Robert Shumake explains the growing trend in mortgage fraud schemes and real estate scams
Detroit, MI - Robert Shumake is the CEO of Inheritance Capital Group, a Michigan based private equity real estate investment and development firm managing a large portfolio of commercial and residential real estate. An experienced realtor with over 20 years experience in the field, Mr. Shumake was a victim of mortgage fraud.
During a recent interview, Robert Shumake explained how the downward trend in the real estate market has encouraged mortgage fraud and the development of many fraudulent schemes. The rising rates in foreclosures along with a depressed market and declining values has placed a lot of pressure on lenders, builders and home sellers to write mortgages and close sales.
Robert told his story about a house he purchased and rehabbed was "stolen" from him when his name was illegally removed from the title with a fraudulent quit claim deed. It took nearly two and half years and cost almost $60,000 in legal fees to resolve the matter.
Shumake discussed the many scams perpetrators are using, including illegal property flipping, builder-bailout schemes, seller assistance scams and short sale scams. "These types of scams are the reason that mortgage lending practices have tightened," said Shumake. "Michigan is among the top 10 states for mortgage fraud and real estate scams."
Robert Shumake will be speaking at future events in Metro Detroit to increase awareness among realtors and consumers on how to protect themselves from becoming victims of real estate fraud and mortgage scams. For more information, read Robert's blog at http://mortgagefraudreportmichigan.blogspot.com/