14
Jul
Homeowners warned not to commit mortgage fraud
Homeowners have been warned that they should avoid committing
mortgage fraud "at all costs".
Equifax explains that in times of financial hardship, such as those
being experienced by many people as a result of the credit crunch,
the temptation to manipulate information on an application
increases.
However, the firm reminds them that independent checking takes
place on all information provided, so it is likely that if they
lie, they will get found out.
Furthermore, the investigators will assess an application more
thoroughly and "check more things out than they may have done
[previously]", the company continues.
Neil Munroe, external affairs director at Equifax, says: "You do
tend to get this first party fraud occurring more and more, because
people need the mortgage or need finance generally and, because of
that need, are prepared to bend the truth."
In February of this year, KPMG reported that mortgage fraud in the
UK in 2008 stood at £36 million, compared to £3.7 million
the previous year.
