Mr. Robert S. Shumake is the Chief Executive Officer of Inheritance Capital Group
a Michigan based private equity real estate investment and development firm.
ICG manages nearly 3 million square feet and $200 million dollar real estate portfolio
The Miami Times had a great article from 2006 on Mortgage Fraud Tips as result
of Loacal business Leader Robert Shumake being victim of mortgage fraud in
Detroit, Michigan. This ia republished Article from Miami Times with great tips and
The U.S. Federal Bureau of Investigation says mortgage fraud is one of the
fastest growing white-collar crimes in the country. Unfortunately, Robert
Shumake found that out the hard way.
When Shumake, 37, tried to sell a home he had purchased to fix up and
resell, he realized he had been a victim of mortgage fraud.
A quitclaim, the process of transferring a title or ownership interest to
another person, was fraudulently executed on Shumake's property. Shumake's
name was removed from the deed and the 'new owner' moved in the property.
"He also took out building permits to show he did work on the property,"
After two and a half years, and nearly $60,000 in legal fees, Shumake, who
owns Inheritance Investment Group in Detroit, which manages and develops
real estate, finally got the matter resolved. "Mortgage fraud is so hard to
prove. You can spend tens of thousands of dollars in legal fees and [still]
not be guaranteed your property," he says.
Shumake's experience shows that just about anyone is vulnerable -- even a
real estate industry professional. Shumake's experience led him to join
with Michigan state officials in 2003 to launch a mortgage fraud task force
to aid victims and promote consumer awareness and prevention.
HOW IT WORKS
There are two types of mortgage fraud--"fraud for profit and fraud for
housing," says Becky White, president of the Georgia Real Estate Fraud
Prevention & Awareness Coalition. Fraud for housing, which involves lying
on a loan application, accounts for 20 percent of mortgage fraud that is
discovered, White says.
Sometimes people will commit identity theft to obtain a housing loan, sell
someone else's house or take over someone else's property, says Shumake.
Fraud for profit involves fabricating information on a loan application to
trick a lender into approving a mortgage loan. Fraud for profit involves
industry professionals, such as mortgage brokers and real estate agents
overstating a buyer's income, assets, collateral and other information on a
loan application. In many of these instances, the borrower will take on the
identity of another person and the property value is falsely inflated.
In January, Ameriquest Mortgage Co., one of the nation's leading subprime
lenders, agreed to pay $325 million to settle a nationwide investigation
into predatory lending practices committed between 1999 and 2005 that
brought to light cases of mortgage fraud. The investigation found that
Ameriquest pressured appraisers to inflate property values. Ameriquest was
ordered to pay $295 million to about 240,000 customers nationwide and an
additional $30 million to the 49 states and the District of Columbia where
claims against the company were filed.
Mortgage fraud is on the rise due to several factors, notes White,
including "lending practices, loan programs, frothy markets, greed and
consumers who don't do their homework and fall prey to con artists."
According to the FBI, in 2004, Arizona, California, Colorado, Florida,
Georgia, Illinois, Maryland, Missouri, Nevada and Utah, were all mortgage
fraud hot spots.
"Identity-theft and crime rings use mortgage fraud to steal money," White
says. If you think you are a victim of mortgage fraud, White advises
contacting your local police department, the department of banking, an
agency that oversees lenders in your area, the FBI, Better Business Bureau,
your state's office of consumer affairs or your local district attorney.
10 MORTGAGE FRAUD TIPS
1. The FBI advises to never sign blank or incomplete documents.
2. Never purchase a property you haven't seen or personally inspected,
advises Becky White, president of the Georgia Real Estate Fraud Prevention
& Awareness Coalition.
3. Use a licensed mortgage banker or lender. Get referrals. Find a broker
through the National Association of Mortgage Brokers (www.namb.org).
4. Have a local, licensed real estate agent do a market value report.
5. Don't be "steered" to use a particular lender, real estate agent or
6. Know your rights as a mortgage borrower.
7. Don't buy into get-rich-quick schemes of instant equity, tenants in
place (investment property or using your name.
8. Walk away from anyone suggesting that you lie on your mortgage
application (e.g., encouraging you to inflate your income, exaggerate your
work history, etc.), advises the Mortgage Bankers Association.
9. Beware of lenders who charge excessive fees and prepayment penalties.
Predatory lenders often charge hidden fees.
10. Do not sign a contract with a mortgage company until you've seen a
document guaranteeing the terms of your loan.
Article copyright The Miami Time
Robert Shumake is going to be one speakers at the Mega Evening
Event this coming Jan 15th, 2009. http://www.MegaEveningEvent.com
ROBERT S. SHUMAKE
Chief Executive Officer
Mr. Robert S. Shumake is the Chief Executive Officer of Inheritance Capital Group (ICG); a Michigan based private equity real estate investment and development firm. ICG manages nearly 3 million square feet and $200 million dollar real estate portfolio. Mr. Shumake invests, manages and develops commercial and residential real estate. Mr. Shumake has implemented policies and funding strategies to raise capital for small businesses, mortgage loans, commercial leasing and specialized financing. Mr. Shumake has over fifteen years of experience in his field. As founder of First Equity Holdings (1996) he managed and sold 85% of the Department of Housing and Urban Development (HUD) inventory in the state of Michigan with sales of approximately 80 million dollars. In addition, Mr. Shumake has developed, sold, or financed well over 100 million dollars in real estate. Based on the success of First Equity Holdings, Mr. Shumake received a White House appointment to the Board of Directors for the Federal Home Loan Bank Board, the second largest bank in America with 700 billion in assets. As a director, Mr. Shumake presided over the Affordable Housing Committees in Michigan and Indiana. Mr. Shumake has received two Michigan gubernator appointments, as a member of the Board of Real Estate Brokers and Salespersons with responsibilities to regulate and license real estate professionals and the Council of Health and Fitness.
