The housing market is slowly making a come-back after the 2008 recession in the United States. Many mortgaging companies and banks were under scrutiny after the public realized that people had been given mortgages for homes that they would eventually not be able to afford. But real estate scams are still being performed, and it’s critical to make sure that you have not be scammed into giving away your home. Here are three scams to watch out for.
Equity Fraud Scams
Many people have heard of this scam. It’s a case of identity theft when someone steals your information and uses it on loan documents or mortgages. Then, the criminal steals equity from the property. It’s a difficult case because this can be performed by a complete stranger. A real estate attorney will typically be familiar with this case and can help you gain your home equity back.
Mortgaging Elimination Scams
These scams can be difficult to catch early because the criminals involved in this practice pretend to be a legitimate business. There are commercials on television for reverse mortgage programs, and some people find those services to be really valuable. But a mortgage “elimination” is typically a scam. There is no such thing as eliminating a debt without government intervention. These criminals typically charge a fee for their false services, and then your mortgage doesn’t change at all. A real estate attorney could possibly help you get your money back if you have enough information about the criminals.
Foreclosure Relief Scams
Criminals that perform foreclosure relief are not involved with any organization that can help you with your foreclosure. These criminals pose as a company who acquires the property deed from the owner, promising to pay the mortgage properly and only charging you rent to continue to live in the home. However, these criminals will only steal the deed to your home and then sell it, leaving you homeless.
If any of these scams have happened to you, it’s important to call a real estate attorney as soon as you realize what has happened. There’s no shame in being a victim to these types of criminals. They are very experienced with this type of crime. If you need experienced representation for real estate fraud in Hampshire, contact Casement Group P.C.