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Robert Shumake Addresses Real Estate Scams and Mortgage Fraud in Michigan
An interview with Robert Shumake reveals the cause of the growing trend in mortgage fraud schemes
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March 19, 2009 (FPRC) -- Detroit, MI – The downward trend in the real estate market has encouraged mortgage fraud perpetrators to develop and utilize many schemes. The recent rise in foreclosures along with a depressed market, declining values and the decreased demand has placed pressure on lenders, builders and home sellers. “Fewer loans will be originated as lending practices tighten in response to the subprime lending crisis,” said Shumake. “Identity theft is a popular tool used in mortgage fraud. With higher lending standards being enforced, individuals with good credit are valuable to perpetrators; therefore, at risk for identity theft and mortgage fraud schemes.
Robert Shumake, experienced realtor, was a victim of mortgage fraud when a house he purchased and rehabbed was “stolen” when his name was illegally removed from the title with a fraudulent quit claim deed. The new owner moved into the home and took out building permits to work on the property. “It took me two and half years and cost nearly $60,000 in legal fees to resolve the matter,” said Shumake.
Shumake discussed the many scams perpetrators are using, including illegal property flipping, builder-bailout schemes, seller assistance scams and short sale scams. “These types of scams are the reason that mortgage lending practices have tightened,” said Shumake. “Michigan is among the top 10 states for mortgage fraud and real estate scams.”
Robert Shumake will be speaking at future events in Metro Detroit to increase awareness among realtors and consumers on how to protect themselves from becoming victims of real estate fraud and mortgage scams. For more information, read Robert’s blog at http://mortgagefraudreportmichigan.blogspot.com/
Contact:
Robert Shumake
Inheritance Capital Group, Inc
25900 West 11 Mile Road
Southfield, MI 48034
Phone: 248-443-0939
Email: nmccalister@icgreit.com
This press release was submitted by Right Now Marketing Group, LLC
Send an email to Robert Shumake of Inheritance Capital Group, LLC
877-707-1770
Keywords:
Real Estate, Mortgage, housing loan
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