Tenants Beware of New Rental Scam
A Palm Springs Realtor told me that there is a new scam going on in his community. Scammers are attempting to rent vacant homes that they don’t own. He also told me that this is a Nigerian Scam; this is the first I have heard.
Palm Springs could be a ripe market for this scam as it houses a lot of 2nd home owners, and the community often has a good number of vacant homes.
BUT if I were a tenant, before giving a deposit to a landlord, I would verify that they in fact currently own the property and are current in their mortgage. The reason that tenants need to verify that the owner is current is that if the landlord/owner is facing foreclosure the tenant could loose their deposit monies and be evicted when the bank takes the property back (as their collateral).
Posted by Phyllis Harb at 2/2/2008 9:53 AM 
Categories: Real Estate News, Foreclosures, Miscellaneous
Categories: Real Estate News, Foreclosures, Miscellaneous
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3/20/2008 7:20 PM
Los Angeles Real Estate Blog wrote:
With every change in the economy new scams emerge. Renters Face Rapid Eviction as Foreclosures Soar. If I were renting a property I would want verified that the landlord was current in their mortgage payment and that they had equity in the rental. If the landlord is not current, the landlord runs the risk of loosing their home, and the tenant the risk of eviction. If the landlord does not have equity, the landlord may make a business decision to walk away from the mortgage and again the tenant would risk eviction from the lending ... -
5/30/2008 6:53 AM
Los Angeles Real Estate Blog wrote:
Anyone recall my post pertaining to: how foreclosures are affecting tenants? Years ago, I oversaw a Loan Funding Department, at that time there was a document titled Assignment of Rents – this was included in all sets of non owner occupied loan docs. I am not an attorney, but I wonder what the harm is of: 1) The bank using this form or a similar form with all loan documents (owner and non owner occupied loans)2) If it is taking 4-7 months to take these properties back in foreclosure, seems like it might be worthwhile to try ... -
5/30/2008 6:57 AM
Los Angeles Real Estate Blog wrote:
Anyone recall my post pertaining to: how foreclosures are affecting tenants? Years ago, I oversaw a Loan Funding Department, at that time there was a document titled Assignment of Rents – this was included in all sets of non owner occupied loan docs. I am not an attorney, but I wonder what the harm is of: 1) The bank using this form or a similar form with all loan documents (owner and non owner occupied loans)2) If it is taking 4-7 months to take these properties back in foreclosure, seems like it might be worthwhile to try ... -
5/30/2008 7:02 AM
Los Angeles Real Estate Blog wrote:
Anyone recall my post pertaining to: how foreclosures are affecting tenants? Years ago, I oversaw a Loan Funding Department, at that time there was a document titled Assignment of Rents – this was included in all sets of non owner occupied loan docs. I am not an attorney, but I wonder what the harm is of: 1) The bank using this form or a similar form with all loan documents (owner and non owner occupied loans)2) If it is taking 4-7 months to take these properties back in foreclosure, seems like it might be worthwhile to try ... -
5/30/2008 7:05 AM
Los Angeles Real Estate Blog wrote:
Anyone recall my post pertaining to: how foreclosures are affecting tenants? Years ago, I oversaw a Loan Funding Department, at that time there was a document titled Assignment of Rents – this was included in all sets of non owner occupied loan docs. I am not an attorney, but I wonder what the harm is of: 1) The bank using this form or a similar form with all loan documents (owner and non owner occupied loans)2) If it is taking 4-7 months to take these properties back in foreclosure, seems like it might be worthwhile to try ... -
5/30/2008 7:07 AM
Los Angeles Real Estate Blog wrote:
Anyone recall my post pertaining to: how foreclosures are affecting tenants? Years ago, I oversaw a Loan Funding Department, at that time there was a document titled Assignment of Rents – this was included in all sets of non owner occupied loan docs. I am not an attorney, but I wonder what the harm is of: 1) The bank using this form or a similar form with all loan documents (owner and non owner occupied loans)2) If it is taking 4-7 months to take these properties back in foreclosure, seems like it might be worthwhile to try ...
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