OfflineI don't post here much but I'm on here learning almost every day. I am posting a link to an article that I think we all need to read. The article is about an investigative reporter in Las Vegas doing a story on the rampant foreclosure fraud in the area only to discover the he himself is a victim. The question is who actually owns these houses, how do you untangle the mess and how do we as investors protect ourselves.
Hope you all find this useful.
www.huffingtonpost.com/2011/11/29/foreclosure-crisis-investigative-repor...
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Denese
In other words if you do a Short Sale, Foreclosure etc - prepare to litigate for years to come.
Getting a good lawyer involved in your contract is a must. Sadly to say will not be enough in the long run.
fritzthekat
Just another thing to be on the watch for. I saw online today that a lady was fraudently kicked out of her house only to get it back and it was destroyed. Seems like she could sue. I also read that the government has shut down some mortgage relief scams.
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
http://www.buffalonews.com/business/article654296.ece
Snippet from story:
"Steven J. Baum PC announced its 90 layoffs after Fannie Mae, Freddie Mac and major lenders pulled their business from the firm in the wake of photos that emerged from a Halloween party last year in which debtors were mocked as homeless."
Mark K.
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Just trying to figure out who actually does own the houses. Also, if the "purchaser" got a title insurance policy at closing can they file a claim since they don't have clear title to the property? Any insite or comments would be welcome.
Thanks,
Denese
Denese
for sharing the article...
from what I've seen and heard, the banks were foreclosing houses left and right; but then some attorneys found some loopholes and a way to make money by looking into these 'unlawful foreclosures', and are now 'helping' homeowners stay in their homes, and/ or get some compensation if they were evicted.
obviously, what the banks are facing these days is unkown territory for the most part, so I'm sure we will see many twists and turns before the crisis is over...
Valerie
Valerie
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that some banks couldn't even find the necessary documentation, so with nothing to prove the people didn't get foreclosed on. It was and probably is still such a mess.
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.