anybody heard of the samantha organization?
a HO i’ve been speaking with mentioned this company. she said a person with good credit purchases the home and then sells it back.
would anybody like to shed some light on this?
thanks,
ryan
Need to be very careful in this area…many states have very strict laws about doing this.
Here in IL (SB2349) passed into law about this very thing.
Not all, but most of these type of deals are scams.
Buy from homeowner who can’t make payments (foreclosure).
Rent-to-own back to homeowner, or option…
After 1 yr, the homeowner can’t get mortgage…and are evicted.
The problem is they strip the equity by giving the option at FMV, and someone with crappy credit isn’t going to be able to buy their house back anyway…so they loose everything.
A similar case, considered mortgage fraud, was brought by federal authorities in Tampa, FL recently. Save the homeowner from foreclosure by selling the house to a straw buyer with the promise to sell it back to the original owner in the future. In the meantime the straw buyers refinance the house, likely with fraudulant paperwork, to strip any existing equity.
I knew this sounded odd to me.
I have no intentions of doing this route…nor would I advise.
Thank you for your input.
Ryan