Few parts of the country have been untouched by mortgage-related fraud, which shows no signs of leaving the news. In Utah, FBI special agents and investigators with the Utah Division of Real Estate have compiled a list of the state’s top five mortgage-related scams to watch for in 2010. These won’t sound unfamiliar—and if you, or someone you care about, are having trouble making your payments, watch out for the following:

1. Reverse mortgage scams: Reverse mortgages can be a legitimate way for seniors to take equity from their homes without a monthly payment. However, con artists convince seniors they can live in a home for free; then the scammers obtain a home loan under the occupant’s name and disappear with the equity, leaving the victim to repay the mortgage.
2. Short sale fraud: A short sale transaction involves a lender agreeing to sell a property for less than the mortgage amount. Fraud occurs when a distressed homeowner finds a prospective buyer and they secretly set a low sale price. Unbeknownst to the lender, the buyer is willing to pay more for the property, and the homeowner pockets the difference.
3. Builder bailouts: These are kickback schemes and may be more common in a troubled real estate market where builders have a surplus of unsold properties. The builder offers excessive “incentives” to the purchaser. These incentives are disclosed as a down payment, which leads the lender to believe there is equity in a home. Under these circumstances, the builder and the buyer are committing fraud.
4. Loan modifications: Home loan modification programs can be a way for homeowners who face foreclosure to keep their homes and lower their monthly payments. Many lenders offer this service for free. But homeowners say they’ve paid as much as $2,000 in fees, filled out paperwork, and thought the companies would modify their loans—only to discover that the companies either aren’t following through with the process or claim the homeowner didn’t qualify for the loan modification. The companies keep the fees, and the homeowner loses the house.
5. Affinity fraud: These scammers frequently are, or pretend to be, members of a particular religious, ethnic, or professional group. They often enlist respected community or religious leaders from within the group to spread the word about a “worthwhile” investment that is actually fraudulent. Many times, those leaders become unwitting victims of the ruse.

The FBI asks you to answer these questions:

• Is someone letting you live in a home for free?
• Did a builder offer you deep discounts to move into a newly constructed house?
• Has a company offered to refinance your mortgage for a fee?

If the answer to any of these questions is yes, then, says the FBI, you may be a victim of a scam.