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Nov. 19—(StatePoint) In difficult economic times, fraudulent housing schemes become more prevalent, impacting homeowners and renters alike. To help you avoid becoming a victim of fraud, Freddie ...
Homeowners across the U.S. are being targeted in a sophisticated scam in which callers pose as mortgage lenders to defraud people out of hundreds of thousands of dollars, the Federal ...
At the same time, from 2018 to 2023, nearly 70,000 instances of real estate and home rental-related cybercrimes were reported to the the FBI, resulting in roughly $1.4 billion in losses to ...
• Fake email addresses - Malicious actors sometimes send from email addresses made to look like an official email address but in fact is missing a letter(s), misspelled, replaces a letter with a lookalike number (e.g. “O” and “0”), or originates from free email services that would not be used for official communications.
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.
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.
An additional party, called a straw borrower, acts as the buyer in the sale. This requires the involvement of lenders and an approval process, as the borrower takes a type of mortgage loan called a cash-out refinance to purchase the property. Rescue artists arrange the closing (often delaying the date until shortly before the homeowner's ...
This is an example of what a local official says is a scam letter trying to convince people to buy a home warranty. Personal information from the homeowner, which was included in the letter, has ...