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Got Rentals? ........Beware
Do you own, or have you thought about owning, a Rental Home in Georgia? Along with Mortgage Fraud Schemes, that we hear about daily, there are also an influx of Renter Fraud Schemes.
"The Debt Cancellation/Ownership Tranfer Scam" is when the renter rents a home and sells it as if were his own. Sounds impossible but this is how it works.
A Seller is tranfered out of town, the house stays on the market for months and does not sell. The owner moves with his family out of state to a new life and decides to rent their $400,000 home. They find a renter who qualifies for the high priced rent. The rent is paid on time for several months then sortly after, 2 months go by with no rent and lack of communication. The home owner comes back to town for a visit and discovers the scam.
The Renter records a fraudulent "cancelled" security deed and records a fraudulent warranty deed and presto - he "owns" the home. He put it on the market at a low price for a quick sale and he moves away with a check for about $300,000.
Invester Buyers Beware!
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Contributor's Note
visit: www.LariPalmer.com
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