How Does a Fraudster Get $2 Million Out of a $900,000 property?
With home equity lending on the rise, fraud schemes from before the financial crisis are starting to surface again, particularly shotgunning fraud. With fewer checks and balances in place for home equity loans, fraudsters are able to extract massive value out of a property by applying for multiple home equity loans at the same time.
Our latest case study showcases a real-world example of this kind of fraud scheme, and what you can do to help prevent it.