Search results
Results from the WOW.Com Content Network
Often, these transactions take advantage of uninformed, low-income homeowners; because of the complexity of the transaction, victims are often unaware that they are giving away their property and equity. [citation needed] Several states have taken steps to confront the more unscrupulous practices of equity stripping. Although "foreclosure re ...
The scammer tells the seller (victim) that to complete the transaction, the seller needs to upgrade their account to a business account. The scammer sends the victim a bogus payment notice for the item's price plus what they claim is a business account upgrade fee, then asks the victim to buy the upgrade from someone impersonating the payment ...
Equity stripping or equity skimming is a variation on lease-buyback and is one of the most common types of foreclosure rescue schemes. [4] In it, the perpetrator assumes ownership of the house while allowing the former owner to continue living there, provided that s/he pay rent to the perpetrator, who is the new owner.
The fraud involves operatives calling homeowners, who oftentimes had previously sought relief from their mortgage lender and thus were expected to be contacted, according to the FCC.
As an example of Cox’s juggling act, the townhouse at 2960 Coconut Ave. has had four contracts on it, three presently, with deposits ranging from $500,000 in 2020 to $1.52 million in January ...
Tom Cronkright, co-founder and executive chairman of real estate fraud protection company CertifID, said that while wire fraud is an overall pervasive issue across the country, it is particularly ...
Escrow services are intended to ensure security by acting as a middleman in transactions where the two parties do not trust each other. Rather than sending money or goods directly to the other party (which is insecure, as one or the other party must send its item first, at the risk that the other party may not reciprocate), both parties send ...
Fraud, or at least charges of fraud, just keep on coming in the mortgage and real estate world, leaving homebuyers wondering where the oversight is. The criminal courts are getting busier, hearing ...