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Landlord scam: Fraud unit cracks down on foreclosure

November 9, 2012 @ 7:42 am

Freddie Mac's fraud unit has teamed up with about 2,300 real estate professionals to crack down on scam artists posing as landlords who advertise foreclosed homes as rentals.

Freddie Mac is asking for real estate professionals' help in spotting the fraudulent rental ads.

These scammers dupe unsuspecting renters by offering up properties they claim are for rent -- which are often bank-owned and which they have no stake in. Then, these scammers often request personal credit information from the would-be renters and at least two months of rent up front for the lease.

Some fake landlords are able to get the locks changed on the properties, allowing these would-be renters to move into the property, only later to face an eviction by the true property owners.

The fraud unit is cautioning would-be renters to be careful when they rent a property that they don't get duped. For example, they're encouraging would-be renters to check with their county recorder on who truly owns a property, conduct a search to see if the property is for sale, and contact a listing agent if a "for sale" sign is ever posted on a property they are trying to rent.

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Comments (2)


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  • Realitycheck wrote...
    Another crime by the banks on us the people
    November 11, 2012 7:42 am
    They foreclose left and right but then are to cheap to have someone drive by and check up on the property on a daily or at least weekly basis to make sure the property has not been broken into or otherwise compromised. Anybody that is still banking with a bank (at least the big ones) is a aid to all these crimes.
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  • fishnpol wrote...
    This was about con artists
    November 14, 2012 7:43 am
    It was about people getting conned out of their hard earned money by theifs that not only want to take your cash but your identity. It had nothing to do about the banks taking peoples money.
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