Rental scam re-emerges in Vallejo

It sounds like a inside job to me..Someone has to be working at a real estate office or bank doing this

Unscrupulous real estate agents, you mean.

How much money did they make on the mortgage scams?

They made enough money to get used to a certain lifestyle and miss it enough to do more illegal things. My next door neighbors did the reverse scam; they rented their house and pocketed the money. The house went into foreclosure, pool turned green and now it is empty. The owner was guess what...A MORTGAGE LENDER!! She has no job, and is now driving a beat up Honda instead of her luxury car she once had. Karma hurts.

This is why there should be a way for a Homeowner in the threat of foreclosure to be offered a restructure on their loan by the lender, so they could be allowed to extend the life of the loan an make affordable payments. For example , if you have a 30 year fixed and cannot make the payments and fall behind, you should be offered a 40 or 50 year on the present loan amount, so the payments will become lower. Lenders could at least receive payment instead of having property sit with no gain at all. Just imagine all the FAMILIES that are in this position right now. What would the Lender have to lose by doing this? Think about it.

I agree, if they were able to make reasonable payments before their adjusted rates made it impossible for them to keep their homes, they should be given the opportunity to refi.

Everyone should have an opportunity to own a home, not the flippers, but the families that took out the loans looking for something better for their families.

CasualObserver wrote:

I agree, if they were able to make reasonable payments before their adjusted rates made it impossible for them to keep their homes, they should be given the opportunity to refi.
Everyone should have an opportunity to own a home, not the flippers, but the families that took out the loans looking for something better for their families.

How very true ,I believe it was the "Flippers" along with the agents that drove the housing rates so damned high anyways !

Every major network had an interview with the Tipp Realty agent regarding this scam on tonights news. Sad, some scum is taking advantage of unsuspecting renters.
As I read the daily forclosure listings in the TH it makes me wonder why a Bank will not make arrangements with a borrower and try to get a percentage of monies owed, for a specific time, instead of nothing at all. Of course I am not aware of the circumstances surrounding these properties and a certain amount of dialogue between the parties had to have been going on.
A few weeks ago a notice stated $7000 was owed on a property, which tells me that this owner must have paid the mortgage for some time and this was the outstanding balance. It is hard to understand that this individual may have lost his home for such a pittance.
Banks are in the lending business, I am aware of that, but since most of us are affected by this present economical downturn, why not have a bit of heart?

Brian McPherson of Tipp Realty at Glen Cove said:
"But, wherever there's an unscrupulous way to make money, someone will figure it out."
An example of this "unscrupulous way to make money" might include being a
"property manager" who just sits on his caboose. Does this guy "manage" so many
properties that he is unable to drive by each one daily to check on their condition?
What is he paid to do, interviews with the media?
I think if he got off his end and checked up on the properties under his care daily, this problem would not exist.

Do your job.

.

We routinely check every property weekly...which we now have stepped up to twice a week. These Scammers are very good, and unfortunately they appear in the worst of times to take advantage of the situation. One of the most unfortunate aspects with this type of scam is that occasionally it snares someone that has just been foreclosed on and had to move...most REO brokers do there best to keep every property under tight control...Brian D. McPherson