Foreclosure Defense Florida

Foreclosure and Flipping Fraud in Florida

A recent article in the Sarasota Tribune detailed the newest chapter in the mortgage/foreclosure crisis, which involves homeowners “selling” their homes to a purchaser who turns around and immediately to a third party after skimming off a significant profit.   The transaction only works when the lender agrees to a payoff which is less than owed on the property.   After the flipper recieves the reduced payoff, he’s free to market and sell the home for a price greater than agreed to by the lender.

The obvious losers in the transaction are lenders who accept the reduced payoff and the homeowner who still may face liablity on the balance of the mortgage.   To read the article, visit the Sarasota Tribune here.

For more information, contact Matt Weidner at www.mattweidnerlaw.com.

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