Saturday, December 11, 2010

Civil Judgment of $450,000 for alleged... | Gather

Civil Judgment of $450,000 for alleged... | Gather:
"The alleged scheme is not unknown as the home foreclosure mortgage business has been intensely scrutinized. The transferring a property in foreclosure process to someone else for a low, low price, with the condition that the homeowner rent it with an option to buy clause is a no win situation. More often than not, the homeowner will miss one rental payment and then the house is no longer eligible for buy back.

The alleged charges state that Lts. Mark Tallman and Lee Brent Shaw did the acts while off-duty. They started their sale-leaseback business in 2003. According to the newspaper both Tallman and Brent are on administrative leave from the police department.

The civil judgment gave fines of 450,000 which amount to roughly 65,000 to 70,000 per year or about 23,000 per homeowner. One wonders if the fine is set high enough."

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