A mortgage fraud case against a Brooklyn Park man came to a close in July of this year. Marlon Pratt, along with other Universal Mortgage Inc. loan officers, agents and the company’s president, was charged with 25 counts of theft and racketeering. The complaint stated that 24 homes, most of which were located in North Minneapolis and subsequently fell into foreclosure, were used as pawns in a mortgage fraud scheme to defraud lenders to the tune of $4.9 [...]

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In this new age of technology we’re living in, the Internet is often the primary tool people use to find and buy a home. One glaring drawback, however, is the opportunity it presents for scammers to defraud unsuspecting homebuyers.

This doesn’t have to happen to you. There are precautionary measures you can use to ensure that you don’t fall prey to mortgage fraud.

According to experts, nearly 82 percent of potential homebuyers begin their real estate and mortgage shopping online. [...]

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Most cities across the nation are becoming all too familiar with foreclosures and vacancies. Most people only see a “For Sale” sign in the front yard overrun with uncut grass and weeds.

What most don’t see is the fraud committed that caused some of these homes to fall into foreclosure.

According to a report by the FBI, mortgage fraud is a costly liability for lenders across the nation – to the tune of over $1.4 billion last year. Even higher figures [...]

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