Advanced Fee Fraud Groups May Target Boston Homeowners

According the EBRDI advance fee fraud is becoming popular among con-artists. The scam goes something like this, the fraudsters conceal their identity by pretending to be Boston home buyer for luxury style homes. Boston new home sellers are especially vulnerable targets for these advanced fee thieves. The suspects might approach a Quincy Realtor or home seller and explain they have several million dollars coming from ‘overseas accounts’.

Once the fraudsters have gained the trust of the Realtor and/or home owner they place an offer on the home for sale. They will explain that the money is currently tied up in international exchanges. The devious scammers might ask a the Realtor or homeowner to loan the money for closing until the international exchange is completed. This scam seems very obvious on face value, however the rat scoundrel scammers draft fake documentation that support their claims.

In consideration for help the Realtor or home seller is promised a large return on their ‘temporary loan’. Most of the scams have been taking place in Alameda County and the surrounding areas, but new home developments in Boston are a potential target. Anyone with any information concerning scammer groups like this are encouraged to contact the California Department of Real Estate.

“As homeowners continue to feel the pinch from the recession, and as home loan worries, delinquencies, defaults, and foreclosures continue to occur, loan modification and foreclosure rescue scams are growing and soaring. The FBI has said that a “rampant mortgage fraud climate” currently exists.

Whether they call themselves foreclosure prevention or rescue consultants, forensic loan auditors, loan restructuring agents, debt settlement specialists, loss mitigation experts, loan modification specialists, mortgage modification consultants, or some other official or important sounding title(s), there are thousands of dishonest and rogue individuals and companies (most of whom are unlicensed, many of whom use lofty sounding names, and some of whom falsely claim to be non-profits, to be attorney backed or affiliated, and/or to be affiliated with the federal and State governments–e.g., they suggest the backing of the Obama

Many of the individuals have criminal and/or disciplinary records, and many of the companies are just fraud factories and high-pressure sales mills operating out of telephone boiler rooms that are in the “business” of offering impressive sounding but non-existent loan services so that they can steal your money. Some are operating nationally, and some are even operating outside of the country.”

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