Welcome to The Home Equity Theft Reporter, a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues. This blog will consist of information describing the various forms of Home Equity Theft and links to news reports & other informational sources from throughout the country about the victims of Home Equity Theft and what government authorities and others are doing about it.
Friday, April 29, 2016
Foreclosure-Flipping Real Estate Investor Unwittingly Buys Home Contaminated w/ Meth; Unpleasant Surprise Discovered After Fix-Up, During Prospective Buyer's Contract Inspection Period
In Cheyenne, Wyoming, Wyoming Public Radio reports:
Many homes or apartments in Wyoming are contaminated by methamphetamine and if you move into one of those places, you may not know it. It can lead to health problems and be expensive to clean up. Wyoming is one of the few states that does not require disclosure of a meth-contaminated home.
Sheridan realtor Dan Casey remembers when he first got caught. Casey had a client who had bought a home during a foreclosure sale and after his client fixed the place up he tried to re-sell it. Casey said they were close to a deal when a neighbor stopped by.
“We got an offer right away on the house and right during the inspection phase the potential buyer was walking around and the neighbor came by and said…oh the people who used to live here were meth users…this was a meth house.”
Casey and the homeowner were frustrated because it required extensive clean-up. He says local law enforcement and the Department of Family Services both knew that it was potentially contaminated.
“That the DFS had been called for drug use, you know the police department had been called for drug use, but these separate governmental parties were never talking to each other and this poor investor got stuck with a contaminated home.”
Clean-up can cost between five and 15-thousand dollars.
CBC News: Betrayal of Trust (A CBC investigation reveals how lawyers across Canada have misappropriated and mishandled clients money, to the tune of tens of millions of dollars, or sometimes even charging vulnerable people top dollar for shoddy services)
Land Contract/Contract For Deed/Rent-To-Own Rackets
The New York Times: The Housing Trap (In the wake of the housing crisis, low-income families have turned to seller financing to buy homes but these deals can be a money trap)
Beware The Fine Print: Consumers Forced To Sign Away Their Rights To Use Court System
The NY Times: Arbitration Everywhere, Stacking the Deck of Justice(Part 1 in series examining how clauses buried in tens of millions of contracts have deprived Americans of one of their most fundamental constitutional rights: their day in court)
Foreclosure Mills' Abysmal Record In Complying With New NYS Foreclosure Requirements
Justice Deceived: How Large Foreclosure Firms Subvert State Regulations Protecting Homeowners
MFY Legal Services Report On Questionable Practices By Process Servers In Debt Collection Cases
Justice Disserved: A Preliminary Analysis of the Exceptionally
Low Appearance Rate by Defendants in Lawsuits Filed in the Civil Court of the City of New York
Mortgage Mess Redux: Robo-Signers Return (A Reuters investigation finds that many banks are still employing the controversial foreclosure practices that sparked a major outcry last year)
CNN Video: As Foreclosures Mount, Florida Court Turns To 'Rocket Docket'
The Wall Street Journal: A Florida Court's 'Rocket Docket' Blasts Through Foreclosure Cases (2 Questions, 15 Seconds, 45 Days to Get Out; 'What's to Talk About?' Says a Judge)
"Produce The Note" Strategy When Dealing With Missing Promissory Notes In Foreclosure Actions
ABC Video: Fighting Against Foreclosure (Some homeowners have found a new tactic to keep the banks at bay)
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