than facing late problems and difficulties.
This morning after i gave the news which appeared on the newspaper to my wife, she got furious and worried, because we are in a process of buying a new house and has taken a help of an agent. She then asked me take all necessary steps in order to avoid fraud or landing to a prison. I just then made her belief that i will. So, i think we better understand the pros and cons of this kind of fraud.
Mortgage fraud can be of various types and very much appears into different forms. The some of the essential methods which i strongly belief and quite sure that will help to check or prevent mortgage fraud are the following:
1.) To understand and identify the main root cause of the problem and start making research into it. This idea will help you to understand the basic story of the drama and which way it is passing by.
2.) The Government should come forward with newer and better ideas in order to control mortgage fraud. Modern technology system should be assisted in checking the fraud.
3.) A proper training should be implemented by the government, because with the help of training related to case studies of fraud we will be able to control mortgage fraud.
4.) Industry and government should assess adequacy of resources to address the problem both in terms of numbers and experience or competence.
5.) One of the most essential tool in order to prevent mortgage fraud is suspicious activity reporting. It is our own responsibility.
Mortgage fraud has reached to an undesirable heights in USA. The best medium to stop this ever growing sickness is to response properly and tactically. The industry and government sectors should come ahead with their appropriate and committed response. This way a mortgage fraud can be kept silent.