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New real estate scam!!!!

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  • New real estate scam!!!!

    Recently, our good friend Michael (a local realtor) shared his experience with me about an "Obama supporter" he encountered while showing homes to a low income, working family in Pontiac, MI. We asked him to please write it down so we could share it with you.


    As a Realtor for the past 28 years I thought I'd seen or heard it all. Until now. I was showing homes in Pontiac, MI. one afternoon recently and showed up at a home at the 4:00 pm time my appointment was scheduled for. After I woke up the homeowner, she let us in.


    Then she proceeded to tell my buyers and me that she has already entered into a contract to sell the home on a short-sale. (A short-sale is a sale where the banks accepts less money than is owed on the home).


    After some chit-chat, she proceeded to tell us that she and her sister (who also lived in the area) were buying each others homes via the short-sale process. I mentioned to her that I thought relatives could not be involved in those transactions.


    She smiled and said "We have two different last names so no one knows the difference". She went on to tell us that each of them owed over 100K on their homes and were in the process of buying each others homes for about 10-15K cash.


    To top it off, they were each receiving $3,000.00 in government provided relocation assistance at the closing. My buyers and I were amazed that she was outright admitting to fraud and yet, she continued. She began to tell us that the best part of her scheme was that because they currently were not working, that they (both) are now receiving Section 8 Vouchers from Obama.


    I said I thought those were for renters and she said that's the best part; me and my sister are going to be renting each others homes so we don˙t even have to move, and Obama is going to give us each $800.00 a month to pay the rent! She then picked up a picture she had framed of Obama and did a little happy dance around her living room and while she kissed the picture she was singing "Thank you Obama.... thank you Obama."


    So here is the bottom line. Both of these scammers got at least $80,000.00 in debt forgiven, $3,000.00 in cash for relocation (when in fact they did not relocate) and to boot, you and I will now be paying (through our taxes) $1,600.00 in rent for them each and every month.... perhaps forever! And I also would not be at all surprised if they are receiving food stamps and whatever other programs are available for anyone who is willing to lie to get assistance.


    These women went from working and paying about $900.00 each in mortgage payments to staying home and getting paid $800.00 each per month to live in the same home they had been living in and all they had to do was lie on a few papers. This craziness has to stop! I'm sure this kind of fraud is going on each and every day all across the country and no one wants to touch the subject of entitlements because they might OFFEND someone or lose a vote or two.


    By the way ... she had an almost new SUV in the driveway, three flat screen TV's and a very nice computer set up in her living room which was furnished entirely with nice leather furniture.


    'TIS THE NEW 'AMERICAN WAY'


    Cactus Man

  • #2
    Re: New real estate scam!!!!

    This has been going on for longer than Obama has been in office, and I am talking back into the 80s.

    Funny how someone at work related the same story to a bunch of us on Monday. Maybe he has the same realtor.
    "When we build let us think we build forever. Let it not be for present delight nor for present use alone. Let it be such work that our descendants will thank us for, and let us think, as we lay stone upon stone, that a time is to come when these stones will be held sacred because our hands have touched them, and that men will say, as they look upon the labor and wrought substance of them, "See! This our fathers did for us."
    John Ruskin (1819 - 1900)

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    • #3
      Re: New real estate scam!!!!

      What's Obama have to do with this?

      The story is a crock.

      Racism and ignorance raise their ugly heads!
      Last edited by fixitright; 02-21-2013, 08:53 PM.

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      • #4
        Re: New real estate scam!!!!

        Originally posted by fixitright View Post
        What's Obama have to do with this?

        The story is a crock.

        Racism and ignorance raise their ugly heads!
        I've read the OP three times. I do question the validity of the story but I fail to see the racism and ignorance. Could you please explain further?
        INSIGHT PIPE is now Maine Drain Serving most of ME with no charge for travel! 207-431-6232 is nolonger a working # our NEW # is 207-355-1476
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        • #5
          Re: New real estate scam!!!!

          Yeah this just seems like it's severely embellished or made up. Consider the notion that she is smart enough to pull off such a scam, smart enough to find a way to own a brand new SUV, flat screen tvs etc yet is stupid enough to drag her butt out of bed at 4:00 in the afternoon and confess to a real estate agent and two strangers her plans to defraud the bank and government all the while doing a happy dance in her living room...

