"Are banks and distressed home sellers getting rooked on a massive scale in the booming short-sale arena — leaving hundreds of millions of dollars on the table for white-collar criminals?
A comprehensive new study estimates they will lose more than $375 million this year alone when they sell undervalued houses to tag teams consisting of real-estate agents and investors. Worse yet, the trend appears to be growing at the rate of 25 percent a year.
CoreLogic, a large real-estate and mortgage-data research firm headquartered in Santa Ana, Calif., studied 450,000 short-sale transactions across the country during the past two years, and offered these real-life examples of how lenders are losing big bucks"..........Read the rest here
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