Q: what is real estate fraud?
Q: What is real estate fraud?
Real Estate Fraud occurs when false information or misrepresentation is used to take advantage of another person during a real estate transaction.
This broad term can be categorized as either borrower fraud, which is when a person misrepresents information in order to obtain the title on a property, or lender/professional fraud, which is when a person tries to gain profit from a fraudulent transaction.
Real estate fraud can take place during all phases of a real estate transaction and can lead to serious criminal penalties.
Q: How will law enforcement help me?
Your local law enforcement agency will investigate real estate fraud claims.
Serious criminal penalties can be imposed on perpetrators, such as criminal fines, jail or prison time, and criminal restitution for the money that was stolen from you.
Many cases of real estate fraud go unreported each year, and justice is never served in those cases.
The first step of recovering from real estate fraud is enlisting the help of local law enforcement.
Q: How often does real estate fraud occur?
Last year, Real estate fraud caused more than $149 million in losses and there were 11,300 reported cases reported in 2018 alone.
The four most common types of real estate fraud are escrow wire fraud, loan flipping, foreclosure relief and rental scams.
This is a common problem in the United States.
Q: What do I do if I believe I have fallen victim to real estate fraud?
First, contact your local law enforcement agency. They will provide you with the necessary forms to report the crime and may be able to provide some next steps for you.
Next, contact the Kern County District Attorney’s Office. The DA’s office will not directly investigate the crime, but they will track criminal activity and make referrals, as necessary.
It is important to remember that real estate fraud is a common occurrence in the United States, and that there are many ways to receive help if you believe you are a victim.
These first steps will provide a basis for you to receive justice and restitution.