Everybody is Getting Ripped Off

Hey, it's Dan. Welcome back to I Allegedly. I've got a good one for you today because everybody's getting ripped off. Everybody. Like, subscribe, share this video. A bunch of great stories for you. First things first, a man that lives in Highland, California. Successful guy, 63 years old, retired and uh, owns a couple houses. One of them is in the Burbank area. Well, what happened late last year was fraudsters found out that the house was unencumbered by any loan. Nothing owed on it. Worth about a million five. So what did they do? They made up fake identities, fake uh, credentials to buy the house, and they had four people involved, they made a fake buyer and a fake seller. And they transacted a loan for $972,000 for this property that was worth a million five. Now, the reason for this was it's much easier to get a loan when you don't have, you know, very little down. The house is not scrutinized like it would be if uh you put 3% down, 5%, 10 and 20% down. So, the fraudsters go out and they created, you know, fake buyers, fake sellers and the transaction went through. ...