Southfield, MI (PressExposure) April 20, 2009 -- Robert Shumake, mortgage fraud victim, is working to increase public awareness of the problem and to warn realtors, lenders and consumers of scams that they can easily fall victim to. Robert said, âEscalating foreclosures have provided the opportunity for scammers who claim to be foreclosure help consultants. They convince homeowners that they can help them save their homes from foreclosure as they trick them into signing a quit claim deed. If the home has a lot of equity, the scammer secures a second loan on the home, stripping the propertyâs equity.â Robert went on to explain how scammers work when the home doesnât have equity, âSome will agree to take over the mortgage payments while the homeowner rents their home. They keep the rent payments, but do not pay the mortgage; therefore, the homeowner loses their home to foreclosure while the scammer has pocketed their rent payments.â When asked how they get away with this, Shumake explained, âDistressed homeowners, facing foreclosure, are desperate; many are easy victims to the manipulation of the savvy, fast talking scammer. The perpetrators are experts at talking to the people and assuring them that they are helping, even as the foreclosure proceeds.â With the increase in foreclosures, short sales are a way out for many distressed homeowners. Lenders cut their losses by agreeing to accept less that what is owed to them on the mortgage rather than proceeding with a foreclosure while the property values continue to decline. Robert gave an example of a pre-meditated short sale scam, where the perpetrator finds a âstraw buyerâ to purchase a property, providing fraudulent information about the buyer and the value of the property. âThe buyer defaults on the payments, the home goes into foreclosure and the lender agrees to accept a short sale. The perpetrator convinces the lender that the market value is much lower than what is owed; the lender goes through with the short sale, then the scammer sells the property for its actual value or he gets an inflated appraisal to conduct an illegal flip.â Robert Shumake plans to speak at real estate investor meetings to inform realtors and lenders about mortgage fraud schemes. As part of his quest to put a stop to these crimes, Robert has written and published articles; read more 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 Speaks about the Growing Trend in 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 12:18 am
This article has been viewed 8544 time(s).