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Archive for December, 2018

Hoping against the odds - UPDATE - and its good news!

December 21st, 2018 at 04:54 pm

Update! I am still in disbelief, but the funds were all returned to my DS and DIL this afternoon and have been submitted to the title co. The house will close on Christmas Eve. I have no words for how relieved I am. Thank you for all the kind words of encouragement!!

My DS and DIL fell victims to a horrible scam this week. They were closing on a house purchase and received an email with the wire instructions... the email was spoofed to look legitimate and just like that, the kids are at high risk of losing $35k.

I say at risk of, because thankfully (if there is a thankfully in this situation) DIL sent the receipt of the wire to the legit email at the title company and they called her right away. The receiving bank, Wells Fargo, was notified and they are investigating. Unfortunately, they can't (won't) tell us anything. So the kids are in a very sickening limbo as the closing time on their house ticks closer to the deadline.

I knew this type if scam happened, I just had no idea how organized it was and how prevalent it has become.

It is a billion dollar industry that has grown 2200% over the last 2-3 years. This makes me sick. Why isn't more done to protect innocent people????? The title company told them to expect an email with instructions. WTH- if this happens so much, WHY IS THIS STILL A PROCESS??? I guarantee if the title companies were liable for that money, something would be done.

My DS and DIL worked diligently the past 4 years to rebuild their credit and save this down payment. They looked for the right house for almost a year. And two days before closing, their hard work and dreams may likely vanish.

UGH. If you or anyone you know is buying a house, PLEASE make sure you are aware of this scam and how it works. It is VERY organized - the timing of the emails, the spoofing of the emails, everything makes an unsuspecting purchaser believe it is legit. Don't fall victim - it is a gut-wrenching experience.

Hoping, praying and keeping my fingers crossed this was caught in time... Even if the kids don't get this house, if they can just get their money back and be financially whole again, this momma will be so thankful.