http://www.bbb.org/us/article/546
Let me know what you guys think. Hopefully I’m wrong!
What they are describing certainly sounds like fraud to me.
If you are buying someone’s home, you have to tell them that they aren’t going to own it any more after you buy it. You can’t get them to sign title over by promising they will still own the home.
It’s very certainly against the bank’s rules for you to buy a foreclosure and rent it back to the fellow who couldn’t make his payments. Not to mention, it isn’t a smart thing for you to do, in the first place.
The real estate investor is going to be seen by juries as an expert, and thus in a position to take advantage of the gullible, so to protect yourself you want to disclose, disclose, disclose… and then disclose again.
DO NOT TRY TO TRICK PEOPLE. THERE ARE PLENTY OF DEALS AVAILABLE WITHOUT USING DECEIT.
Every profession has people that give it a bad name.
There’s nothing wrong with helping out a homeowner out of their situation.
If someone is facing foreclosure, then if you can help them avoid it, you are doing something great. There’s nothing wrong with you making some money in the process!