Real Estate Property Crimes can take many forms. ?Most often these crimes involve grand theft and forgery. ???Common ?fraudulent real estate investment schemes have typically involved the sale of trust deeds, ?the use of forged escrow instructions to steal escrow deposits, purchasing homes with straw buyers for those with poor?credit and?forgery of grant deeds or other recorded documents. ?Other fraudulent schemes can involve trusts. ?This happens when vulnerable ?owners are told to deed their property to a trust. ?They are told the trust ?will make the mortgage payments until the owner recovers financially. These kind of ?scammers steal the equity and get loans with even larger payments so the original homeowner never stands a chance to get his or her property back.
Recently, Identify Theft ?has become more common in real estate fraud. ???Identity Theft is a newer criminal activity aided by computer hackers ?and is becoming more widespread and dangerous to all consumers.
California Penal Code (CPC) section 530.5 defines Using Personal Information of Another:
CPC 530.5. ?(a) Every person who willfully obtains personal identifying
information, as defined in subdivision (b) of Section 530.55, of
another person, and uses that information for any unlawful purpose,
including to obtain, or attempt to obtain, credit, goods, services,
real property, or medical information without the consent of that
person, is guilty of a public offense, and upon conviction therefor,
shall be punished by a fine, by imprisonment in a county jail not to
exceed one year, or by both a fine and imprisonment, or by
imprisonment pursuant to subdivision (h) of Section 1170.
By assuming the identity of the true owner, or claiming to represent the true owner, the thief fraudulently obtains title to a property. This kind of scammer may ?then borrow against the property, or sell the property, stealing the equity. The typical target of such a scheme is a property with a large amount of equity, most likely an elderly owner. Protect your identity by?securing?your personal information as much as possible on and off line. ?Especially on the computer, make sure any information you give out is?guaranteed?to be secure.
The housing market continues to be in a very unstable market, and ?criminals are taking advantage of struggling homeowners by committing fraud. Many appear to be legitimate brokers or ?consultants, but their activities and?illegal? schemes are aimed at stealing your money or property. If you believe that you have ?been a victim of real estate fraud, call ?the Law?Office?of Peter S. Cameron ?at 877-603-8473 or submit your ?questions online with our?guaranteed?secure case review form. ?We are here to help you explore the legal solutions available to this kind of consumer fraud.
This?article?is for educational and?marketing?purposes only. ?It does not?create?an attorney-client relationship.
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