Home prices may be falling, but mortgage fraud is not. The Sacramento Bee reports that seven people were found guilty in a mortgage fraud scheme targeting the Latino community.
When identifiable groups such as religious or ethnic communities, professionals, and the elderly are preyed upon – this is defined as affinity marketing or affinity fraud. This was the case when a Sacramento Latino community were victims of a mortgage fraud scheme after a fraudulent real estate company used Spanish-language advertisements promoting the company’s ability to get home loans for buyers who otherwise did not quality. See the full article here: https://www.sacbee.com/news/local/crime/article229645024.html.
To verify the license of someone servicing or negotiating terms of your mortgage loan, and to get helpful information and materials on a variety of financial topics and the home-buying process, contact the Department of Business Oversight at 1-866-275-2677 or www.dbo.ca.gov.
To check the validity of a Real Estate Broker, contact the Department of Real Estate www.dre.ca.gov.