Not only should you be scared of someone breaking into your house, you now have to worry about so...
Credit: tvvoodoo | ©Sxc.hu/tvvoodoo
According to the FBI, con artists have started a new form of game - stealing houses. Even the most immovable object most people own can be stolen right out from under their noses, even if the are still living in them. Last year, one loan "entrepreneur" in Los Angeles, Martha Rodriguez, 35, along with a co-conspirator was convicted of stealing over 100 homes in just under three years, to the tune of $12 million.
How does a scam artist steal a home? There are two variations on a theme, but both involve setting up a fake identity - in some cases by stealing the identity of the actual owner.
In the Rodriguez case, she was an actual real estate broker who was scouring the daily court record, looking for houses going into foreclosure. She and/or one of her co-conspirators would then approach the unlucky owners, promising to find them a buyer quickly, and getting all of the pertinent information on the current ownership, all with the owner's permission. Then she and her team would create a fake identity, obtain a loan to purchase the home in that identity at a fire sale price, then pocket the proceeds along with the deed.
The other method being employed is by stealing the actual owner's identity. These crooks size up a likely house, then do a little investigating of their own to find out who the owner is, along with as much information as they can on the existing mortgage. They then turn to the internet, and "become" that person or persons, and fabricate all of the right identification so, on paper, they are that person. They then sell the house to a hapless third party, give them a recordable deed, and walk away with the sale proceeds, with the owner, who sometimes is living in the house, none the wiser until the new owners show up to take up residency.
A slight variation on the second theme is also being perpetrated. Instead of selling the home, the con artists are just taking out a mortgage on the property and walking away with the check.
The FBI says that house stealing has not become widespread, but their financial crimes division is keeping track of activities to watch for outbreaks of complaints.
How does a scam artist steal a home? There are two variations on a theme, but both involve setting up a fake identity - in some cases by stealing the identity of the actual owner.
In the Rodriguez case, she was an actual real estate broker who was scouring the daily court record, looking for houses going into foreclosure. She and/or one of her co-conspirators would then approach the unlucky owners, promising to find them a buyer quickly, and getting all of the pertinent information on the current ownership, all with the owner's permission. Then she and her team would create a fake identity, obtain a loan to purchase the home in that identity at a fire sale price, then pocket the proceeds along with the deed.
The other method being employed is by stealing the actual owner's identity. These crooks size up a likely house, then do a little investigating of their own to find out who the owner is, along with as much information as they can on the existing mortgage. They then turn to the internet, and "become" that person or persons, and fabricate all of the right identification so, on paper, they are that person. They then sell the house to a hapless third party, give them a recordable deed, and walk away with the sale proceeds, with the owner, who sometimes is living in the house, none the wiser until the new owners show up to take up residency.
A slight variation on the second theme is also being perpetrated. Instead of selling the home, the con artists are just taking out a mortgage on the property and walking away with the check.
The FBI says that house stealing has not become widespread, but their financial crimes division is keeping track of activities to watch for outbreaks of complaints.
Comments
This is very scary stuff.
Wow, I had never heard of this before. It's amazing what people come up with.
Wow, that is absolutely frightening.
You would hope that the escrow agency would conduct a more thorough due diligence on the property. Great article, thank you!
Great article! =)
It's amazing what lengths some criminals will go to for money. Who'd have thought someone would actually steal a house!
unbelievable the waythe criminal mind works. thanks for the information
Unbelievable, I'd never think there is a way to steal A HOUSE!
Rev. Jermano
(Guest)
(Guest)
03/31/2008
This makes it worse, because now no one will trust buying a home even from so called legitimate owners. Its like trying to prove who you are, and you have all your information, but people don't believe you, because they are afraid of fraud. Makes us want to invest in Real Estate right? America has created this nightmare on themselves, when they use homes, not for homes but pieces of property just to make a buck. People who want homes never get them, and the market is destroyed by crooks and bandits on the prowl. Bettter to never sell your home, but only allow trade, so people can't get the money to fraud others from.
This is amazing!
Comments 1 - 10 (of 17)
Next >>
|
|