FRAUD I ELDER ABUSE – Elderly More Susceptible to Financial Fraud

FRAUD I ELDER ABUSE – Elderly More Susceptible to Financial Fraud

June 13, 2019

Studies show that as we age, we become less savvy with financial transactions and become more susceptible to financial fraud.  For this reason, elderly homeowners and landowners fall victim to real estate fraud schemes, often selling their homes and property well below market value.

The most common elderly fraud schemes are centered on real estate.  Elderly homeowners and landowners, especially in southern California are even more susceptible to fraud due to high real estate prices.  The most common elderly fraud schemes include:

• Elderly Financial Fraud by Fraudulent Agreements: Real Estate Sale Agreements are sent to seniors in the mail for their execution without any prior notice, negotiations or any intent to sell
• Elderly Financial Fraud by Lowball Cash Purchase Offers: Lowball cash offers are made to the elderly in person
• Elderly Financial Fraud by Fraudulent Notices: False notices of liens or foreclosures are sent to elderly homeowners to encourage them to execute a sale well below market
• Elderly Financial Fraud by Fraudulent Threats: False threats are made to encourage seniors to sell their homes or land for a nominal amount well below fair market value.

Forbes published an article on “Why Older Adults Are So Susceptible To Financial Fraud” the link to that article is included here: https://www.forbes.com/sites/nextavenue/2016/12/18/why-older-adults-are-so-susceptible-to-financial-fraud/#19cec1202770

If you or someone you know has fallen victim to financial fraud or elderly fraud abuse, we encourage you to call our offices today at 619-432-5145 for a free consultation with one of our Fraud Attorneys.