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How do you feel about the new law in Cook County, Illinois re: giving a thumbprint when selling property?

Answers:1   |   LastAnswerAt:2010.04  

Virginia B (John 16:33) 
Asked at 2010.04.09 00:41:14
Is there that much real estate fraud there that they have to resort to something like this? Do you think this is an invasion of privacy?

"Fingerprinting is something we often associate with crime. So the fact that Cook County home sellers will soon have to provide a thumb print left some people shocked.

The new law, which is set to go into effect June 1, 2009, will force anyone selling property in Cook County to provide a thumbprint from their right hand.

Experts say one basic example of real estate fraud occurs when a seller misrepresents his or her identity, receives money and then flees."

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answer Wait Until You See The Prize!  Answered at 2010.04.09 00:41:14
I am a former mortgage broker. This is [email protected] There are already safe guards in place to catch fraud.
Any one that has ever done a loan knows that they have to prove employment and wages separately. How long you have been employed and 3 past jobs. Each one is checked.

Then your bank account history for 3 to 6 months. Where you live and past address's. Every dime that you have invested we want to verify. There is so much to safe guard including 3 lists for past fraud attempts. They are caught by the safe guards already in place.

People should never lie on a loan application. You will be placed on 3 lists that all mortgage people and lenders and title companies have access to.
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