Skip to main content

Fraud, scheme, or ?

In South Carolina

The house next to ours went into foreclosure after years of the owner not paying his mortgage. He had renters who were paying the rental company, then the owner pocketed the rent, and didn’t pay the mortgage. He claimed he was active duty military each time they tried to foreclose according to court documents (he was lying). Long part of that story short, he’s passed away now, and our HOA had a lien on the house for a few thousand dollars.

There was still a mortgage on the home though. Apparently the bank went out of business and the loan went to another bank, then that bank closed and so on. So our HOA took it upon themselves to purchase the home for $500 in an auction. Then they sold it to one of the board members boss’s for $12K after lecturing us about how they all signed NDA’s to avoid someone doing just that.

They never disclosed any of this to the community, we confronted them about it because we looked into it after seeing all the strange activity at the house. The records are public.

Now that this house is owned by this strange company that’s owned by a board members boss, it was advertised for rent in November by yet another company. After the “for rent” sign disappeared, I called to inquire and they said it had already been rented. It’s been a whole month and no one has moved in. I find this strange.

Also, the same lawn maintenance crew that maintains one of the board members yards, has been maintaining that one as well when the HOA owned the deed and even now after it’s been sold to said boss lady.

Looking on the deed site, there’s still an outstanding debt of about $200,000 on this house owed to the (closed) bank. If no one wanted to buy it for $500 in an auction, why would they buy it for $12K with a looming $200K debt???

This makes no sense to us... none of it? Any of you who have seen and are familiar with real estate fraud please chime in. Is this normal? Or is something else going on here?

submitted by /u/Miss_Copperfield
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/km6goy/fraud_scheme_or/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more