          A few issues I have with this story are,

          - Why would she have even let the real estate agent into her house if she already had a plan worked out to sell it to her sister?
          - It is complicated and difficult to get a bank to sell a property for less than what is owed, they are more likely to foreclose then to allow a $85g loss.
          - Even if the bank agreed to allow the house to sell for less than what is owed that doesn't mean the rest of the mortgage is just forgiven. It actually becomes an unsecured loan. If she owned the SUV or anything of value, leans would be put against those items in order to make the loan a secure loan. They could even press for a co-signer.
          - In reality, the bank would not allow the house to be sold for anything too far under the fair market value of the home. A property and house is collateral against the mortgage. There is no way they would give up potential equity and loose a means of recouping as much of the mortgage as possible. If they didn't get a reasonable amount they would just foreclose, sell the property themselves and go after her for the rest if possible. Low income does not mean no assets.
          - I highly doubt the fair market value of a house being sold in the suburbs has a market value of only $15 grand.
          - The SUV and TV's suggest a lavish lifestyle which I'm sure also suggest other items of equity owned by this woman, all those items would be noted and used as equity against anything remaining from the mortgage.
          -In order to qualify for the money per month for rent the people wouldn't be able to own equity, this alone makes no sense as the houses they own (each others) would show up as not only an item of value but also it would show as an income property generating $800 a month in revenue...

          Personally I think this story is just nonsense.
          Last edited by Supermanofsteel; 02-21-2013, 10:23 PM.

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          • #6
            Re: New real estate scam!!!!

            Originally posted by Gene Bickford View Post
            I've read the OP three times. I do question the validity of the story but I fail to see the racism and ignorance. Could you please explain further?
            Perhaps not so much racism as bigotry against low income families being portreyed as criminals, stupid, and people of low morals.
            Ignorance for the fact the story tries to drawn an unjustifiably negative response based on so many fallacies in a loose attempt to convey a political message.
            Last edited by Supermanofsteel; 02-21-2013, 10:34 PM.

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            • #7
              Re: New real estate scam!!!!

              I got that email a while back. Checked it out on Snopes and Fact Check. Both said it was false.

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              • #8
                Re: New real estate scam!!!!

                I sure hope your good friend Michael shared this story with the State and Federal Attorneys General Office. If this tale is an actual recounting of facts then he has an obligation to report the fraud.
                ================================================== ====
                ~~Don't worry about old age; it doesn't last that long.

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                • #9
                  Re: New real estate scam!!!!

                  Nobody forgives $xx,xxx dollars in debt with no repercussions. Are you really that gullible? Simple googling proves this is a revamp of an existing hoax to bring 'obama' into the picture.
                  ~~

                  ... it was plumbed by Ray Charles and his helper Stevie Wonder

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                  • #10
                    Re: New real estate scam!!!!

                    It must be true it's on the internet.
                    SSG, U.S. Army
                    Retired
                    K.I.S.S., R.T.F.M.

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                    • #11
                      Re: New real estate scam!!!!

                      If it is so easy to get government assistance then I will be getting on the next plane to the US ard get a nice house somewhere close to the sea and put it all on the tab no I mean the people like you and you and you and live the life of Reilly which I was meant to while you all pay your taxes to support me which is only fair now let be serious this is just all hearsay we here it all the time

                      Tony

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                      • #12
                        Re: New real estate scam!!!!

                        This may be total BS but the fact that everyday there are many who bleed the system without blinking an eye is astounding. If we are all truthful we would all admit to knowing someone who is ripping the system. dont want to be a dobber but these pieces of trash are taking away from the real needy.

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                        • #13
                          Re: New real estate scam!!!!

                          Why is it that if you take advantage of a corporate tax break
                          your a smart businessman,
                          but if you take advantage of something so you
                          and your children don't go hungry,
                          your a Moocher?

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                          • #14
                            Re: New real estate scam!!!!

                            Originally posted by fixitright View Post
                            Why is it that if you take advantage of a corporate tax break
                            your a smart businessman,
                            but if you take advantage of something so you
                            and your children don't go hungry,
                            your a Moocher?
                            It's quite simple really, because there is a huge difference between a legal tax break and outright fraud. Your example about children going hungry and tax breaks is also weak at best.
                            ================================================== ====
                            ~~Don't worry about old age; it doesn't last that long.

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                            • #15
                              Re: New real estate scam!!!!

                              Originally posted by BadgerDave View Post
                              It's quite simple really, because there is a huge difference between a legal tax break and outright fraud. Your example about children going hungry and tax breaks is also weak at best.
                              If taking a handout when you are down and out is fraud, why is it legal? Also does that make the "handouts" to corporate farms and big oil constitute fraud?

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