Letting your home foreclose and then rebuying under another name?

[mrslunar]

What is the name of your state (only U.S. law)? CA

Does anyone know if it's legal to buy a house, let it foreclose, and then buy it under a different name when it goes up for auction?

 

[Antigone*]

What is the name of your state (only U.S. law)? CA

Does anyone know if it's legal to buy a house, let it foreclose, and then buy it under a different name when it goes up for auction?

That is fraudulent and lenders are finally catching on to that scam so if I were you I wouldn't even go there.

 

[publius]

What is the name of your state (only U.S. law)? CA

Does anyone know if it's legal to buy a house, let it foreclose, and then buy it under a different name when it goes up for auction?

What do you mean by "under a different name"? You should be able to buy it under your own name at a foreclosure auction, but foreclosure auctions are normally cash sales.

 

[mrslunar]

What do you mean by "under a different name"? You should be able to buy it under your own name at a foreclosure auction, but foreclosure auctions are normally cash sales.

Our former landlord we have discovered has been buying homes under different names. For example, she bought the house we lived in under a relatives name, let it foreclose, and then repurchased it for cheaper under her LLC company name. Another home in our area she bought under a different relatives name, let it foreclose, and then repurchased under one of the names of the names listed as a board member of her LLC.

 

[HomeGuru]

Our former landlord we have discovered has been buying homes under different names. For example, she bought the house we lived in under a relatives name, let it foreclose, and then repurchased it for cheaper under her LLC company name. Another home in our area she bought under a different relatives name, let it foreclose, and then repurchased under one of the names of the names listed as a board member of her LLC.

**A: yes that is legal. Are these buyers paying cash? If not someone (individuals) have to personally guaranty the loans unless purchase is via alternative financing methods.
It is not legal if these people are mere "straw buyers" for her.