Back to Blog
Real Estate Fraud6/5/2022
A common form of Real Estate Fraud is mortgage-loan lending. Fraudsters will often pose as real estate agents or anyone else needing access to loan documents, but their true intentions are not always obvious. Once the fraudulent borrower has obtained the property title, they will apply for a mortgage with a much higher value than it's worth. They will then provide funds to a partner who will use them to make a payment for the property. Then, they disappear, leaving the bank without any recourse.
Syndicated fraud occurs when unscrupulous actors gather a large group of investors to buy or sell real estate. This makes it easier for them to steal money and fool people into believing they are dealing with a real estate agent or lender. While this is one form of fraud, it's not uncommon to find unscrupulous actors working on both sides of the real estate deal. Scam artists may collect investment money, collect suspicious fees, or dupe victims into a deal they were never aware of.
Another type of real estate fraud involves concealing material facts about the property. While it's possible to prove that a person's actions are fraudulent, it is necessary to prove the victim suffered a significant injury. An example of a real estate fraud case would involve a shopping center where the seller provided a signed certified rent roll containing misstated information about the amount of rent provided by the tenants. In addition, the seller's actions should be examined as a potential example of a mortgage-loan fraud.
Real estate fraud can be legal or illegal, but it's crucial to consult with a real estate fraud attorney to determine your best course of action. While a conviction for this crime may be harsh, it's possible to get acquittal with a good real estate fraud lawyer. A skilled lawyer can protect you against a hefty fine. In addition to a criminal conviction, the victim may be able to recover the money they lost.
Comments are closed.
|