Mortgage fraud: Are you part of the problem?

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

There are lies and there are damn lies. Lies like the little white ones borrowers sometimes utter to improve their incomes just enough to qualify, or perhaps qualify for a better rate. And there are the whoppers some agents tell to, well, fleece unsuspecting clients. Take the case of a Hazleton, Pennsylvania, agent who was sentenced to more than four years in a federal prison earlier this month because he bilked homebuyers out of thousands through bogus property sales. Ignacio Beato, 47, pleaded guilty in May to charges that from December 2013 through March 2015, he conspired to accept $751,000 from people who wanted to purchase homes. He told the unsuspecting borrowers he was authorized to sell vacant and foreclosed properties in Hazleton. Beato and his co-conspirators signed fraudulent sales contracts with prospects from numerous states, some of whom were not aware of the fraud until they received eviction notices to vacate the houses they thought they had purchased on the u...