Beware...
Posted by Angela on September 13, 2003 at 13:31:37:
In Reply to: Any companies that do sale/leaseback to save homes posted by Dave on August 20, 2003 at 09:15:38:
Here in MN there have been a lot of problems with structuring a transaction this way - it is better to sell the property outright. Just a word of caution if you enter into this kind of agreement with an investor; remember, their goal is to get the property, not help you out!
There are a couple BIG cases going there about this (see below). Just be cautious.
http://www.startribune.com/stories/468/4081727.htmlhttp://www.ag.state.mn.us/consumer/PDF/HFC_COMPLAINT.pdfhttp://www.ag.state.mn.us/consumer/housing/HomeEquityStripping/HomeEquityStripping.htm
