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3rd Thursday Webinar: Home Buying Scams
May 17, 2018 @ 12:00 pm - 1:30 pm
Home Buying Scams: The Evolution of the Foreclosure Crisis
MVLS Consumer/Foreclosure Staff Attorney Ellyn Riedl will be discussing the law regarding land installment and rent-to-own contracts, as well as the surprising impact on both rent court and contract dockets in state courts. After foreclosure, banks and mortgage lenders generally look to sell their unwanted properties quickly. This creates opportunities for unscrupulous investors and landlords to buy up properties cheaply, and ensnare would-be home buyers into ‘rent-to-own’ or land installment contracts. Consumers believe they’re buying the home, but these types of contracts do not transfer title of the property to the consumer. This leads to confusion and frustration about the consumer’s rights and responsibilities, including repairs and maintenance of the property.
In addition, consumers who enter into these contracts do not have the protections that Maryland law provides for homeowners in foreclosure. These practices not only prey on uninformed home-buyers, they also contribute to the unavailability and unaffordability of rental housing.