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Foreclosure rescue scheme. A foreclosure rescue scheme is a scam that targets those whose house is facing potential foreclosure. The scheme preys on desperate homeowners whose mortgages are in default by offering to prevent the foreclosure. [1] [2] There are various ways in which foreclosure rescue schemes work, causing different types of harm ...
James Odell Barnes Jr. (aka Odell Barnes) has earned the nickname "Foreclosure King." His firm, Odell Barnes REO , is a bulk-buyer of foreclosed homes in the United States. [ 1 ] For decades, Barnes has been buying foreclosed homes in bulk from banks and other mortgage -lenders and selling them to a network of private investors and directly to ...
Deed in lieu of foreclosure. A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower ...
For more expert real estate advice: 5 Places in Italy Where You Can Buy a Home for $1. In These 10 Areas, Home Prices Are Doubling. The Best Time to Sell Your House for Maximum Profit
Real estate speculators, who got us into this mess to begin with, are rubbing their hands in glee, reports Fortune magazine. Billionaire John Grayken of Lone Star Funds, 2009 Money moves: Buying ...
Equity stripping, also known as equity skimming, is a type of foreclosure rescue scheme. Often considered a form of predatory lending, equity stripping became increasingly widespread in the early 2000s. In an equity stripping scheme an investor buys the property from a homeowner facing foreclosure and agrees to lease the home to the homeowner ...
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