Posted by TRandle on January 25, 2001 at 12:10:17:
Bill,
In that article you mention buying the property and allowing the former owner to stay on as a tenant. Does simply not allowing an option to buy avoid the potential usury and/or other equitable issues? Wouldn’t the investor still run into problems when he had to evict the former owner? Thanks in advance…
CREDITOR FRAUD on short sale/lease back or USURY? - Posted by JDenney
Posted by JDenney on January 24, 2001 at 23:21:42:
I am purchasing a pre-forclosure by short sale payoff. I am willing to do a 3 year lease purchase with the previous owner who will remain in the home. How risky is this from a legal standpoint? I heard from some local investers (they didn’t remember all the details) that this may be construed as creditor fraud or possibly a usurious rate loan? Am I paranoid or is there reason for caution? If so, what can I do to protect myself.
Thank You, Jeff
Re: CREDITOR FRAUD - Posted by William Bronchick
Posted by William Bronchick on January 25, 2001 at 11:39:54:
Here’s the info you need:
Re: CREDITOR FRAUD on short sale/ - Posted by Nate
Posted by Nate on January 25, 2001 at 08:21:07:
What state are you in? I know people from California have posted here in the past indicating you may have something to be concerned about.