Burglary? Investors seize houses before they officially own them

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Burglary? Investors seize houses before they officially own them

Burglary? Investors seize houses before they officially own them

The banks have been doing it well before this.

Colorado Business Journal-

As real estate investment heats up and the El Paso County Public Trustee’s foreclosure auctions overflow with anxious bidders, ethics have become a bigger issue.

Those closest to the action say there are regular stories of investors breaking into houses to check them out before the sale, trashing houses after lien holders redeem them, banks sending eviction notices on properties they don’t own yet, and investors going into homes to start remodeling them before they have the title.

That last scenario is actually getting out of hand, said Public Trustee Tom Mowle.

“We’ve had a rash lately of what I would characterize as burglaries,” Mowle said. “We’ve had a couple cases lately where people have bought property at sale and immediately go to the house, lock people out and take their stuff.”

[COLORADO BUSINESS JOURNAL]

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