The pandemic has brought about a wave of uncertainty in so many industries and real estate is no exception.
Unfortunately, scammers thrive in this uncertainty.
We know that the government has done its best to roll out the rental assistance across communities across the country, but scammers on the other hand are using this opportunity to prey on consumers in need, pretending to be someone they are not.
While there are so many cases of rental scammers in so many parts of the country, I haven’t seen any in Maryland so far, but it doesn’t hurt to be prepared.
Recently CFPB warned that scammers are using text messages to scam renters and prey people in need. In some cases, scammers are trying to obtain the prey’s personal information or steal their money or both.
“The look and feel of this scam are very convincing,” said Bev Yang, who works for the Consumer Financial Protection Bureau (CFPB).
So how can you tell that you are dealing with a scammer?
A federal agency will never ask for personal information
A federal agency might ask for your information on an application and depending on the program you apply to, they might even follow up to help you complete the application. However, a federal agency will never ask you for your personal information to process your rental assistance application. That should be the first red flag. If you receive an email or a text or a call or a social media message asking you to provide your personal information, chances are they are scammers.
A Federal Agency will never ask you to pay for quick assistance
Local programs and agencies are never allowed to charge a fee to process your application for the emergency rental assistance program. If you are asked for cash, gift cards, wire transfers, cryptocurrencies, or any form of payment, that is a scam.
About The Power Is Now Media
The Power Is Now Media is an online multimedia company founded in 2009 by Eric L. Frazier, MBA, headquartered in Riverside, California. We advocate for homeownership, wealth building, and financial literacy for low to moderate-income and minority communities. The Power Is Now Media corporate office is located at 3739 6th Street Riverside, CA 92501. Ph: 800-401-8994 Website: www.thepowerisnow.com.
References
https://www.consumerfinance.gov/about-us/blog/do-you-know-how-to-spot-a-rental-assistance-scam/
https://www.consumer.ftc.gov/articles/0079-rental-listing-scams
