Rent skimming and other foreclosure scams – Home Owner Beware.

share
0
0

Recent videos from danhavey

15 videos see all

what people are saying

add a comment

2000 characters left.
First collected by danhavey
Oct 11, 2009
from youtube.com
join Your favorite videos on the web, in one place. Start your collection now.

related videos

tags

collected by 1 person

details

18 views

original description

Real Estate & Mortgage 8 – Foreclosure Meltdown Fraud and Scams Dec08 – Foreclosure Sharks & Scams Part 8 (Excerpt) Rent skimming and other foreclosure scams – Home Owner Beware. And what rent skimming is, a “shark” as I like to call them, a shark will go out and find a vacant house, and they will go in and change the locks and maybe clean it up a little if need be but then they will rent it out to somebody. They will move that person into the house, they will get their $1,000 or $1,500 a month rent payment on the house, and 3 or 4 months down the road the repo man comes knocking on the door and says, hey you have to get out. He says this to the tenant of course and the tenant says, hey you don’t own the house, and it turns out that the guy that they were paying rent from for the last 3 or 4 months didn’t own the house either. So you are talking about somebody, a shark, who goes out and finds a vacant house, breaks in, changes the locks, cleans it up, puts it up on Craig’s list and rent’s it out and collects the money. He never owned the house, he never had any rights to the house, then all of a sudden the sheriff shows up and says you have to go. How can that be legal? Well it’s not legal; it’s not legal at all. Because the person who rented you the house knows that they don’t own the house, now of course the tenant doesn’t know that. Now under Fannie Mae’s new guidelines, that tenant, if they are lucky enough to have Fannie Mae own that property, or own that note, you may actually get to stay in the house because Fannie Mae has some new guidelines that if they have a tenant in the house, they will re-sign a contract with them and let them stay in the house. It didn’t say how long but they will let them stay in there for a while. Wow, that is fantastic. I actually didn’t know about that, so Fannie Mae is getting into the property management business. Yes, our government is now becoming a landlord as well as the
Flag this Video as inappropriate or broken