Friday, Jun 12, 2009
5 questioned in what could be the biggest property fraud the country has ever seen
Icnetwork: Five arrested in alleged mortgage fraud probe
5 People have been questioned in connection with what could be the biggest property fraud the country has ever seen. Detectives investigating the dealings of North East Property Buyers and Newcastle Home Loans, yesterday arrested three women and two men, from addresses in Newcastle and Washington.It is alleged that the two Gateshead-based property firms, which offer people suffering from financial difficulties the chance to stay in their own homes by buying the properties and then renting them back to their former owners, defaulted on mortgages secured on the properties. And many of the tenants living in some of the 2,000 homes in the companies’ portfolio have already been evicted after mortgage lenders repossessed homes in an attempt to claw back the money they are allegedly owed.
1 Comment
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1. peter_2008 said...
So that's 2000 repossession just between two but-to-rent-back companies.
And there are over 1,000 registered these companies? And there more un-registered?
I recokon there are at least 20,000 - 30,000 repossession have been hidden so far in this way from the stats. They will show up very soon.