Occupancy Fraud on the Rise

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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, Ilyce talks 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. Be sure to check out Ilyce’s Intentional Investor Series to learn everything you need to know to become a successful investor in real estate. Looking for more of Ilyce’s real estate and personal finance tips? Read her blog, see her tweets and follow her on Facebook.
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CEO of Cardone Enterprises, Cardone Capital, international speaker, entrepreneur, and author of The 10X Rule & creator of 21 bestselling business programs, Grant Cardone owns & operates seven privately held companies and a $5.2 billion portfolio of multifamily properties. Named the #1 marketer by Forbes Magazine, Cardone is also the founder of The 10X Movement & The 10X Growth Conference, the world’s largest business & entrepreneur conference.

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