Colli Real Estate

Real systems to take advantage of homeowners and lenders

As the housing bubble is the excess of increasing the real estate crooks launch attacks on owners. The IRS has initiated 235 fraud cases against individuals in 2005 and are expected to remain stable or increase in 2006.

The types of fraud vary, but cases of fraud the most common are related to mortgage fraud. Mortgage fraud contributes the largest number of seizures home owners. One type of fraud is called a straw purchase. In this case, sellers artificially increase the value of a property to have friends to increase the supply of property and a backup with the assessments wrong. The credit institution would then issue a mortgage, the seller could recover the money and the buyer could disappear and not even make a mortgage payment. The lender is left with the bag on the mortgage.

There are several other programs that feed owners. In one of the most common types of fraud, owners are the signature of the sale of shares in their homes as "collateral" and take loans they could not afford. This could easily lead to a landlord from entering foreclosure. In some cases, owners are encouraged to falsify the claims of income year to qualify for a larger loan. The result is predictable, the owner enters carrying mortgages.

A typical scenario that took place in Pueblo, Colorado is played across the country. The home appraiser overvalued Home fraudulent comparable values that buyers can buy a house without a downpayment. Exclusion new owner the result was predictable.

Also common for owners are techniques Strip your equity in your home. The owners of the debt are easy targets for this type of fraud. Sub-prime loans are pushed by mortgage brokers who do not have any liability to the owner. The homeowner will usually by easy money, but lose all the equity in your home on the road. States increasingly are establishing new regulations to protect you against this activity.

Another activity centers in the fraudulent use of rental options. The objective of this system is that tenants can not afford the deposit. Of course not all transactions of lease options are fraudulent, however, the tenant must do their homework. Also, the tenant must have a realistic view of their financial situation and determine if they have money for a down payment during the year option lease.

In this scam the owners sign the tenant with an option to purchase the property. The owner instructed the tenant up to $ 10,000 for the right to buy an option. An additional amount of money on market values for rental, tenants will be charged each month. The money paid by the option of rental and additional rent money is supposed to go toward the down payment if the tenant exercises his option to purchase.

Two years later, the tenant has an equal chance to qualify for a mortgage as when we started the option of renting. Astute owners, knowing that their estate market very well, often the price of the option to rent than the value market. In a series of agreements to lease options that were examined, it became clear that the owner did not intend to sell property. In some cases, the owner tried to get out of the operation when the tenant was able to reach an initial payment and the house was at or below market value.

The owners should take special care when purchasing using lease options or refinancing. Although there are laws governing fraud, without understanding the market and their own finances, borrowers can get in the water very quickly. As a homeowner I am constantly bombarded by flyers in my mailbox and marketing calls on nights and weekends. These ads promise me all sorts of difficulties to believe, too good to be true offer refinancing. Many of these calls from call centers overseas. Any agreement to refinance value can be found if you look hard enough. No need to deal with lenders far unregulated mortgage that promises the moon. It is worth taking your time and be polite.

This article only begins to scratch the surface. Tips to attract real estate investors are also common. These usually tend to be like you get a kind of investment property at a low price in an extremely hot which will double in the next two years and a management company ready to screen their tenants and take care of your property for a small price. This scenario May not always be. Ask the investors who poured into the Phoenix market, while maintaining their properties. The housing bubble has burst, but the markets have changed. Be careful!

About the Author

Andrew Goldman is president of Metal Rabbit media services, the operator of
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He has written a number of articles on finance and environment over the last ten years.

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