Sounds like somone is trying to scam you.

There's a lot of scam artists out there.If you're doing REOs, you really should have more than 1 offer out at a time anyway so you don't have to worry about "this one deal".

Now the building was foreclosed on by the bank that loaned the developer money and now he is gone and can not be found.What they do is use your money to either start the project or SCAM you by coming up with all sorts of stories that why the project is not complete.

Some states have passed laws making them virtually illegal, and look at them as scams to prey on homeowners in trouble.

And no, not even the "seasoned shelf corp" scam will overcome that, lenders will look at the financials of the owners unless and until you are publicly traded with a long history of audited financial reports.

That said, I do not know if what you presented is a good thing or bad thing, scam, or solution.

One other thing, The biggest problem was not the scams that were goign on, that has always happened, it was the Zero interest loans that created a lower payment and created the idea they could afford more house, When in actuality they could not.

I've never been involved with any scams so for you to attack me like that is a bit amatueur.

Selling the two properties to your business won't help unless you refinance them in the business' name.A scam that's been occurring recently is that a homeowner goes to buy a new house, claiming the one they live in now is going to be rented.

I was also scammed by my spelling teachers..