FTC warns that mortgage assistance scams are on the rise

The Federal Trade Commission has issued a new alert warning consumers to beware of potential scams around mortgage assistance. This week it said that Americans have lost a combined $106 million to fraud related to the COVID-19 outbreak, and said consumers need to be careful about any solicitations that ask them to pay for access

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REALTY EXECUTIVES TEAMS UP WITH FBI AND NAR TO HELP STOP WIRE FRAUD

Scammers have begun aggressively focusing on real estate in a serious phishing scam that has resulted in losses of hundreds of millions of dollars and devastating results for those in the process of purchasing a home.

Bad Real Estate Practices to Avoid

Both the buyer and seller face huge disadvantages when it comes to most real estate transactions. Both the seller’s realtor and the buyer’s realtor are professionals in the industry while the buyer and seller only get into these major transactions a few times in their entire life. There are some critical aspects of these deals

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Real Estate Scams Target Renters

The number of real estate scams is continuing to grow on free classified sites, with the majority of victims falling foul of rental scams. One website in particular – Craigslist – has been singled out by housing experts for the number of scammers operating there.

Mortgage Scammers Using Search Engines To Target Homeowners

The three most popular search engines – Google, Yahoo! and Bing – are being examined by federal investigators who are trying to track down scammers using the websites as platforms to advertise fraudulent schemes that target homeowners, according to a report by the Associated Press. Typical ads placed online by scammers include promises of assistance

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Poor Housing Markets Present Golden Opportunity for Scammers

It seems that no matter how good or bad housing markets are performing, real estate fraudsters will always find some way to con homeowners out of their money. But scammers are doing particularly well out of the current economic downturn, taking advantage of hundreds of desperate homeowners, according to a report in MarketWatch. Schemes involve

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Short Sale Fraud Spiraling Out Of Control, Say Investigators

Investigators say that short sale fraud is running rampant in the US right now, plaguing markets and seriously impacting on mortgage lenders, who are missing out on thousands of dollars due to the problem.   One of the most common real estate scams in short sales is for investors to make a lowball offer on

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When Toxic Assets Aren’t the Only Toxic Element

Westport Investment Group, a real estate acquisition and advisory firm, announced its positioning to acquire deep discounted bank assets. The firm stands poised to acquire toxic assets from U.S. financial institutions, and in assisting in the recapitalization of selected banks. For banks scheduled to be taken over by the FDIC, Westport may represent a viable alternative.

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