Zack Childress’ Real Estate Scam Victims

Real estate investment is a very good way to make money. The quickest and easiest way to make money is by Zack Childress’ concept called co-wholesaling real estate investing system. When you surf for this information, there are many attractive offers but most of them are just too good to be true.

Zack Childress cautions every real estate entrepreneurs against the scams. A fraudster has numerous ways to extract cash. However, there are common ways in which a fraudster tries to get money from you. 

Title fraud

Though this type of fraud is rare, it is the most scary thing. It has got to do more with your identity than cash. In this type of fraud, the fraudster acquires the secured loan in your name by forging with the documents and gets the cash, but it is the real owner who has to pay these loans. 

Title fraud is common with the homes that are not mortgaged under any individual or party to get a loan. Once they go with the cash, the fraudsters are likely to target those homes that are either free from the mortgage or the homeowner has redeemed their house from the mortgage company paying all the loan installments.There are many ways to avoid this type of scam but the two suggested and the recommended ways are to take title insurance and avoid issuing vital property documents till the last stages of transferring the ownership to them. Title insurance protects the homeowner against this fraud. It guards against the new owner from existing liens against the property’s title such as unpaid debts, from utilities, mortgages and unpaid property taxes like wealth tax. The other way is to focus on protecting your personal data. Taking appropriate precautions avoids identity related theft losses.

Loan Modification

If the homeowner have mortgaged or pledged the house to the mortgage company & are struggling to repay the loans due to high interest, there is a tendency to approach the agency to help them to save their house. This is the weakest moment for them where the agencies take advantage of the situation & exploit them. If the lender is a fraudster, they will give foreclosure options like reduced mortgage payments to access your bank account.

You need to watch out certain aspects such as advance fee, redirect the payments from the mortgage company to their agency, guarantees to save your house from foreclosure & asks for your bank account information. To be on a safer side, consulting an advocate or financial advisor would be even better. If you are buying the house for the first time, then you are ought to be more careful from the fraudsters.

There is a proverb saying,“Prevention is better than cure.” It is always better to be on your guard rather than regretting later. If you have become a victim to these scams, contact Sheriff Station police station or the Attorney’s office and give them a written explanation about the incident.