Consumer, Beware!

Today’s Wiki Wednesday Feature: Real Estate Scams

Mortgage fraud is becoming quite a creative bugaboo, isn’t it? Tantalizing headlines tease to articles that can make your hair stand on end — and we’re not even talking National Enquirer here, folks:

"The Bonnie and Clyde of Mortgage Fraud" [CNN.com]
"Convicted Con Artist Shows How System Flaws Could Allow Him to Steal Your Home" [USA Today]
"The ‘Foreclosure Factories’ Vise" [BusinessWeek]

The USA Today article above is a real doozy — I mean, how can someone steal your home? Evidently, it’s easier than imagined. All it takes is a computer, telephone, and fax machine and voila, you have the "office" from which to work. Obviously, the system is crying for safeguards against fraud and scams. (Photo of Brent Barber, who is serving 12 years for mortgage fraud. Photo courtesy USA Today.)

But, what can you do from the comfort of your La-Z-Boy chair to prevent your house being stolen from under you? For starters, you can head to the Real Estate Wiki and read up on the types of scams that are out there so you know what to look for:

Foreclosure Fraud
Home Equity Fraud
Home Improvement Fraud
Loan Servicing Fraud
Mortgage Fraud

And, instead of going to see the latest thriller at the local Cineplex, just read these articles to make your stomach churn — and you can save some money to boot!