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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Star of Discovery Channel’s “Undercover Billionaire,” Grant Cardone owns and operates seven privately held companies and a private equity real estate firm, Cardone Capital, with a multifamily portfolio of assets under management valued at over $4 billion. He is the Top Crowdfunder in the world, raising over $900 million in equity via social media. Known internationally as the leading expert on sales, marketing, and scaling businesses, Cardone is a New York Times bestselling author of 11 business books, including “The 10X Rule,” which led to Cardone establishing the 10X Global Movement and the 10X Growth Conference, now the largest business and entrepreneur conference in the world. The online business and sales educational platform he created, Cardone University, serves over 411,000 individuals and Forbes 100 corporate clients throughout the world. Voted the top Marketing Influencer to watch by Forbes, Cardone uses his massive 15 million plus following to give back via his Grant Cardone Foundation, a non-profit organization dedicated to mentoring underserved, at-risk adolescents in financial literacy, especially those without father figures.