What kind of fraud is a reverse mortgage?
What kind of fraud is a reverse mortgage?
Similar to vendor and contractor fraud, fraud by a financial planner or other investment advisor involves someone trying to sell you a financial product you may not need and suggesting you take out a reverse mortgage to pay for it.
Is there a way to sell a house with damage?
One of the only ways to sell a house with such significant damage is to seek out an investor. They’ll have enough money to spend on repairs. If someone who isn’t an investor is eager to buy your house regardless of these problems, be cautious.
What happens when you fall behind on your mortgage payments?
Little do you know that when you originally fell behind on your mortgage payments, your lender filed a Notice of Default, making your mortgage troubles (and property address) public record—and you, easy prey.
How many realtors have fallen for wire fraud?
Just around half of real estate firms warn their clients about the dangers of wire fraud, according to new research by the National Association of Realtors. Around 10% of firms said they’d had an experience with the crime. “The mortgage brokers and agents do receive training on it, but they don’t communicate that to the consumer,” Haraminac said.
How much money has been lost in real estate fraud?
In 2018 alone, 11,300 victims reported real estate or rental fraud, resulting in losses of more than $149 million, according to data from the Federal Bureau of Investigation’s Internet Crime Complaint Center.
Are there any real estate agents that have been hacked?
It’s so bad the FTC even sent an alert warning consumer that real estate agents’ email accounts are getting hacked.”, says Siciliano. “Let’s say your realtor’s name is Bill Baker. Bill Baker’s email account gets hacked. The hacker observes Baker’s correspondences with his clients—including you. Ahhh, the hacker sees you have an upcoming closing.
Who are the targets of home title fraud?
Older people are the most common targets because they typically have more equity in their homes and may not be as online-savvy or pick up on signs of fraud right away. Other targets of home title fraud are people who own second homes, vacation homes and real estate investment properties.
What to do if you think someone is stealing your house?
If you see any paperwork you don’t recognize or any signature that is not yours, look into it. House-stealing is not too common at this point, but we’re keeping an eye out for any major cases or developing trends. Please contact us or your local police if you think you’ve been victimized.