Greg's Corner

Tagged: mortgage scam Toggle Comment Threads | Keyboard Shortcuts

• 

  Geebo 8:00 am on August 17, 2023 Permalink | Reply
  Tags: mortgage rescue ( 2 ), mortgage scam, natural disasters ( 17 ), real estate ( 117 ), Scams ( 1,218 )   

  Can your house be stolen out from under you after a disaster? 

  

  By Greg Collier

  The other day, a branch of the Federal Government issued two warnings about scams involving the Maui wildfire. Now, another federal office has issued an additional scam warning. And while the warning currently is intended for Maui residents, it can be applicable anywhere in the country.

  The U.S. Department of Housing and Urban Development (HUD), through the Office of the Inspector General (OIG), has issued a warning about scammers who will offer mortgage rescue or mortgage assistance to homeowners affected by the Maui wildfire.

  A mortgage rescue scam is a fraudulent scheme that targets individuals who are struggling to make their mortgage payments or are facing the risk of foreclosure on their homes. Scammers prey on the vulnerability and desperation of homeowners in dire financial situations. They promise assistance in avoiding foreclosure or obtaining more favorable mortgage terms, but instead, they exploit the homeowners’ financial distress for their own gain.

  These scams can take various forms, but the most important one to look out for is property deed transferring. In some cases, scammers may pressure homeowners to sign over the deed to their property in exchange for promises of temporary relief from foreclosure or the ability to remain in the home as renters. This can result in homeowners losing ownership of their property entirely.

  Homeowners should also be wary of any mortgage relief program that asks for any fees upfront. Scammers may claim that these fees are necessary to initiate the process of refinancing, modifying the mortgage, or negotiating with lenders. Once the homeowner pays the fees, the scammers disappear without providing any actual assistance.

  To avoid falling victim to a mortgage rescue scam, homeowners should exercise caution and skepticism when approached by anyone offering assistance with their mortgage troubles. It’s crucial to verify the credentials of individuals or organizations claiming to offer such services, and to consult trusted legal or financial professionals before making any decisions.

  Legitimate assistance programs and organizations don’t demand upfront fees and provide transparent information about the services they offer. If something seems too good to be true or feels suspicious, it’s best to do thorough research and seek guidance from reputable sources.

   

  Leave a ReplyCancel reply
• 

  Geebo 8:00 am on May 16, 2023 Permalink | Reply
  Tags: grandparent scam ( 65 ), home warranty ( 2 ), mortgage scam, Scams ( 1,218 ), stolen cars ( 10 ), used car ( 28 ), voice cloning ( 23 ), voice spoofing ( 19 )   

  Scam Round Up: A new stolen car scam and more 

  

  By Greg Collier

  This week, in the Round Up, we’ll be reviewing two scams we’ve discussed before and a new one that took even us by surprise.

  Today’s first scam is one that we thought we’d see more of, but that could just mean that victims aren’t coming forward. Anyway, the voice spoofing scam has found its way to another family, this time in Tacoma, Washington. The scammers spoofed the voice of the family’s 16-year-old daughter and said that she had been in a car wreck and needed $10,000. Scammers only need a few seconds of someone’s voice to be able to generate that person’s voice using AI technology.

  This voice spoofing technology has been used in the grandparent scam, as shown above, and the virtual kidnapping scam. Even if your ears are trying to convince you that you’re talking to a loved one, always verify their story. Try to use another device to contact that person. Or have a code phrase set up beforehand with your family in case of an actual emergency.

  The second scam for today seems like it’s popping up more often lately, if the news is any indication. More homeowners have been receiving concerning letters in the mail that many think are coming from their mortgage company. In reality, the letters are from someone trying to sell a home warranty policy. However, the Better Business Bureau notes that the fine print should tell you all you need to know about the letter. In some instances, the letter says something similar to, “Not all consumers have previous coverage. We are not affiliated with your current mortgage.”

  If you have any questions or concerns about your mortgage or current home warranty, call those companies directly. Do not use any contact information contained in the letter.

