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 Scam involving hispanic home owners		  New Topic  Reply to Topic
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jbelmont

California
3106 Posts
Posted - 04/27/2013 :  2:41:41 PM  Show Profile  Visit jbelmont's Homepage  Reply with Quote
I'm reading on NR that there was a scam where Spanish speaking borrowers were targetted. A fake loan officer would tell the borrowers to sell over their house to them, and that they would sell it back at a better price. This offer was made to borrowers who were already over-extended.

The borrowers would grant their house to the loan officer and then send money to the loan officer's personal account assuming that they were making legitimate monthly payments to a real lender.

The documents were all in English, so they had to rely on the fake loan officer to explain the documents to them in Spanish.

The moral of the story is that you should not enter into any contract unless you can read the language. There are too many opportunities for fraud and misunderstandings.
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