It has been all over news about the high foreclosure and bank repossessed houses. In the state I live houses are "For Sale" everywhere and very cheap. There is a problem here that I have not seen anything being done about. There are people that buy a bunch of houses super super cheap, like $5000 or $11,000 and maybe a little more. So they fix up the houses enough to resell them. Then they will have a Spanish speaking real estate agent show theese homes to no English speaking illegal immigrants. Of course their dream is to own a home in the U.S. Since they don't have a social security number they can't get a loan from any bank. Oh but wait, theese scammers offer a perfect solution. It is called a land contract. Meaning you put say 10,000 down and pay out the rest in monthly payments. But if you miss a payment, they kick you out and take the home back to resell it.
So if theeese scammers bought a house for 11,000 and spent 12,000 to fix it, they're in 23,000. They sell the house for 45,000. An illegal immigrant puts down 15,000 and makes monthly payments on the remaining balance. This is what pisses me off. After say about a year of making monthly payments, Immigration shows up at their house or at their job and deports them. So the house gets taken away and another Illegal immigrant gets the house and puts another maybe 10,000 down and makes monthly payments until he gets deported a few months later and so on and so on. It has been suspected that the seller of the home is the one calling immigration on his buyers. So him and the real estate agent are making lots of money on their houses. Think about it, a down payment and a commission every time. This is for many homes. It makes me so sick!!