Isnt everything the last 5 years seem to be about some big money real estate scam? Here is an A&E "Flip This House" scam that was shown to viewers.
Part 2 of this story is located HERE http://www.youtube.com/watch?v=zM8pXjLyGtE
Channel: News & Politics Uploaded: May 16, 2007 at 4:28 pm Author:john67elco
Very good. We believe many MANY banks do NOT work with homeowners because it is simply NOT in their best interest. These days anytime you have a bank, you usually have an insurance company right next to it. There is a reason WHY banks take back properties and then sell them to OTHER PEOPLE for as much as 40% LESS than what was owed by the mortgage holder in trouble... when, they could have just knocked 25% off the homeowners loan and avoided taking hte house back. Go research it...
persistentcom(Tuesday 1st of April 2008 05:30:05 AM)
We have been scammed many times, especially with internet based transactions. If this ever happens to you contact a lawyer immediately and get free legal advice from websites like The Attorneys Forum.
If you took over someone's loan you could still turn around and sell the house the next day. It's just one way to finance the property.
However, I wouldn't say that "most" banks give you that option... that sounds like something you would do pre-foreclosure, where all parties agree to it. After the house becomes banked owned, the previous owner and their looan is out of the picture. After foreclosure, I think typically banks want you to come up with your own financing/pay cash.
