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Real Estate & Property Law

: The Home Equity Theft Reporter

More Underwater Homeowners Combine "Strategic Default" With "Straw Buyer" Purchasing As "Technique" To Keep From Losing Homes?

By r morris

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On Long Island, New York, Newsday reports:More Long Islanders faced with mortgages that are more than their homes' worth are turning to an illegal tactic. They intentionally default and convince lenders to take less than owed in a "short sale" of the house, then covertly arrange for someone they trust to buy the home back for them at today's lower prices, say attorneys, lenders, real estate

Full post as published by The Home Equity Theft Reporter on August 22, 2010 (boomark / email).

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