What is 2nd or 3rd Escrow?
They have a new scam going around on the internet that claims that the bank (or someone) gets 10 times the amount of the money that you borrowed in escrow from the federal reserve, and they call this a second escrow account or even a third escrow account. Simply not even close to true. They aren’t even using some real situation to embellish what you can do, they’re just completely making it up.
They claim that real estate agents and Banks and all these people don’t want to tell you about it. They say that it’s hidden in the hundred page document about your house that you have 3 years from buying your house to collect some money that the bank can take if you don’t collect.
Sounds like a housing scam, right?
Obviously you’re not stupid so you know this isn’t real, because the first thing that went through your head was why would the bank have 10 times the amount of value of my hous why would I get the cash for 10 times the value of my own house for free just because?
Obviously if something like this was real everybody would be very rich because we’d all be buying houses, with the guarantee that we’re going to get 10 times the money back. Of course not. When you buy a house, you take out a loan to pay off the house, that money goes to the seller of the house. There’s no secret money at any point that’s generated between you and someone who’s selling their house. Especially not with the bank who’s already collecting their money by making you pay interest on your mortgage. It’s no secret that a $300,000 house is actually going to cost you $550,000 if you have a 5% interest rate over 30 years. And the bank is going to make a lot of money collecting on that interest.
Why would people do stuff like this?
But these scammers are so brazen, that they actually claim to have knowledge that you can’t get anywhere else except for them and they don’t have anything to show any proof!
One example of someone describing the scam is here:
The first thing you’re going to notice is that he’s going to say it’s “hidden in the documents that no one reads” but of course it isn’t because anyone CAN read those documents. If you already have the belief in your head that 10 times your money can just magically appear out of nowhere, there are still plenty of pieces of evidence that this doesn’t exist at all.
All these people want to do is separate you from your money. Anytime you hear about free money that you can just get by claiming it, make sure you don’t have to pay some magical fee.
And if it sounds too good to be true of course it is because everybody would be doing this every single day. You always notice that these scammers have a way to get millions upon millions of dollars for themselves, but instead they want to share the secrets with you for only a few hundred bucks… Sounds like it’s pretty stupid, and it works!
The people that run these types of tik toks and other scams, are the most disgusting vile people on the planet Earth. Right now people are very desperate for extra money and people are willing to do anything they can just to stay above water and be able to pay their bills. That’s where people like this come in to try to take some of those people’s money with the promise of much more money
All of these scams are just like every scam in existence. Give me money and you’ll get way more money back. So I’m sorry to tell you there is no second or third escrow. There is no 10 times your money asset fund, nothing.
Here’s a few other links to the scam:
Ryan Rush scammer extraordinaire at Rush Financial Strategies, who’s broker than you but thinks he’s not doing something illegal by telling homeowners that they have secret documents in the promissory note. Or in any part of the closing documents. He knows it’s bullshit he just wants you to watch his videos, or maybe he gets a kick back from the liars that sell the scam to people.
If you want to know if it’s a scam just look up the words second escrow or hidden Bank information.
If you’re already a victim of this scam please feel free to reach out to me and I will help you as much as I can, depending on how far you got pulled in!