Real estate scam

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• Illegal Flipping. Flipping involves buying a property and then quickly selling it at a price that is well above its appraised value. There is a fine line between flipping for a profit (which is legal) and illegal flipping. Check the rules of your local jurisdiction for more specific information....Foreclosure Rescue. These companies prey upon people who are behind on mortgage payments and whose mortgage company has commenced foreclosure proceedings. The companies tell desperate mortgage holders that they can save their home if the borrowers enact a “temporary” title transfer to the rescue company. The companies promise that the borrower can stay in the home and pay rent during the temporary title transfer time—what they claim is a “leaseback.” Often these “rescue companies” sell the homes once they obtain the title from the real owner. Because the rescue companies claim it is a leaseback, they often only pay the owner a minimum amount that rarely reflects what the owner would have made if they had sold the property on the market. In the meantime, the owners remain on the hook for the original mortgage payments on their home....• Straw-Man Scheme. A straw man scheme is when a sophisticated criminal uses the credit history of another, less sophisticated “straw man” to obtain a mortgage on a property. The more sophisticated criminal convinces the straw man to sign over the deed to the property, and the straw man usually gets a very small percentage of the proceeds from the sale. The straw man is also the one who usually gets arrested.

This is a satirical website. Don't take it Seriously. It's a joke.

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