Added: May 16, 2007

From: john67elco

Duration: 7:6

Isnt everything the last 5 years seem to be about some big money real estate scam? Here is an A&E "Flip This House" scam that was shown to viewers. Part 2 of this story is located HERE http://www.youtube.com/watch?v=zM8pXjLyGtE

Channel: News

Tags: bubble  crash  estate  foreclosure  housing  real  subprime 


Rating: 4.82 (78 ratings)    Views: 62354' favoriteCount='121    Comments: 25

Mustangman58 Says:

Feb 4, 2008 - MOST banks off a pick-up plan. Where you take there loan. Re-start the payments from the time the previous owners left off. You don't pay any off the interest that was on the house. You pay the closing costs, realtor fees, and all other costs, and you still have a dam nice house.

pharmacyiii Says:

Feb 4, 2008 - Why would anyone want to do that, Mustangman58? I would only purchase a home if I could sell it at the market price the next day. To make some money.

pharmacyiii Says:

Feb 4, 2008 - Why would anyone want to do that, Mustangman58? I would only purchase a home if I could sell it at the market price the next day. To make some money.

lawbeat3 Says:

Feb 5, 2008 - It's too bad the American people are so ignorant about how money works in relation to law. People are losing their homes all over the place due to simple ignorance of how the process of foreclosure is manipulated against them. I know over 15 people who saved their homes in court just by taking the time to study and learn the law...seems saving a home would be worth THAT much, right? Sad state we live in when people are willing to give up their homes just because they choose to remain ignorant.

TinkerBebe Says:

Feb 23, 2008 - This man is a con artist. He knows how to play people out of their own hard earned cash. The law is kind to people like Leccima because they make big money off of them in the end from all the tax paperwork and back loans (if any were involved). The people he scammed can try to get their money back, but in reality it's not likely to happen.

sweeeedishfish Says:

Mar 16, 2008 - Banks are not allowed to make a profit off of foreclosures. Though, they are not required to sell for the amount that was defaulted on. They could sell the house you're talking about for $200,000 etc, but they would have to give any profit back to the borrower who defaulted. They would be giving that person back some of their equity that they had built up.

sweeeedishfish Says:

Mar 16, 2008 - If you took over someone's loan you could still turn around and sell the house the next day. It's just one way to finance the property. However, I wouldn't say that "most" banks give you that option... that sounds like something you would do pre-foreclosure, where all parties agree to it. After the house becomes banked owned, the previous owner and their looan is out of the picture. After foreclosure, I think typically banks want you to come up with your own financing/pay cash.

XL4U Says:

Mar 18, 2008 - Nigerian scammer

sfcub69 Says:

Mar 26, 2008 - well said, lawbeat.

persistentcom Says:

Apr 1, 2008 - We have been scammed many times, especially with internet based transactions. If this ever happens to you contact a lawyer immediately and get free legal advice from websites like The Attorneys Forum.

rickker20 Says:

Apr 21, 2008 - This what happens when you hire some one that is a realtor then a builder. You need a license Builder.

americanplanninginc Says:

May 6, 2008 - I LOVE THIS VIDEO.ARTHUR ROBINSON

ricklickme Says:

May 17, 2008 - This is too bad, especially since Angie has a great rack!!

CreditSecretsBible Says:

Jul 4, 2008 - Very good. We believe many MANY banks do NOT work with homeowners because it is simply NOT in their best interest. These days anytime you have a bank, you usually have an insurance company right next to it. There is a reason WHY banks take back properties and then sell them to OTHER PEOPLE for as much as 40% LESS than what was owed by the mortgage holder in trouble... when, they could have just knocked 25% off the homeowners loan and avoided taking hte house back. Go research it...

christophgerald Says:

Jul 17, 2008 - Typical

botaduck Says:

Jul 21, 2008 - scum

300palms Says:

Sep 14, 2008 - Just goes to show you what is labeled as reality TV is definitely just the opposite. Why people continue to watch this brain dead level of programming is beyond me!

netshops2004 Says:

Sep 26, 2008 - no couple bought it but the place got fixed I would say the owns made out ok...

SyphonFilter25 Says:

Oct 4, 2008 - I remember watching this episode a while back... They really know how to scam.

TREBLINKA007 Says:

Oct 7, 2008 - Armando Montelongo should be next.

joeboxer80 Says:

Oct 16, 2008 - stupid incompetent ape

atlanticl Says:

Oct 17, 2008 - not stupid...but VERY DECEPTIVE

kookiemoose Says:

Oct 18, 2008 - figures

mouelafrica2 Says:

Oct 31, 2008 - nice reporting

thismoviesucks2008 Says:

Nov 21, 2008 - And assholes like him brought this economy to it's knees!