Foreclosure Scams - Squatters

By
Real Estate Broker/Owner with The Mortgage & Property Connection

I heard on the news this morning some additional foreclosure scams.  Squatters seems to have become a big problem in our vacant home foreclosures.  Once they find out the home is in foreclosure and is abandoned, the squatters move in.

A second issue is scammers.  When these crooks find out the home in foreclosure and abandoned they rent the properties out to unsuspecting renters.  The scammers pocket the money.  The renters loose their deposits.

I'm sure it will get worse before it gets better....I know we aren't the only area with creative crooks!

What's going on in your area?

 

Comments (7)

Lynn911.com ~ Dallas Real Estate Agent Top Team
Dallas Houses for Rent Dallas Apartment Rentals Lynn911.com - Dallas, TX

YES, allot of people can't afford a home, move in ... I not heard about the leasing market for foreclosures that is a new one ...thanks for the heads up on that we do allot of leasing. !

 

http://www.lynn911.com Dallas homes for sale, Dallas home foreclosures for sale.

May 22, 2008 02:23 AM
Dorene Shirley
The Mortgage & Property Connection - Campbell, CA
Silicon Valley Real Estate

Thanks Lynn for the comment.

May 22, 2008 02:27 AM
Gerald Richards
Team One - The Franklin Group - Layton, UT

Thanks for the information.  I don't think it is happening in Utah, but not sure.  I will start checking around.

May 22, 2008 02:28 AM
Dorene Shirley
The Mortgage & Property Connection - Campbell, CA
Silicon Valley Real Estate

Thanks Gerald.  I hope we can limit these issues.  Scams can leave a nasty impact on the neighborhoods.  Many times the squatters leave their stuff behind in the front and side yard.  Don't want to get into the rodent issues...

May 22, 2008 02:32 AM
Debi Ernst
St. Charles County, Missouri - Prudential Alliance Realtors - O'Fallon, MO
GRI, e-PRO, Broker/Sales Associate

I don't think anything like that is happening here.  At least, I haven't heard about it.  Some people sure are bold! 

May 22, 2008 08:13 AM
Dorene Shirley
The Mortgage & Property Connection - Campbell, CA
Silicon Valley Real Estate

Bold is a good word.  Thanks for the comment Debi

May 22, 2008 09:32 AM
Anonymous
Karen Dhillon

There are many of these type of stories going on in Palmdale, There was even a Mother who moved into a gated community here and lived with her 6 children for 3 months.

We have a new city ordinance that states if you have a foreclosure you have to register that  listing with the city of Palmdale, it costs 100.00 per listing, but it will allow the police to arrest anyone that looks suspicious who may be trying to squat or vandalize the house, I know of many agents who have had property from the listing stolen, most commonis the air conditioning. Yes it is very common here not so much West Palmdale although that mother moved into a West Palmdale address but more the East side of Antelope Valley. At least the city is trying to do something about it.

Jun 04, 2008 03:35 AM
#7