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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/
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