South Carolina Homeowner Loses Home In Sale Leaseback Foreclosure Rescue Deal

In Myrtle Beach, South Carolina, WMBF-TV reports:

• The home is the centerpiece of the American dream. A dream that for Larry Revels has turned into an unimaginable nightmare. "They said that they would stop the foreclosure and keep me in my house," he said. As his home was nearing foreclosure two years ago, he got a flier in the mail offering him a way out. He would sell his house then pay rent to continue living in it. The company paid $80,000 for it. But now they want him to pay $127,000 to get it back, he said. Plus, he's now paying $1,000 in rent instead of making his old $700 mortgage payment.(1)

For more, see Homeowners lose houses to scams.

(1) This deal appears to have some of the earmarks of an equitable mortgage (and, perhaps, a usurious equitable mortgage).