Buying your house back

[Dale T.]

I have a few Short Sales in a very bad area. Well, the
whole
city is pretty much shot to hell. These properties go
for a
Very very small amount compared to he loan that was
taken
out or given by the bank. Example: 128,000 loan. New
appraised value $5,000. This is not unusual. I have not
had
one yet go over $8K yet. They are all 50K 70K 100K 120K
etc.

After i did a few of these it was interesting that they
all
had buyers. I then find out that people are buying
there
house back. By way of Friends at Church, Relatives,
Neighbors, People they work with etc.

Now after its closed, it is out of my hands. I am not
here
to police everyones activity and do background checks
and
try and find out who these buyers really are. The bank
has
them sign an Affidavit, but it is just another piece of
paper to them. THEY DO NOT CARE.

So, this is NOT illegal. There is no law on the books
that
has anything to do with this. The banks do not like it
and
are totally against this for a good reason. Hell,
Everyone
would do it at these prices. So is this illegal on any
level? This again is in a very ugly area. If I named
the
city, you would go OHHHH. Nobody will ever do anything
to
them. They just will not. It has been mentioned on this board before, And when you hear only one or two doing it, is alot different then 10 or more.

PS there is no flipping going on. It is a fee for the Short sale. Small money