The City of Cincinnati filed a lawsuit this week against a property investor it accused of making predatory and unconscionable land sale contracts and of owing the city hundreds-of-thousands of dollars for various unpaid fines and fees. Source: Cincinnati sues company over ‘predatory’ land sale contracts, blighted properties – WCPO Cincinnati, OH
Seller-financed home sales are “toxic transactions,” a prominent national consumer law organization said on Thursday as it released a report and called for greater federal and state oversight of the sales. Source: Law Center Calls Seller-Financed Home Sales ‘Toxic Transactions’ – The New York Times
Rent-to-own leases are similar in many ways to contracts for deeds: long-term, high-interest installment contracts that call for the resident to make monthly payments to the seller. Unlike a contract for deed — which typically lasts 30 years, at the end of a Vision contract, tenants still need to find financing to complete the deal. […]
Source: Seller-Financed Deals Are Putting Poor People in Lead-Tainted Homes – The New York Times
The Consumer Financial Protection Bureau, the nation’s top consumer watchdog, is stepping up an investigation into seller-financed home sales that target lower-income home buyers unable to get a traditional mortgage. The regulatory agency on Monday disclosed that it recently ordered two major companies that offer high-interest installment contracts called contracts for deed to comply with […]