Gay Real Estate Santa Fe | Mortgage Scams | Realtors

Gay real estate Santa Fe recommends that buyers and sellers work with licensed real estate agents because there are a lot of sharks and outright con artists that are in the business.

One of the main kinds of mortgage fraud has to do when someone uses another person’s identity to obtain a mortgage that they never would have gotten if the truth about the applicant was told. This type of mortgage fraud is called using a “straw buyer.”

The straw buyer is someone who has good credit and agrees to put his or her name on a mortgage application. Other information on the application might be falsified as well. This could include information such as their occupation, income and where the down payment comes from. In return for their participation, straw buyers will be promised high returns when the property is sold.

To protect yourself from this type of fraud you should never guarantee a loan or add your name to a mortgage unless you are the real buyer. Gay real estate Sante Fe warns people that you could be held responsible for the property after it is bought even if you are not the one that purchased it.

You should also be very familiar about who you do business with, and never sign a document without reading it first..

You should also b very careful about who you give your personal information to. Anyone can steal our identity and use your credit rating to procure a property. This is quite a common scam in many cities. In fact, some con artists will just offer you a great deal of money to “rent” your I.D. for a while.

You should also beware of phishing attempts online or of emails or calls that are after passwords and banking information. You should guard your personal information the best you can and whenever you can avoid giving out your social security number.

Another way to protect yourself is to ask for your credit report and inspect it for suspicious items. For instance if you see yourself actually paying off a mortgage on the report or even actually see a statement that says you went into foreclosure you should call the police and get a lawyer right away. You have been badly exploited and could end up having to pay for the house or live with a low credit rating if you do not take immediate measures to correct the situation.

To conclude, gay real estate Santa Fe recommends being very wary of anyone offering to make you a quick buck in the real estate business. This is not only because it could be very expensive for you in the long run, there is also the risk that you could be charged or called to the court for being an accomplice to this. Never let yourself be ‘straw –dogged” or you could ruin yourself financially for life.