The next big FRAUD ALERT on everyone's radar is the mortgage closing table fraud. At the end of the transaction, in many states there is a "closing table" that usually happens at the escrow company, title company, law office, or real estate broker's office.
The type of fraud that has happened at the closing table is mostly identity theft. Real Estate Agents/Brokers seem to be the major fraudsters here, taking unsuspecting clients identities, taking out huge mortgages, and then making the payments of the mortgage to hide their deed.
Real Estate Agents forging documents and creating straw buyers.
Creating a fake law firm has been done and the fraudsters got away with $27 Million before they were caught.
There are many more types of fraud still being committed. But the best way to protect yourself is to do some research on ALL the service providers you use, and remember, you are not OBLIGATED to use any/all of the services suggested by your real estate agent or lender. You get to decide who you work with and what service providers you choose.
But remember, your Real Estate Agent is on your side, so choose wisely which Real Estate Agent represents you.
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