How are the mortgage fraud schemes being run?

The matters of properties are very important and they should be dealt carefully.

A mortgage is a sum of money paid to a person in exchange for his title deeds of a property. The mortgages are generally given by banks and financial institutions for the different purposes.

There are many scams and fraudulent acts going on in the cases of mortgages. Due to these scams, people often have lost the titles of their properties.

The matters of properties are very important and they should be dealt carefully.

While buying and selling a house, one must be cautious regarding the agreements and the documents involved in the process of dealings in properties.

Few days back, a real estate scam has been caught. The 2 men ran a fraudulent scheme of mortgage.

One of these men was owner of  JTR Real Estate Inc. and the other one was his friend working for him. When I read about their scams, I was surprised to see their guts to commit fraudulent acts.

I would like to inform you all about the background of these 2 persons.

The owner of JTR Real Estate Inc is a real estate broker who has been experienced in matters of properties. He has handled  paper work of many properties earlier. He also has a license of broker.

The other man has also good knowledge of real estate matters. He works along with him to fulfill the legal formalities.

Both the men formed a company JTR Real Estate Inc to do scams of real estate.

When I found about information of the company, it was all legitimate as it seemed. But the truth was all the different from what they showed.

What were the ways of this company to deceive people ?

Both the men formed a legal company with proper procedure and required documents. No one including me could believe on the ways through which they were carrying all the illegal activities.

They were a group of 3 persons who were involved in the property scams. The 2 men with one lady worker committed a lot of frauds in real estate field.

The owner of the company has the license of broker which he used as a weapon in doing fraud with buyers.

Because of his vast knowledge in real estate matters and experience of many years, he was having a good idea of the kinds of buyers and sellers in the market.

Both the men were studying the details of all buyers and sellers in the market. They prepared a list of those buyers who have purchased houses just for purposes of investment.

The buyers who don’t stay within the country but having their own properties were the targets of these two men.

These persons would then approach to those houses, renovate them and the houses are ultimately sold for mortgages. The two men quietly performed their work in absence of owners of houses.

The 3rd person who was a lady involved provided them with fake documents of the properties.

She would present all the bogus sales agreement, mortgage deeds and other documents of the properties. She was skilled in doing fake paper work.

The lady presented the fake papers in a way which seemed convincing to the lending parties. The lenders were fooled by all the false paperwork done by this person.

All the three persons gathered all the information of the buyers and their properties from various internet sources.

They renovated their houses without the permission of the actual owners and sold them for mortgages. This whole scam was planned so systematically that all the parties involved in it had no idea of any activity.

They took loan of millions from lending institutions by presenting fake loan papers.

What were the earlier fraudulent acts of these persons ?

After researching a lot on JTR Real Estate Inc, I came to know that these persons had been convicted guilty for their past frauds. They were deceiving the people in matters of real estate.

These persons would fool around the people by providing them all fake information of the houses on their websites.

They would give false details of the houses, the amenities inside them and other information about the documentation work.

These cheaters would convince the buyers to take their properties with nice speech and powerful presentation.

The properties which were sold by them had the poor conditions with no amenities there in those houses.

The fake photos of properties were uploaded by these men on websites to deceive people. The buyers who were attracted by the photos of beautiful homes were fooled by these persons.

These men had made a conspiracy to gain the maximum profits by selling the downgraded properties at higher rates.

They would gather all the details of the rich buyers in the market and sell them the properties. I really wonder how can these cheaters fool people around with their fake personalities.

How these persons got caught by court ?

Many authorities of housing board and investigation departments looked into this matter. The houses which were captured by these fraudulent persons were seized by the officials.

The investigators found out the amount of mortgage and it was about in millions. These persons are given the sentences of imprisonment of two years and one year respectively.

The lady worker has also been found guilty by the court and she is given the sentence of imprisonment of  one year.

These persons are charged with penalties of $2,000,000 and more. The investigators are further studying the matter.

How can these scams be stopped ?

According to me, such scam should be stopped by the people themselves. While buying a house, one must have all the required documents with him relevant to properties.

If you buy a property for a purpose of investment, you should have a caretaker who takes the responsibility of taking care of your home in your absence.

One must not give his personal details such as name, address and other information about his occupation and work. Such cheaters use your personal details for their benefits.

Beware of such fraudulent persons who deceive you without your knowledge and involvement in matters!!!

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