Mortgage Fraud - equity skimming in Coopersville

Real Estate Agent with Keller Williams Central Oklahoma

I can't believe it.  I actually had someone try to pull, what may be, an equity skimming situation on someone that lives around here, in COOPERSVILLE!  AGAIN!

This is the second time that I am personally aware of where some of our citizens have almost been scammed.  What happens is this...  Someone starts getting a bit behind on their mortgage, to the point that a bank sends information out on public notice. (about 2 missing payments).  A third party then calls the homeowner, and spins a yarn about how they will take care of everything, just sign over certain rights to your house and "rent" from them.  Meanwhile, they take out all of the equity, never make a payment, and leave the homeowner high and dry without equity or a place to live.  I personally do not know of any "legit" operation doing this.  Perhaps there are people and companies out there that can help, but be VERY careful when dealing with someone like this.  Enlist the help of a professional.  Either in the form of an attorney, or a professional real estate agent.

Michigan one of the top ten mortgage fraud states listed by the FBI. (Federal Bureau of Investigation).  Many of the scams include a HELOC (Home Equity Line Of Credit) where the "scammer" gets the homeowner to sign over certain rights that allows the "scammer" to cash in on the homeowners equity.

For some really interesting information on the FBI and mortgage fraud, follow this link.

Be careful out there.


Comments (1)

Mary McGraw
GLREA - Rockford, MI
2015: Solar Energy Is Still A Simple Machine!
Hi Mark - Welcome to Active Rain!!! 
Feb 25, 2008 02:30 PM