Questions to ask, tips to follow, and pitfalls to avoidIf you’d like to become a homeowner but are unable to obtain a mortgage or pay cash for a home, you’re probably going to have to decide whether or not a land contract is right for you. Land contract buyers have different rights and responsibilities than […]
“Government scrutiny of Harbor Portfolio Advisors of Dallas has contributed more baggage to weigh down a would-be sale of Arkansas’ smallest bank. Two of the three prospective buyers of an 87.3 percent stake in Community State Bank of Bradley (Lafayette County) are affiliated with Harbor Portfolio Advisors: Chad Vose, president of the company, and Farzana […]
The Home Savers Campaign is delighted to hear the investigative report that Reveal has done on land contract sales in Detroit with our Organizing Committee member Stevenna Dobson and the podcast’s deeper look into Trump’s friend and advisor Tom Barrack and his investment into the foreclosure crisis. “Michigan Radio’s Sarah Hulett brings listeners to ground […]
“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