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According to the FBI’s Elder Fraud Report, Americans 60 and older lost more than $65 million to real-estate fraud in 2023, making it one of the top 10 costliest frauds affecting that demographic.
Equity stripping or equity skimming is a variation on lease-buyback and is one of the most common types of foreclosure rescue schemes. [4] In it, the perpetrator assumes ownership of the house while allowing the former owner to continue living there, provided that s/he pay rent to the perpetrator, who is the new owner.
Homeowners across the U.S. are being targeted in a sophisticated scam in which callers pose as mortgage ... many of whom only learn of the fraud when their actual lender starts foreclosure ...
WASHINGTON -- Federal investigators have charged 530 people for allegedly defrauding more than 73,000 desperate homeowners around the country who fell behind on mortgage payments, leaving them ...
Subprime loans targeted at vulnerable and unsophisticated homeowners often lead to foreclosure, and those victims more often fall to equity stripping scams. [2] Additionally, some do consider equity stripping, in essence, a form of predatory lending since the scam works essentially like a high-cost and risky refinancing.
Legitimate foreclosure rescue can give the homeowner a realistic opportunity to regain their ability to get out of the situation and make regular timely payments again. However the fact that homeowners are often desperate at this stage has meant that foreclosure rescue has been the target for a scam known as the foreclosure rescue scheme .
From one of AOL Real Estate's guides on avoiding fraud, here are some ways to avoid being victimized in a foreclosure-rescue scam in the first place: • The golden rule of avoiding fraud : If it ...
Purchasing a home is like investing in a piece of your legacy. Unfortunately, this makes real estate a prime target for con artists. According to the FBI’s Internet Crime Report 2021, the losses ...