Homeowner never misses a payment, loses house at auction

August 5, 2011
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Michigan homeowner frustrated

When a Michigan family invested in an untraditional mortgage, they had no idea that after a $20,000 investment and never missing a monthly house payment would still lead to their eviction.

The family purchased their home through KMS Property Management who NBC25 says is the subject of various investigations for not paying their bills and leaving homeowners’ houses vulnerable, including this family whose home was just sold at auction for $73,000.

“From my understanding, it’s just a loss,” the homeowner told NBC25. “We are willing to work with somebody and do whatever it takes to stay in our house.”

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13 Comments

  1. For all the freedom and liberty you have in the United States, I am always amazed at the level of fraud and theft that occurs related to real estate.

    Someone ruined these people's lives and should be in jail.

    David Pylyp
    Accredited Senior Agent Toronto

  2. Sounds like some sort of land contract. Beware of "creative" financing, folks. How tragic.

  3. This just seems like outright fraud with judicial remedy certain.

  4. Seems like you should ALWAYS, ALWAYS, ALWAYS use a title company to record and close the transaction. Basically, it looks like this was equity skimming by KMS. If these buyer's weren't using a lawyer or a Realtor, they made a HUGE, HUGE error in judgment. It's tragic.

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