“One of the biggest firms in the rent-to-own home business is now on the federal government’s do-not-sell list. Fannie Mae, the government-controlled mortgage finance giant, said on Tuesday that it had stopped selling properties to the firm, Vision Property Management, after conducting a review of the firm’s rent-to-own program, which operates in more than a […]
Activists hope to mobilize victims of predatory housing deals “This group has already canvassed neighborhoods in Pittsburgh, Akron and Youngstown, talking to people who bought homes on land contracts. They found lots of folks who had no idea they’d signed deals with predatory terms that make it difficult to ever actually own the house. “The […]
“These have been around for such a long time. We were foolish to think the practice had ended,” said Mike Gallagher, a retiree who was part of a well-known Chicago activist group that fought against contract buying in the 1960s. Our campaign’s very own Mike Gallagher was interviewed by the Bridge Magazine! Read the rest […]
In the wake of the housing crisis, low-income families have turned to seller financing to buy homes but these deals can be a money trap. Source: The Housing Trap – The New York Times
Lawmakers are pressing the nation’s housing regulator over the sale of thousands of foreclosed houses to investment firms that have pitched the promise of homeownership to people unable to get a traditional mortgage. Source: Housing Regulator Is Pushed to Crack Down on Sales of Foreclosed Properties – The New York Times
Source: Wade Rathke: Chief Organizer Blog | Founder of ACORN, Chief Organizer at ACORN International, Author of Citizen Wealth, Global Grassroots and The Battle for the 9th Ward.
Prentice and his Home Team colleagues contend they have a plan to solve one of Detroit’s biggest problems: stopping the hemorrhaging of home foreclosures from unpaid property taxes. The group wants the right to buy thousands of northwest properties before they end up in the tax auction, which it will then work to fix up […]
The new legislation would seek to address that lack of understanding by creating the Installment Sales Contract Act. Among the new protections is a requirement that a payment schedule is to be given to the buyer prior to closing, a prohibition on prepayment penalties and a requirement for a written contract with information about ballooning […]