Foreclosures real "victims"

My neighbor, the "Reverend Hall" lost his house in a No-Money-Down real estate scheme.
However as he moved out, he "rented-to-own" to an unsuspecting couple who gave him a big cash downpayment. They were then evicted by the bank who actually owned it.
It has been empty for a year now.

I've heard of several people who thought they had a rent-to-own agreement who eventually were evicted when the home's owners were foreclosed on.

Today's Tulsa World:
LINK

Flores thought she had a rent-to-own agreement, saying she gave the landlord a $3,000 down payment.
In desperation, she sent a $1,000 check directly to SpiritBank, which carried the loan and is the plaintiff.
SpiritBank officials say the check has not been cashed or applied to any account. The bank's business relationship was with the Oakley Group.

Flores' home is among 47 properties owned by the Oakley Group Inc. that are subject to sheriff's sales.

The couple (the Oakley Group Inc.) own a 10,000-square-foot house valued at $2.8 million in a gated south Tulsa community, according to Tulsa County land records. They also own a $2.4 million house in Braselton, Ga. The Walshes filed for bankruptcy in Georgia last year and listed the Tulsa rentals as valued at $3.2 million, with an income of about $250,000 last year from the rental houses.

Flores is among hundreds of renters being evicted from homes because their landlords are in foreclosure on their properties. A Tulsa World analysis indicates that nearly half the properties sold at sheriff's sales during the last two years were owned by people not living in those homes.

RD A desperate growing problem. Trusting folks being thrown to the wolves, the street. Dont people have a conscience anymore? Best to you.

I talked to the renters who lived down the street. I believe they would have been happy to stay there and "rent-to-own" from the bank, just as Ms. Flores said in the story above. Why would these banks prefer the homes to sit empty, subject to vandalism, rather than allowing these renters to remain and pay rent? Oh well, what bank needs another $1,000 a month times a thousand?

The funny thing is, I know that a lot of folks would consider themselves justified in taking every fixture with them. About the only sector of the market "dumber" than banks are the home builders, but the home builders don't pretend to be smart. Bankers do. M