As real estate values decline and mortgage guidelines get tougher, fraudsters will devise new and improved schemes to exploit the weaknesses in the market
Detroit, MI -- According to the US Federal Bureau of Investigation, mortgage fraud is one of the fastest growing white-collar crimes in the country. Robert Shumake found this out the hard way, when he was the victim of mortgage fraud.
When Shumake tried to sell a house that he purchased and fixed up, he found out that someone had “stolen” the property and removed his name from the title with a fraudulent quit claim deed! The new owner had moved into the home and took out building permits to work on the property.
It took 2-1/2 years and nearly $60,000 in legal fees to resolve the matter. Mortgage fraud is hard to prove with signed agreements and documents in place and recorded. It is possible to spend thousands of dollars and still not get your property back.
Anyone can be a victim of mortgage fraud, even a real estate industry professional like Shumake, who is the owner of Inheritance Capital Group in Detroit, a company who manages and develops real estate. Robert’s experience led him to join with Michigan state officials to launch a mortgage fraud task force to aid victims of mortgage fraud and promote consumer awareness and prevention.
Robert Shumake’s mission is to inform the public about mortgage fraud and real estate scams and to provide tips on how to avoid being a victim. “Sometimes people will commit identity theft to obtain a housing loan, sell someone else’s house or take over someone else’s property,” says Shumake. “It is my goal to inform the public on how to protect themselves from being victims of this crime.”
Robert Shumake has written many articles on mortgage fraud and real estate scams. His newest blog contains information and tips on how to avoid becoming a victim.
Inheritance Capital Group, Inc
25900 West 11 Mile Road
Southfield, MI 48034