Mortgage Fraud Cases Increase - II
June 6, 2008
The FBI is very busy investigating Mortgage Fraud. Special Agent Brian Weber of the FBI's Criminal Investigative Division knows...
Mr. Schiff: The FBI is very busy investigating Mortgage Fraud. Special Agent Brian Weber of the FBI's Criminal Investigative Division knows...
Mr. Weber: "One of the new scams we're seeing with the large increase in home foreclosures is Home Foreclosure Rescue Scams. These involve perpetrators basically targeting homeowners who are at risk for default or are already in foreclosure."
Mr. Schiff: Weber says homeowners are talked into believing they can save their home in exchange for upfront fees and deed transfers...
Mr. Weber: "The perpetrator ultimately transfers the property into his or her name via a Quick Claim Deed and promises to make the mortgage payments for the homeowner."
Mr. Schiff: Weber says it doesn't happen. The bad guys profit by remortgaging the property or pocketing fees...
Mr. Weber: "Ultimately, and tragically, the homeowners are therefore left with the original home mortgage not paid off and the perpetrator simply delayed the foreclosure of their home."
Mr. Schiff: Been a victim. Call the FBI. I'm Neal Schiff of the Bureau and that's what's happening at the "FBI, This Week."
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