Southfield, MI (PressExposure) April 20, 2009 -- The recent rise in foreclosures along with a depressed market, declining values and the decreased demand has placed pressure on lenders, builders and home sellers. âFewer loans will be originated as lending practices tighten in response to the subprime lending crisis,â said Shumake. âIdentity theft is a popular tool used in mortgage fraud. With higher lending standards being enforced, individuals with good credit are valuable to perpetrators; therefore, at risk for identity theft and mortgage fraud schemes. Robert Shumake, experienced realtor, was a victim of mortgage fraud when a house he purchased and rehabbed was âstolenâ when his name was illegally removed from the title with a fraudulent quit claim deed. The new owner moved into the home and took out building permits to work on the property. âIt took me two and half years and cost nearly $60,000 in legal fees to resolve the matter,â said Shumake. Shumake discussed the many scams perpetrators are using, including illegal property flipping, builder-bailout schemes, seller assistance scams and short sale scams. âThese types of scams are the reason that mortgage lending practices have tightened,â said Shumake. âMichigan is among the top 10 states for mortgage fraud and real estate scams.â 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 Robertâs blog at http://mortgagefraudreportmichigan.blogspot.com/ Contact: Robert Shumake Inheritance Capital Group, Inc 25900 West 11 Mile Road Southfield, MI 48034 Phone: 248-443-0939 Email: email@example.com This press release was submitted by Right Now Marketing Group, LLC
Robert Shumake Warns Consumers of Real Estate Scams and Mortgage Fraud in Michigan
Robert Shumakeâs mission is to inform the public about
mortgage fraud and real estate scams
and to provide tips on how to avoid being a victim.
âSometimes people will commit identity theft to obtain a
housing loan, sell someone elseâs house or take over
someone elseâs property,â says Shumake. âIt is my goal to
inform the public on how to protect themselves from
being victims of this crime.â
Press Release Source: http://PressExposure.com/PR/Inheritance_Capital_Group,_LLC.html
Press Release Submitted On: April 20, 2009 at 12:15 am
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