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FBI’s 2023 Internet Crime Complaint Center (IC3) report revealed there were 9,521 real estate-based fraud complaints in 2023, which resulted in over $145 million in losses. Well, title fraud is ...
Real estate wire fraud is becoming increasingly common in New Jersey. ... After finding their three-bedroom, two-bathroom home a month later, the couple signed a contract on Sept. 1, 2022 to buy ...
According to the FBI’s Elder Fraud Report, Americans 60 and older lost more than $65 million to real-estate fraud in 2023, making it one of the top 10 costliest frauds affecting that demographic.
Several states have passed laws to prevent and/or regulate equity stripping schemes. Minnesota passed a comprehensive law aimed at "foreclosure re-conveyance" practices in 2004, and Maryland in 2005 was the first of at least 14 other states to adopt the Minnesota model for regulating these transactions. [ 4 ]
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.
The scheme preys on desperate homeowners whose mortgages are in default by offering to prevent the foreclosure. [ 1 ] [ 2 ] There are various ways in which foreclosure rescue schemes work, causing different types of harm to the homeowners, but all ultimately with the likely end result of the owner being forced out of their home and losing even ...
Fine has already inquired whether the original buyers would be willing to pay current prices — double their contract prices, which ranged from $1.2 million to $1.8 million — to obtain their ...
WDSU Investigates: Most contractor fraud convictions involve locals; out-of-towners harder to track