Real Estate Fraud

Real estate fraud is a form of theft that con artists/criminals may use to steal your home, real property or your equity in a property. Real estate fraud is on the rise throughout the country and can take many forms. Your best protection against fraud is to be aware of the warning signs, and report any suspicious activity or transactions against your property. Adhering to the principle that a person’s home is his or her castle, this is possibly the most devastating form of victimization. The crime of fraud is a personal violation. Although there is no serious physical injury, many victims of con artists suffer emotional harm.Victims of fraud come from a variety of backgrounds. Some con artists deliberately seek families that may have limited means or financial difficulties, figuring such persons may be particularly receptive to a proposal that offers fast and large profits.

Common Real Property Fraud

Home Equity/Identity Fraud - A forged deed is recorded to give the appearance that the perpetrator has acquired ownership of a property. The perpetrator uses the equity in the property as collateral to borrow money. No payments are made on the new loan(s), and the true owner could face foreclosure.

Home Renovation/Mortgage Fraud - Contractors offer to do home improvement work or lenders offer special “low-interest” financing, but do not deliver what was promised. Homeowners are left with partially complete or substandard construction, or a mortgage payment that is higher than expected.

Real Estate Investment/Foreclosure Fraud - Investors are lured into buying property that is supposedly facing foreclosure for pennies on the dollar. Quitclaim deeds and other documents are forged to give the appearance that a property is being sold to avoid foreclosure.

Common Real Estate Fraud Warning Signs

Missing Property Value Notice Or Tax Bill - A missing property value notice or property tax bill can be the first signs of a Home Equity Fraud. Call the Assessor's office if you do not receive your notice or call the Tax Collector if you don't receive your tax bill.

You Are Notified That A Property Document Has Been Recorded - The County Clerk-Recorder sends notification to property owners when a document is filed against their property. If you did not initiate the document filing, contact your local police department.

Loan Papers Or Payment Booklets - If you receive documents for a loan you did not apply for, notify the lender immediately.

An “Investment” That Sounds Too Good To Be True - Use good judgment and do your research.