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It must be tempting to pocket $5,000 to let someone use your name and credit rating to falsely acquire a mortgage.
It’s also illegal.
Many straw buyers are approached by people they don’t think would do them wrong.
Think again.
Mortgage scams are carried out in all different forms and involve a
multitude of people; some who don’t even know they’re being taken
advantage of and there are two prominent mortgage fraud
schemes: One involves scams that attempt to illegally acquire property —
fraud for property — and one wherein schemes are designed to squeeze
money out of transactions involved when a property is exchanged between
buyers — fraud for profit.
The number one rule to remember when it comes to real estate
investments, or any investments is, if it sounds too good to be true,
then it probably is.
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