South Dakota Real Estate Continuing Education - SOUTH DAKOTA Approved School: RealEstateCE.com
4.0 hours Good Guys/Bad Guys - Who's Who in Mortgage Fraud Course Syllabus
4.0 Required Subject Hours.
Senior citizens often find themselves the target of fraudsters. Their limited income often times leaves them financial struggling and looking for help, unfortunately instead of help, they often find someone that does not have their best interest at heart. A trusting nature and a good heart can be rewarded with the loss of home equity and even the home its self.
The fraudsters may use signs that say, "We Buy Houses" or "Stop Foreclosure." They target elderly persons who owe just a few thousand dollars on their homes. They promise to stop foreclosure with a quitclaim deed. The house will be flipped three or four times, then when burdened with a huge mortgage debt be deeded back to the unsuspecting original owner. They do pay off the original foreclosure, at the cost of a few thousand dollars, but by the time the flipping is completed, liens against the property can total hundreds of thousands, which have been collected by the conspirators. At that point, the house is returned to the unfortunate original owner through a quitclaim deed.
This course is valuable to the real estate professional as it discusses examples focused on the operations of groups involved in fraudulent mortgage activities and includes case studies providing a better understanding.