Scam Artists Use Foreclosed Homes as Rentals
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There's a pretty ingenious scheme some scammers are using to collect rent; using foreclosed homes as rental properties. (Photo by Justin Sullivan/Getty Images)
The Dallas Morning News has a story on a pretty ingenious scheme some scammers are using to collect rent; using foreclosed homes.
The scheme works like this: when a home is entering foreclosure, someone can appeal to have the process delayed, which, when used properly, gives the homeowner time to try to work out a financial deal. The scam starts during the period of hold-up on the foreclosure; that's when the scammers change door locks and rent out the property to, essentially, squatters.
Dallas County prosecutor Stephanie Martin told the DMN, "It's so novel. It's ingenious, really."
But the scheme is easily disrupted by a real estate agent, or even the homeowners. To make sure your foreclosed property isn't being used by scammers, simply drive by.
"When it doesn't look right, something's not right," said Ellis County Constable Mike Jones.
Read more on this scheme in the Dallas Morning News.
Posted Wednesday, Jul 29, 2009 - 8:41 AM CST