  Lastly, it seems we’ve seen a number of car scams emerge, and this may be one of the most heinous. Selling a stolen car online is nothing new. It’s the buyers who pay the price once they find out that the car is stolen when they’re notified by either the DMV or the police. More recently, car scammers are taking the Vehicle Identification Number (VIN) of a car of a similar make and model, and using it on the stolen car.

  This way, when a buyer may run a vehicle history report, it will come back with the history of a car that hasn’t been stolen.

  However, this isn’t a perfect scam for the scammers. A buyer would need to look out for any discrepancies between the vehicle history and what the seller is telling you. If there are any discrepancies, or there’s an issue with any paperwork, the buyer should walk away.

  Can a scammer take a loan out on your car? | Greg's Corner is discussing. Toggle Comments

   
• 

  Geebo 9:00 am on November 19, 2021 Permalink | Reply
  Tags: business email compromise ( 8 ), malware ( 25 ), money transfer ( 6 ), mortgage scam, ransomware ( 11 ), Scams ( 1,218 )   

  This mortgage scam is more common that you think 

  

  By Greg Collier

  The mortgage scam we’re about to discuss we’ve posted about before. While it’s not a new scam, what surprised us is how often this scam supposedly happens.

  The scam is known as the business email compromise scam, but that phrase encompasses a number of scams where scammers cam imitate business emails that they’ve hijacked. Often these hijacked accounts are used to target someone else that’s in that business, such as someone in payroll or accounting who can issue checks. However, the BEC scam can also target outside customers as well. In this case, people who are getting ready to close on a home.

  In the mortgage version of this scam, scammers are monitoring the email accounts of title companies. The scammers have gained access to these email accounts through malware attacks. When the process is almost complete, the scammers will send an email to the home buyer that appears to have come from the title company asking for the final closing cost to be wired. In one recent case in North Carolina, that amount came to almost $50,000 that the home buyer lost to scammers. By the time the home buyer realized he’d been scammed, the money he wired had already been wired again to multiple locations.

  What really surprised us about this recent scam was that the FBI has said that this mortgage scam is more common than ransomware attacks. Since we hear about ransomware attacks against companies and hospitals on an almost weekly basis, this scam must happen quite often.

  The best way to protect yourself against this scam is to confirm any transactions with your title company over the phone before sending any money. Other tips include if the money wiring instructions are different from before or if there are grammatical errors in the email.

   
• 

  Geebo 8:00 am on July 13, 2021 Permalink | Reply
  Tags: closing cost scam ( 2 ), mortgage scam, real estate ( 117 ), Scams ( 1,218 ), wire fraud ( 21 )   

  Victim loses closing costs in real estate scam 

  

  By Greg Collier

  When dealing with real estate, rental scams are not the only scam you have to worry about. Lately, we’ve seen an ever-increasing rise in a scam where the victims are set to close on a new home. The scammers are somehow sliding into the home buyer’s email and posing as the loan agency. The scammers then ask for the closing payment to be wired to them. By the time the victim realizes that they’ve been scammed, they’ve lost thousands of dollars with little to no recourse. We can’t even imagine the sense of dread that the victims of this scam feel when they find out they’ve not only lost their closing payment, but also finding out that the deal on their new home might fall through because of it.

  This is exactly what happened to one woman in Alabama when she was getting ready to close on her home. The night before she was getting ready to close on a new home for her and her children, she received an email that appeared to come from her closing agency. The email asked her to wire $6,000 for the closing costs. On closing day, she received a call from her bank asking her if anyone else had contacted her about the closing cost. She was then told that whoever contacted her wasn’t from the bank. As in most cases, once the wire transfer was sent, the money was unrecoverable.

  If you’re working with a loan agency, bank or credit union to obtain a mortgage for a new home, be suspicious of any communication asking you to send money. If you receive an email like the one in the story above, call the bank to verify that they sent the email in the first place. It would be even better to visit the bank in person to verify any requests. No one wants to go through the process of buying a new home only to have the deal fall through at the very last minute.