Modern day Carpet baggers are taking advantage of the public in a different way. Homeowners are renting their homes to tenants, collecting the rent and not paying the mortgage.
This practice is called “Equity Skimming.” While the homeowner, who many times pass themselves off as “investors” legally own the home, they fail intheir obligation to keep the mortgage current.
Time is on the Equity Skimmers side, for only so long. Eventually the tenant will come home one day to find a “eviction notice” taped to the door. When that happens, the tenant has little choice but to move out. Seldom does the new owner (the bank) honor the lease. They want the property sold and quickly. That means you will be asked to move.
Eviction notices that are ignored are followed by the Sheriff arriving and physically having you and your possessions place at the curb. It’s not a pretty sight. continue …
About the Author
Kristal Kraft
Kristal has been helping buyers and sellers in Colorado since 1984. She enjoys sharing her knowledge of the Metro Denver Real Estate market via blogging and in person while driving around the beautiful Rocky Mountain town of Denver! For fun, Kristal enjoys shooting things with a Canon. Visit Denver Photo Blog
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