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A triangle scam is a type of fraud that involves three parties: the scammer, the unsuspecting buyer, and an innocent third-party seller. The scam typically unfolds as follows:
Detectives probing the death of a 96-year-old California woman nearly two years ago have uncovered she was the victim of an elaborate murder-for-hire and reverse-mortgage scam that sought to gain ...
A multimillion-dollar scam by real estate agents and loan officers, in collusion with homebuyers, left mortgage lenders in the dust, authorities say. Two real estate agents and two mortgage loan ...
Mortgage elimination is a type of mortgage fraud in the United States.In this scam, the promoter first convinces a mortgage holder (lender) that the debt that has been contracted is invalid or legally unenforceable, usually due to a combination of alleged technicalities in the note, deed of trust, or other loan documentation signed; the promoters often link their rationale for debt elimination ...
Back in April, AARP reviewed popular scams for 2022 and noted a Federal Trade Commission (FTC) report claiming that one-third of all business-imposter fraud complaints involve someone purporting ...
A straw borrower is a United States term for an individual whose name, social security number, and credit history are used to hide the identity of the organizers of a for-profit mortgage fraud scheme. Straw buyers are also used in order to obtain a residential mortgage for a person who would not qualify for the loan, frequently a family member ...
1600 investors in Diamond Mortgage Company and A.J. Obie, two firms with the same managers, lost approximately $50 million in what the Michigan Court of Appeals described as "the largest reported 'Ponzi' scheme in the history of the state". It led to the passage in 1987 of the Mortgage Brokers, Lenders, and Servicers Act. [19] [20]
By Christopher Maag During the height of the mortgage boom, it seemed all you needed to get a mortgage was a pulse. Now that banks have tightened their lending rules considerably, many people find ...