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A different kind of home-buying risk: scams
Federal prosecutors have charged 19 people in a nationwide mortgage scam. They say the ring -- which appears to be based in California -- stole nearly $13 million in home equity and involved more than a hundred homeowners. Victims have been found in as many as 18 states -- including California, Oregon, Washington and Nevada. The operation worked like this: The scammers contacted strapped homeowners. They offered to pay their bills by cashing out the equity in their homes. In some cases, homeowners would sign over their titles and pay "rent," while their equity would cover the rest of their monthly payments. After using up the equity, the ring would allegedly sell the home. There may be several other rings like this throughout the country. The FBI says it has received 60,000 reports involving mortgage fraud this year.
Posted on March 25, 2008 6:43 AM PT | Permalink
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