Hope I’m Not Giving the Scammers Any Ideas

I do not often interact with scammers in my mortgage practice, but it happens. I am immediately suspicious when someone comes to my office, without an appointment, with an existing credit report and a folder of papers.

John introduced himself saying he was referred by a friend, but would rather not share his name. OK, a little unusual, but I figured I would play along.

So John, how can I assist you? I have a deed to a property that has been conveyed to me, but it has not been recorded. There is no mortgage on the property, but I want to “take out some money.” Immediate red flag.  Can I see a copy of the deed? I didn’t bring that with me. Immediate flag. What do you do for a living? I’m self-employed, most everyone pays me in cash, immediate red flag. How much money do you show on your tax returns over the last couple of years? I haven’t had to file, as I didn’t make enough, immediate red flag. What can you tell me about your credit? I have a report right here. John, this report is over two years old, immediate red flag.

OK, enough with the agony. John, I’m sorry, this is a mortgage we can’t do. That’s OK, he said. Have a great life. I’m sure that is not all that he wanted to say. There are many out there like John, looking for someone stupid. 

Check out this article for scams of 2012:

Top 10 Scams of 2012

The Better Business Bureau releases its annual list of the worst schemes that aimed to steal people's money or identity.
By Cameron Huddleston, Kiplinger.com