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Stay Away From Real Estate Fraud

a) Foreclosure Fraud

Cash-strapped property owners that can’t afford to meet mortgage payments sometimes get taken for a ride. Deceitful people make an offer to pay the loan on the owner’s behalf, as if to help them out of the situation, but then leave without fulfilling the promises. The trickery usually requires immediate payment for the trickster’s services and an agreement to transfer the property title to him or her. Once this is done, the trickster flees, while you are left behind with piling amounts of debt and no property. This type of fraud is called foreclosure fraud.

b) Home-Equity Fraud

Watch out for those people who are eyeing your house equity. If you rely on your house equity to borrow money, you have to constantly be on the lookout for unscrupulous lenders so you can stay away from them.

When it comes to leveraging properties, there are huge risks involved. The risks must be carefully explained by your lender. Those who want to make extra bucks will embellish their application such that the income, down payment, and property assessment values are exaggerated, ultimately helping themselves to a huge loan amount.

Be Wary Of Money Laundering

Money laundering is another common method of deceit. Illegal money is made to seem like a clean asset. Stay wary of people who purchase a property with illegal proceedings and sell them to other people. On the face of it, the property might look legitimate to you, but only careful inspection and assessment can spell out the dirty secrets.