Category: Fraud
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Here’s the Lowdown on Mortgage Fraud Today
Mortgage fraud involves a loan approval based on false statements or omissions. It can also involve getting some other kind of improper advantage from a lender through false statements — such as being allowed to make a reduced loan payoff, or make easier payments. Mortgage applicants can commit fraud. So can home sellers. So can…
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Fraud Update: Closing Scams Now Make Up Nearly Half of Cybercrime Losses
What’s a closing scam? Consider the Colorado home buyer who, a few weeks back, opened an email from the title company. It contained precise instructions for wiring the closing money. The amount requested — about $80,000 — matched the amount the title company had already discussed. Everything looked legit. Two days later, the title company…
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Fraud Watch: Real Estate Scams and the Millennial Home Shopper
According to the Federal Trade Commission, tech-savvy folks aged 40 and under are far from immune to scams and frauds. And most scams that hook them begin in an email. And the coronavirus economy is creating even more opportunities for fraud risk. A bogus email can appear to be a message from an ecommerce or business…
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Real Estate Law Enforcement: Catching Up to Deed Fraudsters
Some years back, the state of Georgia, under the Georgia Code (GA § 44-2-43), made stealing houses by recording fraudulent or counterfeit real estate deeds a felony, incurring 1-10 years in prison. Witnesses who help perpetrate Georgia deed fraud are subject to the same potential penalties. Georgia is not alone in its resolve. The FBI…
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Elders and Real Estate Fraud: A Burgeoning Problem
Evelio and Milagros Esteban are in their 70s and they’ve been homeowners for years. But recently they ran into trouble paying their mortgage. That was when they mistakenly transferred their home deed to another Miami resident, who offered to help them rent out their home. Thinking they were signing a Section 8 housing application —…
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Viral Fraud: More Deed Crime Targets in the Coronavirus Economy
Well-known schemes are being repackaged for the time of COVID-19. Here’s an overview of how real estate fraudsters are approaching their targets — and how to avoid becoming one. Scams flare up during natural disasters and financial crises, so we can expect a spike in deed fraud in 2020 and beyond. Battered by the pandemic,…
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The Quitclaim Deed and Fraudulent Real Estate Transactions
Quitclaim deeds show up commonly in fraudulent real estate transactions. This type of deed fraud can impact elderly people, buyers purchasing real estate from strangers without warranty, renters who are paying someone who is not a legitimate owner, and anyone involved who might buy, sell, or own property. Here, we examine how it happens and…
