05-11-2006, 04:34 AM
True but these landowners never intended to sell the property outright. They preyed on people who had no other oppurtunity to own property. They knew from the beginning that they couldn't keep up with the payments and they would be getting the land back in the end. I heard some actively tried to evict people by nitpicking the contracts once the prices started climbing. If a regular mortgage is forclosed, the property is sold and the proceeds go to paying the note. The remainder is given back to the former owner. This was not happening in the cases I described. Also the landowner was knowingly allowing people to live on land without any sanitary facilities.
Edited by - bystander on 05/11/2006 08:36:27
Edited by - bystander on 05/11/2006 08:36:27