Housing

Miami Is the City With the Most Mortgage Fraud Risk

Miami housing
ntzolov / E+ via Getty Images

While mortgage fraud is rare, people do make applications where they lie about their incomes and where people try to get mortgages multiple times. According to real estate research firm CoreLogic, this is most frequent in Miami.

The new CoreLogic study covers the final quarter of last year. Each city has a fraud index. The higher the score, the higher the risk. The only city over 300 is Miami at 308, based on this fourth-quarter 2022 data.

Fraud risk has nothing to do with city size. Miami has a population of 6,173,008. The city with the next highest fraud risk is Poughkeepsie, whose population is 678,527. Its fraud risk figure is 245. Fraud risk in almost all cities with the worst fraud risk scores has risen over the previous.

The Justice Department has had to create a task force to handle the fraud risk problem. Attorney General Eric Holder Jr commented, “Our efforts to attack mortgage fraud must be, and are, concerted and coordinated. Working together, we can send a clear and straightforward message: Those who prey on vulnerable American homeowners cannot hide from the hand of the law. If you perpetrate mortgage fraud, we will find you and we will bring you to justice.”


What is clear from both the Justice Department statement and CoreLogic data is that the mortgage fraud problem is not going away. Here are five common mistakes people make paying off their mortgage.

Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)

Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.

Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.

Click here now to get started.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.