Real estate fraud is when a false statement is made on a loan application, real estate document or in a real property presentation.
Victims of this type of fraud can seek legal protection and civil litigation action. A victim can lose large investments or receive higher payment amounts than originally discussed. Real estate fraud can cause a victim to lose a lot of money, file for bankruptcy, have their property foreclosed and destroy their credit ratings.
Palm Desert Real Estate Fraud Lawyers of Coachella Valley
A person committing real estate fraud can be criminally charged and receive severe consequences, which include jail time and fines.
Types
There are many different forms of real estate fraud, which includes:
- Home equity fraud – Door-to-door contractors who arrange financing for their work through a home loan. The work is either substandard, left incomplete or not done at all.
- Foreclosure bailout – Promise to rescue home while renting to the original owner. Scammer does not make mortgage payments and the victim is foreclosed upon.
- Rental fraud – A con artist who rents abandoned property that they do not own; disappears after collecting rent and security deposits.
- Timeshare scams – Con artist makes promises that are not in the written contract. They do not mention fees and obligations in the contract.
- Flipping property – Buys pays low price for property and then sells it quickly for a higher price. If there are false statements made to the lender, it is illegal.
If you are a victim of real estate fraud and were taken advantage of, contact an experienced Palm Springs real estate fraud attorney who is skilled in real estate fraud. Contact The Law Office of Dale Gribow and let him help you get back the financial damages you suffered.