I’ve looked in to things like HELOCs before, and from what I know when you’re looking for something like that or some sort of loan that needs some underlying collateral banks usually use appraisers to determine the value of something you’re taking a loan out against. Do people who commit fraud somehow just say “Yup, my properties are worth $X,XXX,XXX” and the banks just gave him loans based on their words? During any of these processes do appraisers get involved? How can you get loans by just saying “My property is worth this much” Do people alter the financial records of how much income properties are making so banks assume buildings are worth that much? Don’t things like the physical characteristics / condition of a building itself, and the location, and similar comps mostly dictate the price tag of real estate?
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Using stolen information you can use a fraudulent address to say this is your real address and so when the bank attempts to chase you for repayments on the loan they contact the fraudulent address to get their money back.
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