I'm a former mortgage broker so I know the business pretty well.
Yes, sometimes these things are scams. Sometimes they aren't. But to accuse people of "stealing" homes because they pay a fraction of the value is dishonest itself. What is a home "worth"?? It is worth what someone will pay for it. In the case of a distressed homeowner, it is worth what someone will pay for it *today.* It has to be today because they have no tomorrow. Tomorrow the bank is going to get it and between their fees and everything else the homeowner will still end up with nothing. Plus he will have a foreclosure on his record.
Always, read the fine print and if you dont understand it, ask someone you trust who does. Not Uncle Bubba. Not your neighbor who just bought a house 15 years ago. Someone very familiar with real estate whom you know and trust.
