ted's property is in foreclosure, but he has some equity in his property. an investor suggests that she and ted enter into a sales contract for a substantially higher price than the investor would actually pay. the investor pockets the cash and allows the house to be foreclosed on. what sort of scheme is this? unset starred question

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02-09-2022
Business

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ted's property is in foreclosure, but he has some equity in his property. an investor suggests that she and ted enter into a sales contract for a substantially higher price than the investor would actually pay. the investor pockets the cash and allows the house to be foreclosed on. what sort of scheme is this? unset starred question

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tutorconsortium344 tutorconsortium344 · Answer 1 · 2022-09-10T12:39:32-04:00

Ted's house is in foreclosure, although he has some equity in it. An investor advises that she and Ted sign a sales contract for a far higher price than the investor would pay. The investor pockets the cash and allows the house to be foreclosed on. Equity skimming sort of scheme is this.

What is Equity Skimming?
Equity skimming is a type of real estate fraud in which a dishonest investor or individual takes the title to a person's home and refinances it in order to steal the equity from the asset. It usually happens when a homeowner is in financial trouble, unable to make their mortgage payments, and is on the verge of losing their home. To help you out of financial difficulties and potential foreclosure issues, a "fake buyer" or investor contacts you and offers to take over your mortgage payments or even makes a promise to pay you a sizable sum of money when the property is sold. However, the owner must consent to hand over the title to the property and must either agree to vacate the property immediately or to continue living there as a tenant and paying rent on a regular basis.

To learn more about Equity skimming
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