Minnesota Builder, Straw Buyers Possibly Involved In Equity Skimming Scam
- "As the case unfolds, the Prague Estates development remains pocked with empty houses. Neighboring owners are irate about the effects of the foreclosures on home values, while renters, concerned that their homes may be put up for auction, are unsure whether to stay or move."
- "Matthew Phyle, 38, thought he found the home of his dreams when he and his family rented one of the Prague Estates houses in June. The house was nearly 3,000 square feet and carried monthly payments of just $1,200. But less than a month after Phyle signed a two-year lease, a Scott County sheriff showed up at his door with a foreclosure notice. Phyle said he called Michael Parish [of builder Parish Marketing & Development] for an explanation and was told, "Nothing in life is guaranteed." Phyle, who has four children, decided to move to south Minneapolis before the school year started. "This has completely turned my life upside down," he said."
Go here for other posts on this ongoing investigation.
For other stories on tenants unknowingly renting homes in foreclosure, go here, or here, or here. beta
<< Home