Home Purchase Scam – Credit union to help fraud victims

11 Hispanic families who are victims of home purchase fraud in Austin, Texas are now being helped by the University Federal Credit Union (UFCU). They will be able to retain their homes as the credit union has decided. The home purchases were discovered as scams by the State Attorney General, Greg Abbott. Greg sued the scammer Robert L. Flores of Cedar Park who owned a company called Galindo Trust.

What’s the home purchase scam all about?

Robert had bought homes from a healthcare organization and sold the homes without even informing the buyers that the homes weren’t free of liens. Abbott found out that Robert’s company was involved in fraudulent activities targeted at people who didn’t even speak English. He also found that the home purchase fraud victims lacked Social security number and documents that could prove that they had bought a home.

How will UFCU help purchase scam victims?

The credit union has decided to help home purchase fraud victims with fixed rate mortgages, a property deed, and funds for paying escrow taxes and insurance premiums. What the homeowners need to pay is the balance they owe to the credit union.

The UFCU aims to help the purchase scam victims as they feel its part of their mission to help innocent homeowners in distress. The UFCU believes that homeowners who’ve made a down payment and paid their monthly mortgage installments in good faith should be protected from frauds and helped to retain their home ownership.