Second Mortgage Scam #2: Real Estate Fraud
Here's how it works. A buyer sees a house on the market for sale and contacts the real estate agent that’s selling the house. The buyer then explains to the seller that he will be able to pay for the house after he has taken out a mortgage.

If the seller accepts the buyer goes to the mortgage lender the buyer goes. When he gets there, the buyer is informed that he has to make a down payment to get the mortgage to be approved.

If the buyer does not have enough ready cash, the lender explains that the buyer can still get the mortgage with a little help from the seller and the real estate agent.

The seller is asked to put the house back on the market at a higher price. The buyer then puts in an offer for the new price, but the old price is still valid, and is now considered a first mortgage. This 2nd mortgage now puts the first mortgage in a better ratio rate and the “large” down payment is no longer required.

This action is fraudulent and it is punishable by law.
RSS Rss
Recent Blog Posts

Beware of those fraud promotional email scams

As internet is boon and so is the bane as each day scams go wild on web world. But major concerns are what are the common risk factors involved one has to really face if victim. At present majority of frauds are making it’s origin from internet ...

Valentine’s Day scam : A few tips and tricks to kick those cupid cons

Each year 14 Feb is considered to be biggest day for those who desire to express love for their beloved. The day marks with valentines day, where cupid is ready to strike and some are really eagerly waiting for this day. But same way valentines days ...
RSS Rss
Recent Forum Posts

HSBC Bank - Imporatant Security Message For HSBC Online Service - HSBC Bank UK

Our Valued Customer, You have (1) Unread Secured Message ! CLICK HERE TO RESOLVE THE PROBLEM THANK YOU FOR HELPING US TO PROTECT YOU. Security Advisor HSBC BANK Online Services ... More... (http://www.millersmiles.co.uk/report/23764)

Delma Shipping Lines

URL: http://www.delmashippinglines.comStatus: active More... (http://db.aa419.org/fakebanksview.php?key=56491)

recently twittered on 419 Legal


 
About US | Contact Us | Sitemap
Copyright © 2011 419 Legal All rights reserved.