As a supporter of cultural arts, Mr. Shumake is a member of the Charles H. Wright Museum of African American History, located in Detroit, MI. Mr. Shumake also serves on the board of the Detroit Music Hall and served on the board of directors for the Lewis College of Business. Mr. Shumake is an active culturist, specializing in political and educational fundraising strategies. He has received the National Urban League Rising Star Award presented to individuals who have achieved significant business success. He has also served on national finance committees for not-for-profit companies and political candidates. Mr. Shumake is a philanthropic leader who through the Robert Shumake Scholarship Relays has hosted the largest private track and field meet in Michigan showcasing the academic and athletic abilities of over 5,000 youth while providing over $20,000 in scholarships since its inception in 2005.
Mr. Shumake has written For Entrepreneurs Who Considered Suicide When Business Got Tough! for individuals looking to achieve their entrepreneurial and financial dreams. The book is a guide packed with quotes, helpful advice, interactive pages to record personal and professional goals based on Mr. Shumake's experiences as an entrepreneur and wealth builder.
In addition to being an author, Mr. Shumake co-hosts a national radio show with Rev. Al Sharpton, 40/40 Power Hour: 40 Acres not 40 ounces”, as well as local radio and television programs in the Detroit area. His radio show, “Necessary Business with Robert Shumake” airs weekly on WCHB-AM. “Take the Land” is a simulcast program that airs weekly. “Take the Land” can be seen on TV 68, TV 33 and heard on WHPR 88.1 FM in Detroit, Michigan.
National Association of Factoring Professionals
American Cash Flow Association
Diversified Cash Flow Association
Debt Instrument and Financial Professionals
Board Member, Real Estate Broker and Salesperson
Board of Director, Federal Home Loan Bank
Chairman, Detroit City Council Alternative Finance Committee
Chairman, Michigan Small Business Development Center Advisory Board
Trustee, Lewis College of Business , Detroit
Honors and Accolades
Small Business Leader Crescent Award, Future Leaders of Detroit
African-American Male Empowerment Entrepreneur of the Year, Detroit City Council
Man of the Year, Alpha Phi Alpha
Nominated, Ernst and Young Entrepreneur of the Year
Nominated, Business Leader 100 Impact Awards
National Urban League Rising Star Award
General Chair, NAACP Freedom Fund Dinner (2003 & 2008)
Dearborn Financial Institute
Larry Pino Institute of Finance
Licensed Real Estate Broker
Licensed Mortgage Banker
Honorary Doctorate, Lewis College of Business
Alpha Phi Alpha Fraternity Inc.
Prince Hall Free and Accepted Masons
Bridge Foundation, Charles H. Wright Museum of African American History, Detroit
National Order of Odd Fellows
Mr. Shumake's Company:
Inheritance Capital Group, LLC, (ICG) founded in 2006, is a private equity commercial real estate fund based in Southfield, Michigan. The fund is managed by ICG Real Estate Advisors, LLC, the only minority owned enterprise in the country certified by the Minority Business Development Council (MBDC) to buy and sell corporate sale lease backs.
Our team is comprised of highly experienced real estate professionals proficient in the financing, acquisition and management of single tenant net lease real estate nationwide. Inheritance’s goal is to provide timely and reliable solutions to:
Developers of single-tenant income properties for value added joint ventures
Sellers of existing single-tenant income real estate
The advisors and brokerage communities that service such entities
The National Real Estate Network is Hosting a Panel of experts; Mark has invited two of the top producing real estate investors in the Metro Detroit area to speak at this meeting. They will answer questions and discuss how they are making money investing in real estate in the Detroit area. The panel welcomes Robert Shumake, businessman, author, trainer, motivator and real estate master, as the keynote speaker. Robert Shumake is the author of the book, “For Entrepreneurs who considered Suicide when Business got Tough!” He currently owns over 3 million sq. ft. of office and commercial space and he rents to some of the largest corporations in America. Robert will talk about how to make money in our current market; he will share tips on making the best of even the hardest of times. Robert is an active real estate investor in the Michigan market and he will discuss how he is making money today. Also joining the panel is Mark Abruzzese, a real estate investor who buys and sells over 20 homes per month in the Detroit market. Mark will share his secrets for success in today’s tough market.
Panel of Real Estate Investing Experts Bring in the New Year at the January Mega Evening Event
Thursday, 15th January 2009
Event Start Time:
Event End Time:
Wayne County Community College Western Campus
9555 Haggerty Rd
Belleville, MI 48111 Lecture Room
Look for Signs
The National Real Estate Network is Hosting a Panel of experts; Mark has invited two of the top producing real estate investors in the Metro Detroit area to speak at this meeting. They will answer questions and discuss how they are making money investing in real estate in the Detroit area.
The panel welcomes Robert Shumake, businessman, author, trainer, motivator and real estate master, as the keynote speaker. Robert Shumake is the author of the book, “For Entrepreneurs who considered Suicide when Business got Tough!” He currently owns over 3 million sq. ft. of office and commercial space and he rents to some of the largest corporations in America. Robert will talk about how to make money in our current market; he will share tips on making the best of even the hardest of times. Robert is an active real estate investor in the Michigan market and he will discuss how he is making money today.
Also joining the panel is Mark Abruzzese, a real estate investor who buys and sells over 20 homes per month in the Detroit market. Mark will share his secrets for success in today’s tough market.