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According to the FBI, 9,521 people were victims ofreal estate cybercrimesin 2023.
Mortgage Fraud
Wright explained that mortgage fraud involves falsifying information on an software to get a loan.
Wright said mortgage fraud also can involve inflating property values.
According to the FDIC, these companies represent themselves asforeclosure services or foreclosure rescue agencies.
The person contacting you may say they are a foreclosure consultant or a mortgage consultant.
Call your mortgage lender to see what it can do to help you instead.
So if the title is bad, the buyer receives it as is.
If something feels off, trust your gut and get professional advice right away.
How To Avoid Being a Victim
So, how do you steer clear of these scams?
Wright said that first, you must always do your homework.
Working with trustworthy real estate agents, lawyers and title companies is a must theyre your frontline defense.
If a deal seems too good to be true, it probably is.
Dont rush into signing anything without fully understanding it.
Report it tolocal law enforcementand the Federal Trade Commission.
Also, notify your mortgage lender and any other relevant parties to prevent further issues.
Remember, the sooner you act, the better your chances of minimizing the damage.
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