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Mortgage Fraud and Foreclosure
In recent years, mortgage loan fraud has been one of the fastest growing forms of white collar crime. The recent surge in foreclosures has provided criminals with another opportunity to make a quick profit at homeowners’ expense.
There are several common forms of foreclosure fraud. However, they all take advantage of vulnerable homeowners desperate to avoid losing their homes. One common type of fraud is where the scammer promises to stop the foreclosure for a fee, and then simply pockets the payment and does nothing.
Another more extreme form of fraud is where a scammer promises to pay off the mortgage while allowing the homeowner to stay in the property as a renter, with the option to purchase the home back later. However, as part of the deal, the homeowner has to deed the property to a new borrower that is “investing” in the property, but who is actually part of the scam. This person strips the home of its equity, and both parties disappear. The homeowner is now merely a renter in a house they no longer own, and will eventually be evicted.
Bear in mind that if a deal seems too good to be true, it probably is. If you suspect that you are the victim of mortgage fraud, you should consult with a lawyer as soon as possible. An experienced real estate attorney can review your situation and take action if needed.
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