Appraisers Address Mortgage Fraud and Default

Colorado has one of the highest foreclosure rates in the country, as well as an astounding number of mortgage fraud cases. While some of the fraud takes place due to mortgage professionals, some appraisers have had enough.

Appraisers in Colorado have seen a startling rise in mortgage fraud and foreclosure within their own state. Though some of the fraud is conducted through inflated appraisals, most of the appraisers in the area are fed up. One city, Pueblo, has had an unbelievable amount of appraisal fraud and mortgage foreclosure due to the inflated values reported by shifty appraisers.

The problem is not only in Pueblo, or even Colorado, but has been in practice for years. Appraisal fraud is on the rise, resulting in people losing their homes, or for some involved, to go to jail. The amount of mortgage fraud reported in the US has tripled in three years, making it a major concern for those involved in the industry. Appraisers that run valid businesses are becoming frustrated with the stigma that is being attached to their industry, and are trying to push for better laws to regulate the mortgage industry, including appraisers and their services.