Foreclosure Scam

[krielly]

Saw this on the CBS evening news last night:

http://www.cbsnews.com/stories/2008/02/26/eveningnews/main3880937.shtml?source=mostpop_story

[One Half Full]

She had 50,000 in equity on a cheap fixer upper in Cleveland on a conventional loan after only seven years? That's a neat trick.

[krielly]

Not sure about the market in Cleveland, but that's about where we are at in Vermont. House purchased in June 2001 7.15 fixed, refinanced to 6.0 fixed in 2003- we have about 50 - 60K in equity right now........
so, not impossible.......

[Flamingo]

This practice/scam was getting so rampant in certain sections of our state that the state formed a watchdog committee and holds large, free advertised meetings for those who are facing foreclosure to educate them about scams and to avoid being taken, also placing full page ads in main newspapers to advertise these meetings and passing out flyers in neighborhoods. Some of the scams that have occurred are heartbreaking and one wonders how anyone actually has a soul to carry those scams out. There are always sharks in the water trolling for victims.

[robivi3]

That's just up the road from me, a good friend is her neighbor, I know the homes. Sad. Odd, while I don't know the lady I do know another person featured in the report, closer to home than you think.

[MajorMike]

She had 50,000 in equity on a cheap fixer upper in Cleveland on a conventional loan after only seven years? That's a neat trick.

I thought they were in florida??