Capital Region Legal News

Tuesday, December 22, 2015

Types of Real Estate Fraud

What are the various types of real estate fraud and whom do they target?

Real estate scams are all too common, ranging from small irregularities to many-layered fraud. Sometimes real estate attorneys find that their clients have been unwittingly taken advantage of; other times they discover that their clients are actively entangled in a scheme that involves a whole cast of players that may include bankers, investors,  title companies,  and even other attorneys.

Who do real estate fraud schemes target?

Real estate fraud can lead to individuals or families losing their homes and/or losing their ability to negotiate a mortgage on another property. As is typical in a great many types of crime, the most vulnerable are the most frequently targeted. In real estate scams, the targeted victims fall into three primary categories:

  • The elderly
  • Homeowners already in foreclosure
  • Low income individuals

What are some of the varieties of real estate fraud?

There are a great many varieties of real estate fraud, so home buyers, home sellers, and realtors all need to be aware of some of the risks they may face. These include:

  • Rescue from foreclosure
  • Mortgage elimination
  • Home improvement fraud
  • Equity skimming
  • Illegal
  • Equity fraud
  • Fraudulent loan origination
  • Land Fraud
  • Rental Fraud
  • Straw-Man Scheme
  • Counseling Agencies
  • Predatory Lending
  • Aggressive Sales

Even the most common of these fraudulent methods may be unknown to the average home buyer or seller. This is why it is important for those who are buying or selling property to engage the services of a skilled real estate attorney before signing any documents. If you have been taken advantage by a real estate scam artist, or would like to take precautions against such an occurrence, please contact the knowledgeable attorneys at Ianniello Anderson serving clients in the Albany, Clifton Park, Glens Falls, Saratoga Springs, Troy, and the entire Northeastern NY areas at (518) 350.7755.

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