Baton Rouge Real Estate: How Mortgage Fraud Was Committed Post Hurricane Katrina

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Baton Rouge Real Estate: How Mortgage Fraud Was Committed Post Hurricane Katrina 

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Baton Rouge Real Estate: How Mortgage Fraud Was Committed Post Hurricane Katrina

 

In this video, Baton Rouge Home Appraiser, Bill Cobb, reports on-site from a high-end foreclosure and explains how mortgage fraud was committed. The fraud was in adding 400sf to 500sf to this home, which technically was not living area, and then using only 3 sales, which were not at all comparable and 2 were located many miles away, to arrive at a value $75,000+/- higher than market support.   The resulting higher mortgage payment may have led to this foreclosure.    
 
Important Note: Not all mortgage brokers acted in this manner, nor is Bill Cobb implying that all or most did.   Just as there are honest ethical appraisers in this market, there are also honest ethical mortgage brokers as well.
 
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Baton Rouge Real Estate: How Mortgage Fraud Was Committed Post Hurricane Katrina

About Bill Cobb, Appraiser

The Baton Rouge Residential Appraisal Blog is an information source provided by local Home Appraiser, Bill Cobb, and Accurate Valuations Group. Bill has 24 years experience as a Baton Rouge Residential Home Appraiser and updates his local network of sites weekly with reports, videos and audio reviews of local housing market conditions! 225-293-1500