David Saks: BEWARE of Real Estate & Mortgage Cyber Scams!!!

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

BEWARE of Real Estate & Mortgage Cyber Scams!!!

Be Aware of Recent Cyber Scams

The Internet Crime Complaint Center (IC3) reports recent cyber crime trends and new twists to previously-existing cyber scams. They include:

  • Individuals reported receiving a letter stating they were potential plaintiffs in a "Mass Joinder" lawsuit against their mortgage companies by a law firm in California. Consumers stated they were requested to pay non-refundable, upfront fees of $2,000 to $5,000.

"Mass Joinder Lawsuits" Promising Home Mortgage Relief

The IC3 has received several complaints from individuals who reported they received a letter stating they were a potential plaintiff in a "Mass Joinder" lawsuit being filed by a law firm located in California, against their mortgage companies.

Consumers stated they were requested to pay non-refundable, upfront fees of $2,000 to $5,000.

The law firm made a wide variety of claims and sales pitches and offered legal and litigation services, with the goal of taking money from the victim.

Lawyers seeking plaintiffs to join a class for a class action lawsuit do not seek up front commission from their class clients.

Class action lawyers are typically paid on a contingency basis.

In a contingency fee arrangement, an attorney receives approximately 40% of any judgment or settlement amount obtained on the client's behalf.

Warnings have been posted on-line regarding "Mass Joinder" by the California Department of Real Estate; the Better Business Bureau; as well as consumers who have been scammed and posted their experiences, insights, and warnings.

More scams and updates on pre-existing scams can be found on the IC3 website at www.ic3.gov.

Courtesy FBI




David Saks



Time&Temp Memphis

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Comment balloon 5 commentsDavid Saks • September 03 2011 12:38AM

Comments

Don't give any money upfront, and if it sounds funny, it is funny. Consult an attorney.

Posted by Debbie Laity, Your Real Estate Resource for Delta County, CO (Cedaredge Land Company) over 8 years ago

Thanks for your note, Debbie.

Posted by David Saks ((retired)) over 8 years ago

It is a shame when people already tyring to handle so much, now are preyed upon by these scammers.

Posted by Sandy Acevedo, RE/MAX Masters, Inland Empire Homes for Sale (951-290-8588) over 8 years ago

Good 'heads-up'!  Thanks for posting this information David.

Posted by Ruby Lee Sweeting, Your Bahamas Agent for Relocations & Second Homes (Darville Wong Associates Realty Bahamas) over 8 years ago

Mass Joinder isn't like a Class Action suit where the plaintiffs all share one judgement after the attorneys take their fee. In a Mass Joinder each plaintiffs’ individual situation is unique, and each plaintiff may receive different amounts of monetary compensation.

It's tragic when predators sink their talons into distressed homeowners in such a way and give them false hope. Thank you for your comments, Sandy and Ruby.

Posted by David Saks ((retired)) over 8 years ago

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