Realtors and mortgage loan officers depend on closings and loan originations to earn commissions to make a living; the depressed market has encouraged many to commit fraud
Detroit, MI -- Mortgage fraud is on the rise due to a declining real estate market and an increase in foreclosures. The number of real estate sales is down; therefore, realtors and mortgage lenders, who are paid on commissions, are not making money. These circumstances have encouraged real estate agents and mortgage lenders to commit fraud to close deals and make commissions.
Robert Shumake is the CEO of Inheritance Investment Group in Detroit, a company who manages and develops real estate. He is a real estate expert; not one who would be expected to be a victim of fraud. “Anyone can be a victim of real estate fraud,” says Shumake. “Sometimes people will commit identity theft to obtain a housing loan, sell someone else’s house or take over someone else’s property.”
When Robert Shumake tried to sell some investment property, he found out that he was a victim of fraud. Someone has fraudulently executed a quit claim deed to transfer title of ownership, move into the property and take out building permits to make improvements. It took 2-1/2 years and over $60,000 in legal fees resolve the matter. “You can spend tens of thousands of dollars and still not be guaranteed your property,” said Shumake.
Robert Shumake’s experience led him to join with Michigan state officials to launch a mortgage fraud task force to aid victims and promote consumer awareness and prevention. Robert has made it his mission to help prevent this from happening to others.
There are steps people can take to protect themselves from mortgage fraud and real estate scams. Robert has written and published articles about the many ways predators commit fraud. According to Shumake, understanding how the scams are pulled off is the first step to preventing them. Robert is working on compiling his articles into blogs on the internet for consumers to read. Learn about the fraudulent activity in today’s market at http://robertshumakemortgagefraud.wordpress.com/
Inheritance Capital Group, LLC
25900 West 11 Mile Road
Southfield, MI 48034