The latest mortgage fraud scam known as “flopping” has sellers who actually make their home look undesirable so that they can attract low offers from buyers. Some Sellers Seek Lowball Offers on Homes?
125K underwater on mortgage in Baltimore region
Mortgage broker gets 2 years in prison in fraud scheme
Mortgage broker gets 2 years in prison in fraud scheme.
From the story:
"In the case of one property, a vacant lot in Elkridge that he owned with a family member, Skibicki in June 2006 filed a loan application for $350,000 to refinance the property. His appraiser prepared a fraudulent appraisal, including photographs, that indicated there was a 2,040-square-foot house on the property."
This was not a smart thing to do.
