Dec
30

Brush Up On the Latest Mortgage Scams

December 30, 2012

chicago real estate scams

The New Year is a great time to brush up on your home mortgage knowledge, especially when it comes to mortgage scams.

Here’s a rundown on some the latest scams that have been affecting homeowners:

  • Fraudulent mortgage counseling phone offers that require you to pay a fee for a consult.
  • A mortgage audit that requires an upfront fee.
  • The bait-and-switch scam. A scammer will offer “rescue” loan services, and these services are often accompanied with a hefty stack of paperwork that many homeowners don’t bother reading. The catch? The paperwork will contain a document that surrenders your home.
  • Rent-to-buy scams. Scammers will ask you to surrender your home title to them while you rent your home instead. These same con artists will falsely promise to sell your home back to you in the future.

Currently, the Federal Trade Commission is offering refunds to homeowners targeted by mortgage scammers Dinamica Financiera LLC, Soluciones Dinamicas Inc., Valentin Benitez and Jose Mario Esquer who targeted Spanish-speaking homeowners. If you were targeted by any of these agencies, you have until January 14 to file a claim by calling (877) 281-5622 or by visiting www.FTC.gov/refunds.

If you are a Chicago real estate resident and feel that you were targeted by any type of mortgage scam in 2012, you should report the scam to the Better Business Bureau as soon as possible.

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Jessica Thom

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