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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (21908)	9/3/2007 5:56:11 AM
From: Ilaine	Respond to of 217860

Interesting blog. If you find one oriented towards east coast, please let me know. I do have one couple who were facing foreclosure two years ago, and a "friend at church" hooked them up with a guy who, well the story gets murky, he offered to buy their house, let them stay in the house, pay him "rent", make the mortgage payments out of the "rent" and then sell the house back to them later. Nothing in writing. Once the house was in his name, he refinanced but took out all the equity, about $90K in cash, and the "rent" payment went up and they couldn't make it and were evicted. I don't know all the foreclosure scams but this is one. There are lots of credit scams, too, like "credit consolidation" for people who can't pay the credit they maxxed out, most of the so-called consolidation schemes are rip-offs or else very, very bad decisions, involving low teaser rates that reset very high.