Posted by Redline on March 15, 2001 at 11:22:46:
Just ran across a scam that’s running right now. So far 24 properties are foreclosed and more coming.
Company recruited newbies - set them up with “deals” and did leasebacks with them. They then refinanced with inflated appraisals, rented them and took all the rents and profit and never paid a dime on anything.
And it’s STILL going on! The principles have YET to be locked up - and they’re still in business. This is also in NJ BTW.
RL
Big time “flipping” scam in Jersey… - Posted by Ben (NJ)
Posted by Ben (NJ) on March 15, 2001 at 08:21:12:
although this is old news, this link gives a fascinating
view from beginning to end of the infamous inflated property
"flipping" scam which has rocked NJ. Most of these properties ended up on delinquent tax sale lists and allowed many tax lien investors to make lemonade from the lemons.
Another big one in Milwaukee last summer… - Posted by BillW.
Posted by BillW. on March 15, 2001 at 15:52:44:
Same thing going on in Milwaukee. Inflated appraisals, out of town lenders, gullible people. As an aside, it seems like the “normal” people that get caught up in the schemes over and over again have 2 things, at least, in common. One is the belief that you can get something for nothing (free lunch) and the other is greed. All to often, when they are telling how they got scammed, they leave out the facts that they were planning to get 60 to 100 percent return on their money in a matter of a few months or weeks. They often leave out the fact that, often, they full well knew that what they were doing was either in the “grey area” or downright deciving. They often were perfectly willing to “put one over” on some out of town lender, not realizing that they were also on the list to be “had”. You’d think that “The Sting” and other movies like that would be required viewing. Not all, but many of these “victims” are not so innocent.
BillW.