As the mass of unqualified real estate agents and loan officers are desperately trying to get business the ethics have flown out the window and the dredge of society is showing up in larger numbers. Con artists are taking advantage of homeowners and desperate agents / loan officers frequently and unfortunately homeowners have had to fight to keep their home. How can someone steal a home?
Lets use an example.
You have an investment property that you want to rent. You run ads to find a renter and rent your property to what seems like the right candidate. The renter, using a fake ID, goes to the local court house and files documents indicating that the loan on the property has been satisfied. The document would have forged signatures of all parties involved, bank seals etc. Now the property appears to be free and clear.
Now the con artist takes out multiple loans simultaneously, in your name. He walks with the cash and you get the debt. Obviously, the legal system will protect you from actually losing the home but you are left with the nightmare of proving everything and correcting the credit history.
Popularity: 2% [?]