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**How to identify mortgage fraud** Following are six red flags that may indicate you are dealing with fraud: *A company/person asks for a fee in advance to work with your mortgage company to modify, refinance or reinstate your mortgage. *A company/person guarantees they can stop a foreclosure or get your loan modified. *A company/person advises you to stop paying your mortgage company and pay them instead. *A company pressures you to sign over the deed to your home or sign any paperwork that you haven't had a chance to read and you don't fully understand. *A company other than your mortgage company claims to offer "government-approved" or "official government" loan modifications. *A company/person you don't know asks you to release personal financial information online or over the phone.

??? “Your best-case scenario is a consumer losing their downpayment. Your worst-case scenario is you're a cash buyer and your entire life savings is gone in a single wire transfer.” Thomas Cronkright, our Executive Chairman and Co-founder, spoke with the ABC 7News I-Team about the increasing prevalence of real estate wire fraud and the key questions your buyers and sellers should ask before closing to protect themselves.

As Mendowa Martin, senior vice president at JLL, explains in a podcast, rental fraud has evolved dramatically over the years. Initially, fraudulent activities were low-tech, involving simple falsifications like fake employment verifications. However, with technological advancements, fraudsters now have access to sophisticated tools that make it easier to create convincing fake paycheck stubs and bank statements. Remarkably, there are even online communities dedicated to teaching individuals how to bypass income requirements for apartment rentals. GlobeSt.com #fraud #verifications #communities https://lnkd.in/eFDBuBuz

Property scams are on the rise as spring approaches, raising concerns for investors. With the real estate market entering its peak season, InfoTrack reports a 5% increase in new property contracts. #homebuyerscams #InfoTrack #investorscams #propertybuyer #propertyinvestor #PropertyScams #SpringSelling

With the rise in Seller Impesonation Fraud, the title industry, unfortunately, has to deal with claims that are sometimes unavoidable. HOWEVER, we continue to see entirely preventable claims from the failure to close out Home Equity Lines of Credit (HELOC) at the time of sale or refinancing. Even though you receive a payoff statement for the HELOC and pay these funds in full, if the HELOC is not closed out, it can be (and all too often is) reborrowed (i.e., drawn on) in full the next day. What can you do to prevent these types of claims? If you see a HELOC in your chain of title, be on alert that additional steps are necessary to permanently close out the HELOC so that it cannot be drawn on after closing. 1. Most of the time, the information about closing the account is in the fine print of the payoff statement/demand letter. Make sure to read the payoff statement carefully and in its entirety. 2. If the payoff does not list the requirements of closing the account, then the payoff lender should be contaced to identify any special forms required - and follow those steps exactly. 3. In addition, the payoff should be accompanied by a letter signed and notarized by your borrower directing that the HELOC be permanently closed and released of record. 4. When in doubt, contact your friendly neighborhood underwriter. Let's work together to prevent claims! [email protected]; (773) 706-3779 #WFG #LetsWorkTogetherToPreventClaims

PROPERTY QUORUM: “E-signatures: Isolated Fraud or the Tip of an Iceberg? Join us for the Property Quorum Podcast, airing at 10 a.m. today. Hosting this discussion is Gareth Wax, our producer and director, alongside our regular panel of property experts: Juliet Baboolal, property lawyer; Chris Gilsenan, investor and developer; and Hamish McLay, conveyancing collaborator. While our contributors may be familiar voices, this week’s topic is anything but routine. A recent spike in reported fraud cases has raised concerns in the property sector. And with the government’s increasing pressure to accelerate planning permissions, there is a risk that due diligence is being overlooked in the name of speed. Take Oxfordshire, for example. Projects previously stalled due to legitimate concerns are now being rushed through. While some developers claim delays are the work of so-called NIMBYs (Not In My Back Yard objectors), objections often highlight serious legal, environmental, or financial risks that deserve scrutiny. This month alone, cases of fraudulent e-signatures have surfaced, making lenders increasingly cautious. In one instance, a bank refused loans on a block of flats after discovering fraudulent signatures on key documents. Elsewhere, properties have been signed off without necessary remedial work—huge sums charged, yet no action taken. Even more concerning, some developers have been alerted to these issues yet have chosen to turn a blind eye. This latest wave of fraud, coupled with the well-documented cladding scandals, raises a pressing question: who can we trust? Don’t miss this episode of Property Quorum—a direct discussion on the reality behind e-signature fraud, the impact of fast-tracked planning permissions, and the implications for homeowners, investors, and industry professionals alike. The podcast is recorded, so if you miss the live session, you can listen back at your convenience. Tune in, comment live, and join the conversation. Are we dealing with a few bad apples, or is this a much bigger problem brewing beneath the surface? We love using Streamyard virtual studios - you could too... https://lnkd.in/eQ-d6XXe

CERTIFIED FINANCIAL PLANNERS/ADVISORS: “FUNDING LONG - TERM CARE WITH HOME EQUITY” will be our next FREE webinar of the Series on August 15th. 2024 at 2:00 p.m. EST. We are offering several webinars on how to apply Reverse Mortgages and "sequence of returns" to your clients’ portfolios; a great way to diminish loses and grow their investments. After the webinar, 1 credit will be applied towards your CE. Please, contact me via LinkedIn, by email at [email protected] or by phone (914) 393-9600 to register and/or find out more information. The combination of rising inflation and volatile investment markets, has many financial advisors considering home equity to help safeguard and improve retirement outcomes. Often serving as a client’s largest asset, strategically accessing home equity with a reverse mortgage may: ? Manage long-term care risks.? ? Bridge gaps to maximize social security.? ? Eliminate a mortgage payment.? ? Fund legacy strategies and more.? ? Long-term care planning, paying taxes on Roth Conversions, cash flow management. ? Strategically utilize home equity. ? Learn the reverse mortgage cost, borrower eligibility, requirements and consumer protection. In this webinar for Financial Advisors, you will learn how a reverse mortgage works, and how to incorporate it into your planning practice. Presented by Phil Walker, Vice President of Retirement Strategies Division at HighTech Lending, Inc.? This class is eligible for 1 CFP CE credit. #seniorcitizen #seniorservices #seniors #reversemortgage #reversemortgages #reverseretirement #financialfreedom #financialadvisor #financialplanning #financialindependence #financialadvisor #financialplanner #elderlaw #divorceattorney #willsandtrusts #realestate #realestateplanning #relocation #homedownsize #homeownership

According a recent article from Fox Business, real estate fraud is on the rise, with scammers getting more sophisticated by the day. Don't let yourself be duped – protect yourself with knowledge and stay one step ahead. _________________________________ Some helpful tips: _________________________________ - Always verify the identity of the parties involved in a real estate transaction, including agents, sellers, and lenders. Be cautious of unsolicited communications and requests for personal or financial information. - Use secure and reputable methods for financial transactions, such as wire transfers or escrow services. Avoid sending sensitive information or payments through unsecured channels or to unfamiliar parties. - Stay informed about the latest scams and fraud tactics targeting the real estate industry. Keep up-to-date with news articles, consumer alerts, and resources provided by reputable organizations to stay one step ahead of scammers.