Desperate sellers swindled out of home equity

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Homes are taking longer to sell and foreclosures are taking longer to process. Unfortunately, crooks are taking advantage of both of those extended time frames. Scammers are involved in foreclosure rescue schemes, loan modification stings and in just about every conceivable angle of "equity skimming" that wipes out any remaining positive dollars in a person's home. What makes the practice of equity skimming so cruel is that it typically happens to older persons desperate to sell their home and move to a smaller space or a facility that will better accommodate their needs. And the dwindling value of their home often is their only asset. One of the challenges with equity skimming and other forms of criminal fraud is that it is difficult to prove in court. In most cases, intent to defraud must be proven at the time the deal was made. One purchasing scheme, sometimes referred to as basic rent skimming, involves older homeowners who need to sell, can't find buyers, and ...