Can I Get A Vacation Home In Cancun And Have Their Government Pay For It?

Posted: October 9, 2008 in Economy, Headlines

To bad this doesn’t work the other way around.

HUD: Five Million Fraudulent Mortgages Held by Illegals

One illegal alien was arrested this year in Tucson after allegedly using a stolen social security number to buy two homes and rack up over $780,000 in bad debt.

Some five million fraudulent home mortgages are in the hands of illegal aliens, according to the U.S. Department of Housing and Urban Development.

It’s not known how many of those have contributed to the subprime housing mortgage meltdown, but it has affected every state, including Arizona. (more…)

Close to 2 years or so ago, an agent friend of mine who sold new homes told me of a family that came into the office wanting to buy a home. When it came to signing the initial loan paperwork, a social security number was need. Instead of just jotting down the number, the family left the office and spent several minutes talking amongst themselves and making cell phone calls. A few minutes later, they came back into the office to provide the sales person a social security number to use on the application. According to my friend, this was not the first time he noticed a homebuyer getting fidgety when it came to providing a social security number.

Today, the homes this family purchased are owned by the bank.

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