Posted by JHyre in Ohio on January 10, 2003 at 07:06:13:
Flipping is not fraud. Lying to lenders or inflating appraisals is…if you’ve done neither of those things, you should be fine.
John Hyre
2nd Mtg Waiver - Posted by Jeff
Posted by Jeff on January 09, 2003 at 15:14:42:
I purchased a rehab property for 34k in 7/01, performed improvements and sold it in 10/01 for $80k. I took back a 2nd for $16k with the intent of later forgiving the debt, essentially gifting the buyer the equity. I am reading more and more about flipping and real estate fraud and am concerned that I may have unintentionally participated. Did I and if so, what should I do now?