by TerranceBoyce
Sun Apr 27, 2014 5:29 pm
http://www.dailymail.co.uk/news/article-2611531/Fraudster-enjoyed-champagne-lifestyle-gambled-170-000-single-night-stealing-3-5million-elaborate-mortgage-scam-jailed.html
This is becoming quite a popular fraud in the UK due to abbreviated and lax procedures by banks and lenders, so much so that HM Land Registry is offering a free service to householders to alert them to 'charges' being recorded against their properties.
As distressing as it would be to an innocent home owner to have this happen to them, the only loser is inevitably the lender who can never enforce their worthless security. It's interesting that everyone is named but the lenders involved. As the only people they could get any money from would be the innocent party, they would be the only people who could cause the homeowner distress, but checking where the funds went would make it obvious where guilt lay.
In 'olden' days
the lender would inspect and value the property, and the inability of the mortgagor to open the front door would be a bit of a giveaway.
There are criminal gangs much more sophisticated than this waiting to exploit such weaknesses in systems and procedures, and lenders relying on homeowners to protect them is folly.
A property tycoon nicknamed 'Mr Fastcash' and a professional gambler have been jailed for their roles in a £6.8million mortgage racket.
This is becoming quite a popular fraud in the UK due to abbreviated and lax procedures by banks and lenders, so much so that HM Land Registry is offering a free service to householders to alert them to 'charges' being recorded against their properties.
As distressing as it would be to an innocent home owner to have this happen to them, the only loser is inevitably the lender who can never enforce their worthless security. It's interesting that everyone is named but the lenders involved. As the only people they could get any money from would be the innocent party, they would be the only people who could cause the homeowner distress, but checking where the funds went would make it obvious where guilt lay.
In 'olden' days
the lender would inspect and value the property, and the inability of the mortgagor to open the front door would be a bit of a giveaway.There are criminal gangs much more sophisticated than this waiting to exploit such weaknesses in systems and procedures, and lenders relying on homeowners to protect them is folly.
CAR ADVERTS - If a car seller mentions escrow - he's scamming you Never ever for any reason pay anything until you have seen and inspected the vehicle
