Servicers Taking Steps to Prevent Short Sale Fraud
As short sales are significant in foreclosure prevention, fraud concerns abound. Appraisal fraud to flipping, the short-sale process poses several possible areas of fraud where the servicer must take preventative action. Included but not limited to the following:
- Focus on making sure it's an arm's-length transaction- Search deeds on a regular basis
- Pull titles six months after closing
- Work with capable and/or short sale certified Realtors
- Sell for market value
Short-Sale Departments Hone In On Fraud
