Beware of Fraud

Since houses are worth less today than they were purchased for, i.e. the homeowner is underwater on his mortgage, some families have tried to put their homes on the market as a short sale and then have a family member purchase the house at the lower price and then sell the property back to the original homeowner at that lower price.  While the homeowner would still get to live in his house, this is considered fraud and lenders are cracking down on this.  California, Florida, and New York have been identified as the top three states in the country where these fraudulent transactions happen.  If you are caught doing this, you could go to jail.  I understand that people don’t want to leave their homes but it isn’t worth committing fraud and going to jail.

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