Home Sellers Stiffed On 22 Sales in "Skimming" Scam
Two Indiana men have reportedly been engaged in what can be decribed as "equity skimming" activity over a 12 year period and involving 22 homes, according to this transcript of a TV broadcast report, on theindychannel.com (WRTV6 - Indianapolis).
Court records found by WRTV6's Rafael Sanchez, Call 6 for Help reporter, indicate that two men have purchased 22 homes, using a legal device known in Indiana as a "land contract" (in other states, it is known as a contract for deed, conditional sales contract, installment sale contract). Under this arrangement, the men would take immediate possession of the home with the agreement calling for monthly payments to be made by them to the home seller; the home seller, in turn, would continue making his/her payments on any existing mortgage until the entire purchase price is fully paid.
While the two men never had a problem with taking immediate possession of the homes, they rarely bothered to make the monthly payments that they agreed to make, according to the report.
They, in esssence, have been living practically free for 12 years and have been collecting rent on some of the homes and would continue doing so until they were forced to relinquish the homes by court orders.
Click here for the full story
Click here to watch the Video Report (approx. 4 minutes)
Story also reported here on MortgageFraud.org
Go here for other posts on this alleged scam involving Joseph L. Stanley and Steven Harris.
Court records found by WRTV6's Rafael Sanchez, Call 6 for Help reporter, indicate that two men have purchased 22 homes, using a legal device known in Indiana as a "land contract" (in other states, it is known as a contract for deed, conditional sales contract, installment sale contract). Under this arrangement, the men would take immediate possession of the home with the agreement calling for monthly payments to be made by them to the home seller; the home seller, in turn, would continue making his/her payments on any existing mortgage until the entire purchase price is fully paid.
While the two men never had a problem with taking immediate possession of the homes, they rarely bothered to make the monthly payments that they agreed to make, according to the report.
They, in esssence, have been living practically free for 12 years and have been collecting rent on some of the homes and would continue doing so until they were forced to relinquish the homes by court orders.
Click here for the full story
Click here to watch the Video Report (approx. 4 minutes)
Story also reported here on MortgageFraud.org
Go here for other posts on this alleged scam involving Joseph L. Stanley and Steven Harris.
posted by Home Equity Theft Reporter at 11:36 PM
<< Home