How many times have you heard of a friend or relative being scammed by a fraud company? Well as per my experience, these scam news have increased significantly in past few years. You can read newspaper articles on scams and fraud companies every now and then. It seems like fraudulent elements are into every single field of work and life. I have been working as short sale agent in Temecula for past several years. Real estate business has suffered a lot because of these scam artists and these scammers prey over the adverse financial conditions of individual. I have decided to bring forth these scammers by revealing the latest methods used by these scammers to get your money. This article will discuss one of the latest scam methods used nowadays.
Mortgage Fraud Examiners is one of the leading firms in investigating real estate scams and they have revealed yet another surprising method this week. This method is targeted towards distressed homeowners heading towards a foreclosure.
Under this scam method, scammers promise to reveal the actual owners of any given promissory note with the help of “securitization audit.” The main idea of scammers is to target desperate house owners and leave an impression that they can help them get rid of the mortgage just by charging for a securitization audit. The logic behind the securitization audit is to uncover the true mortgage owner and hence it can be proved in court the foreclosing lender has no claim over the property.
But the real fact is that such information is available free of cost and anyone can get this information with some digging. Scammers prey on the fact that average house owners are unaware of this fact. I would like to enlighten the fact that these securitization audits are inadmissible in court and the only method to secure an evidence against the lender is via proper examination of the mortgage contract.
Being an expert in short sales in Temecula, I have seen cases where house owners get their house free because of their lender screwing up. But I would like to tell you that the cases were thoroughly analyzed for any type of tortuous conduct and weakness in mortgage contract that can be attacked on. Securitization audit can never provide such high level of scrutiny in any condition.
I have witnessed so many cases where house owners are played by these artists just because of the lack of knowledge. If you are a house owner facing this kind of situations then it is advised to be educated about the law and proceed accordingly. As an experienced Temecula short sale expert, I would suggest hiring a legal counsel for your house.
Keep on reading my blog and I’ll keep you posted about the latest buzz word in real estate niche!
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