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Seattle Bubble Forum Archive • View topic - baffled by foreclosure scams...

baffled by foreclosure scams...

Myth propagated by bitter ignorant renters, or statistical reality ignored by real estate professionals?

Moderators: synthetik, The Tim, Lake Hills Renter

baffled by foreclosure scams...

Postby sniglet » Tue Mar 25, 2008 5:40 am

sniglet
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Posts: 680
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Re: baffled by foreclosure scams...

Postby jillayne » Thu Mar 27, 2008 7:01 pm

If there's no equity, then the foreclosure rescue scam folks talk the homeowner into renting from them. They say something like, we'll take over the payments and you can rent from us.

The scammers collect the rent and do not forward the money on to the lender. A couple of months go by, the home goes into foreclosure and the homeowner is evicted. The scammers scored several thousand dollars and are nowhere to be found.
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