Fraud for profit often involves multiple loans, multiple properties and elaborate, sophisticated schemes perpetuated to revolve equity. Fraud for profit is sometimes referred to as industry insider’s fraud because these types of frauds involve collaboration or collusion by industry insiders who play multiple roles in the fraud.
Common mortgage-fraud-for-profit schemes include:
- Foreclosure Rescue Schemes
- “House Stealing”
- Illegal Property Flipping
- Reverse Mortgage Fraud
- Short-Sale Fraud