Unfortunately, there is no end to the kinds of scams that people use to
try to take advantage of others, particularly in the area of real estate.
It is important to understand common types of real estate fraud, so that
problems can be identified early and dealt with. There can be many unknowing
participants, be they brokers, loan officers, buyers, sellers or investors.
Kelley/Uustal can help you if you’ve been the victim of a real estate
scam or fraud. If you need a real estate fraud lawyer or a class action
attorney in South Florida, call us today.
Real estate scams can cause catastrophic damage to victims resulting in
bad credit, lost savings, bankruptcy or loss of property. Often, these
scams target people who are considered to be vulnerable, such as the elderly,
people with low income or homeowners who are in foreclosure.
Here are a few common examples of real estate fraud:
1) Foreclosure Rescue
Sometimes scammers target homeowners who are behind on their mortgage payments,
offering to save the home through a temporary title transfer. However,
when the scammer obtains the title from the homeowner, they sell the home.
2) Equity Skimming
This is a scam where a buyer convinces a homeowner to list their house
for a ridiculously high amount, well above market value. Then the scammer
obtains a mortgage from the bank for the inflated amount, pays the original
owner only the market value of the home and skips town with the rest of
the money. Often, homes wind up in foreclosure as a result.
3) Mortgage Elimination
This usually takes the form of a program that offers to help people get
out of their mortgages quickly with the claim that they can use certain
legal loopholes. Of course, the companies offering the program charge
exorbitant prices for this service.
These are just a few examples of common scams that people have come across.
Unfortunately, many homeowners don’t recognize these scams until
they’ve already been victimized. If you think you’ve been
the victim of real estate fraud, it is smart to talk to an attorney.
An experienced attorney can evaluate your situation and determine your
legal options. If you have suffered damages or loss as a result of a scam,
they can fight to get you justice.