There are many real estate related scams. I will focus on four.
- Escrow Wire Fraud Scams
- Foreclosure Scams
- Refinance Scams
- Reverse Mortgage Scams
Escrow Wire Fraud Scams
The number one way scammers operate is by telephone. If you are scammed report it to the FBI.
The Federal Trade Commission website has detailed mortgage relief scam information. Beware of any guarantees or anything that sounds too good to be true.
Mortgage related scams come in a variety of types. A common feature is irregularity with the paperwork, so check everything carefully.
Reverse Mortgage Scams
According to the FBI, reverse mortgage scams often target people over age 62 because that is the qualifying age for a reverse mortgage. Watch out for phony appraisals. Go to the HUD website to get information directly. The Federal Trade Commission has information to help you understand what you are doing before you sign anything. Nolo also has good information.
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Mulvaney Law Offices,PLLC, is located in Bellevue, Washington, representing estate planning & probate, chapter 7 and chapter 13 bankruptcy, and real estate transactions clients in Seattle, Tacoma, Everett, Bellevue, Redmond, Renton, Issaquah, Sammamish, Maple Valley, Burien, SeaTac, and throughout King, Snohomish and Pierce counties.