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What is mortgage fraud and how does it work?

Mortgage fraud is when a mortgage is obtained fraudulently and usually involves individuals or organised crime gangs in cahoots with a corrupt associate, such as a solicitor or accountant.

Mortgage fraud can involve overstating a salary, income or value of a property, seizing control of genuine conveyancing processes, applying for mortgages in the name of a deceased person, taking out mortgages with multiple lenders, or changing title deeds without owners’ knowledge to allow a property sale.

 

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