Monday, June 1, 2009

Foreclosure Scam's- Renters becoming Squatters

    • The nationwide boom in foreclosures and bank-owned real estate (REO) property sales to investors is producing an unpleasant and sometimes dangerous side effect: Growing numbers of confrontations occur when investors visiting supposedly empty properties find them occupied -- and the inhabitants don't want to leave or let anybody in.
    • Scam artists are now tracking houses entering the foreclosure pipeline every day, and then renting those houses out as they become vacant -- totally illegally.

      They get hold of notices of default - or other publicly available reports of pending foreclosure actions -- and then rent out the empty houses to tenants at bargain all-cash rents.

      When investors or REO management agents later visit the property and find it occupied, the scammed "tenants" may feel threatened and respond with hostility to efforts to enter the house, according to Dagnesses.

Posted from Diigo. The rest of my favorite links are here.

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