Redemptionman
Well-Known Member
- Jurisdiction
- Arkansas
I have learned of a scenario, I am not sure I would call it a SCAM since I am not 100 percent sure how it works. I have an idea, but this is only a theory. So, you all can tell me if I am right or wrong.
Lets say a shady LLC of the month guy builds a house on a property that he acquired the land to. Let's say that he originally had the LLC (which is now bankrupt on the title) but switched it to an individual named trustee. This trustee has changed and continues to be updated every 6-12 months. I am sure what ever payment is due on the house hasn't been paid and that it is an accelerated foreclosure. However, the foreclosure can never happen for the creditor because the trustee changes like I said every 6-12 months. Sometimes they will even change them out of state and whether right or wrong the foreclosure can not happen because the mortgage holder never can get proper process since the Trustee changes so often. They would have to prove process in court and by the time that happens the trustee has changed again.
It is a fascinating way to acquire properties you can not afford but a terrible way to do business, I would assume. So, basically by having ownership of the property and being in it, they are avoiding foreclosure by putting a different trustee name on the property before it can be foreclosed on. I have seen some dandy things in my time but this is either a genius or if they eventually do catch up to it. The dumbest thing ever invited, using the system against the system for some free America living.
Nothing better.
Lets say a shady LLC of the month guy builds a house on a property that he acquired the land to. Let's say that he originally had the LLC (which is now bankrupt on the title) but switched it to an individual named trustee. This trustee has changed and continues to be updated every 6-12 months. I am sure what ever payment is due on the house hasn't been paid and that it is an accelerated foreclosure. However, the foreclosure can never happen for the creditor because the trustee changes like I said every 6-12 months. Sometimes they will even change them out of state and whether right or wrong the foreclosure can not happen because the mortgage holder never can get proper process since the Trustee changes so often. They would have to prove process in court and by the time that happens the trustee has changed again.
It is a fascinating way to acquire properties you can not afford but a terrible way to do business, I would assume. So, basically by having ownership of the property and being in it, they are avoiding foreclosure by putting a different trustee name on the property before it can be foreclosed on. I have seen some dandy things in my time but this is either a genius or if they eventually do catch up to it. The dumbest thing ever invited, using the system against the system for some free America living.
Nothing better.