In a news report out last week, South Florida homeowners and title insurance companies are being warned about fake short sale approval letters from Bank of America. Fraudsters are counterfeiting letters to local homeowners with similar language and the bank’s logo. Bank of America has asked that anyone who receives a letter call 866-880-1232, option 1, to verify. This particular scam is being focused mostly on high-end homes. The results of scams like this are that home buyers are purchasing homes that they believe have a clear title but instead the homes are actually devalued and subject to hundreds of thousands of dollars worth of liens. Florida holds the number one spot in the nation in mortgage fraud with more than $260 million worth of fraud being investigated in the state at the end of the first quarter alone.
Now that mortgage rates have dropped to all-time lows, the fraudsters are licking their chops to entice you into new scams. In this case, short sale scam artists’ pretended to be a predominant bank and left many people short scammed out of their money.
Creative mortgage fraud scams, like some suspicious reverse mortgage programs, refinancing, and even debt consolidation with equity line mortgages are just some of the ways the fraudster will steal during these low mortgage rate times, says leading fraud expert Linda Webb aka The Fraud Dog.
To report potentially fraudulent activity, contact Linda Webb aka The Fraud Dog, leading fraud expert at 1-855-FRAUD-DOG.