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Callers spoof the caller ID number of the victim's actual lending institution, swindling money from those seeking financial relief. FCC warns of 50-state scam by fraudsters posing as mortgage ...
Mortgage fraud by borrowers from US Department of the Treasury [7]. Mortgage fraud may be perpetrated by one or more participants in a loan transaction, including the borrower; a loan officer who originates the mortgage; a real estate agent, appraiser, a title or escrow representative or attorney; or by multiple parties as in the example of the fraud ring described above.
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.
Additionally, some do consider equity stripping, in essence, a form of predatory lending since the scam works essentially like a high-cost and risky refinancing. Equity stripping, however, is conducted almost always by local agents and investors, while traditional predatory lending is carried out by large banks or national companies. [3]
A dream home became a nightmare when Raegan Bartlo and her husband lost $255K to real estate wire fraud. Learn how this elaborate scam works — and how to spot the signs you're about to be their ...
Real estate investors commonly rely on hard money loans to manage multiple flip projects. Hard money loans deliver cash quickly but at a higher interest rate compared to other types of financing.
Get-rich-quick schemes are extremely varied; these include fake franchises, real estate "sure things", get-rich-quick books, wealth-building seminars, self-help gurus, sure-fire inventions, useless products, chain letters, fortune tellers, quack doctors, miracle pharmaceuticals, foreign exchange fraud, Nigerian money scams, fraudulent treasure hunts, and charms and talismans.
Later, it unveiled a suit against the real estate company Rocket Homes, accusing it of paying kickbacks to brokers in its referral network so that they would steer clients to their sister lender ...