Higher mortgages are causing sketchy methods of proving financing. Certain loan officers are finding funds for needy applicants for a fee and then verifying for the applicant that the money really belongs to the applicant when the lender inquires.
The Las Vegas Review Journal summed it up,
"It occurs when a prospective buyer runs into difficulty coming up with a
mortgage. For example, a loan officer discovers that an applicant lacks the
financial wherewithal needed to qualify for the mortgage requested. Rather than
lose the customer, however, the loan officer turns to a service that offers
"asset rentals." For a flat fee of 5 percent of the amount needed, the service
will verify to anyone who asks that the $100,000, $500,000 or $1 million in bank
deposits claimed on the loan application documents does indeed belong to the
applicant."
Don't get sucked into this type of fraud! The FBI could be on your case in a snap.
Be sure to build your Las Vegas real estate team right from the beginning. A great team of professionals can save you from many problems.
