Bradenton Homeowners Must Protect Themselves From Mortgage Fraud
Mortgage Fraud Series #1
Bradenton Buyers and Sellers must be careful about falling into a senario that perpetuates mortgage fraud. I am writing a series of posts about various mortgage fraud scams.
Foreclosure Rescue Scam
One common type of fraud being committed today is regarding Foreclosure Rescue. Some unscrupulous individuals are taking advantage of desperate sellers facing foreclosure steal any equity in the borrower’s property.
A “white knight” will contact desperate homeowners whose mortgages are in foreclosure. The homeowner is usually presented with an offer to refinance their home at a reduced interest rate or extended payment period. The homeowner will sign papers they believe will lead to a refinance. The documents are actually a conveyance of the property. The scammer will try to market the home for sale before the foreclosure is complete or obtain a second mortgage by misrepresenting the value of the property. In this type of fraud the individuals committing the fraud will usually obtain the signatures of the homeowner and produce the documents at closing.
If you are a homeowner facing possible foreclosure you need to know that when a Notice of Default is filed in the public records you will be contacted by many people. Some are investors looking for a good deal. Some are foreclosure rescue businesses that prey on those in trouble. Some want you to pay them money in order for them to help you. DON’T FALL FOR IT.
If someone approaches you and offers you a deal that seems too good to be true it probably is. Speak with your attorney. Call an experienced Realtor. By all means, ask for advice.
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Please contact me, Dan Forbes, a call if you have questions about or our Bradenton, Florida real estate market at 941-746-0505; toll free 877-646-8326. Visit my web site BradentonFloridaRealEstate.com and my blog The Real Estate ZOO.
