Foreclosure Rescue, Sale Leaseback Deals "An Unregulated Free-For-All" In Great Britain

In Great Britain, The Scotsman reports:

• DEBT is increasing alarmingly fast and many people are being forced to take drastic measures to get out of their financial straits. Arising from this is the boom in "sale-and-lease-back" schemes, which involve selling your home to a company for less than its market value and then paying rent to continue living there. [While a viable option for some,] the problem is that the sale-and-lease-back market is currently an unregulated free-for-all.

For more, see Calls for FSA to step in and end lease-back 'free-for-all'.

See also, Over-sold, over-rated and over here (American-owned sub-prime mortgage lenders have been funding mortgage rescue schemes in the UK – leaving people homeless when the schemes collapse) (The Telegraph).

For more on equity stripping scams, generally,see DREAMS FORECLOSED: The Rampant Theft of Americans' Homes Through Equity-stripping Foreclosure 'Rescue' Scams (4.61 MB approx.).