Video by: john67elco
Video Description:
Isnt everything the last 5 years seem to be about some big money real estate scam? Here is an A &E "Flip This House" scam that was shown to viewers.
Part 2 of this story is located HERE http://www.youtube.com/watch?v=zM8pXjLyGtE

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Tags: bubble crash estate foreclosure housing real subprime  a & e flip my foreclosure scam part 1 See more videos uploaded by john67elco

Comments for this video on YouTube

Why would anyone ... ( 9 months ago by pharmacyiii)

Why would anyone want to do that, Mustangman58? I would only purchase a home if I could sell it at the market price the next day. To make some money.

Why would anyone ... ( 9 months ago by pharmacyiii)

Why would anyone want to do that, Mustangman58? I would only purchase a home if I could sell it at the market price the next day. To make some money.

It's too bad the ... ( 9 months ago by lawbeat3)

It's too bad the American people are so ignorant about how money works in relation to law. People are losing their homes all over the place due to simple ignorance of how the process of foreclosure is manipulated against them. I know over 15 people who saved their homes in court just by taking the time to study and learn the law...seems saving a home would be worth THAT much, right? Sad state we live in when people are willing to give up their homes just because they choose to remain ignorant.

This man is a con ... ( 9 months ago by TinkerBebe)

This man is a con artist. He knows how to play people out of their own hard earned cash. The law is kind to people like Leccima because they make big money off of them in the end from all the tax paperwork and back loans (if any were involved). The people he scammed can try to get their money back, but in reality it's not likely to happen.

Banks are not ... ( 8 months ago by sweeeedishfish)

Banks are not allowed to make a profit off of foreclosures. Though, they are not required to sell for the amount that was defaulted on. They could sell the house you're talking about for $200,000 etc, but they would have to give any profit back to the borrower who defaulted. They would be giving that person back some of their equity that they had built up.

If you took over ... ( 8 months ago by sweeeedishfish)

If you took over someone's loan you could still turn around and sell the house the next day. It's just one way to finance the property. However, I wouldn't say that "most" banks give you that option... that sounds like something you would do pre-foreclosure, where all parties agree to it. After the house becomes banked owned, the previous owner and their looan is out of the picture. After foreclosure, I think typically banks want you to come up with your own financing/pay cash.

Nigerian scammer ( 8 months ago by XL4U)

Nigerian scammer

well said, lawbeat. ( 8 months ago by sfcub69)

well said, lawbeat.

We have been ... ( 8 months ago by persistentcom)

We have been scammed many times, especially with internet based transactions. If this ever happens to you contact a lawyer immediately and get free legal advice from websites like The Attorneys Forum.

This what happens ... ( 7 months ago by rickker20)

This what happens when you hire some one that is a realtor then a builder. You need a license Builder.

I LOVE THIS ... ( 6 months ago by americanplanninginc)

I LOVE THIS VIDEO.ARTHUR ROBINSON

This is too bad, ... ( 6 months ago by ricklickme)

This is too bad, especially since Angie has a great rack!!

Very good. We ... ( 4 months ago by CreditSecretsBible)

Very good. We believe many MANY banks do NOT work with homeowners because it is simply NOT in their best interest. These days anytime you have a bank, you usually have an insurance company right next to it. There is a reason WHY banks take back properties and then sell them to OTHER PEOPLE for as much as 40% LESS than what was owed by the mortgage holder in trouble... when, they could have just knocked 25% off the homeowners loan and avoided taking hte house back. Go research it...

Typical ( 4 months ago by christophgerald)

Typical

scum ( 4 months ago by botaduck)

scum

Just goes to show ... ( 2 months ago by 300palms)

Just goes to show you what is labeled as reality TV is definitely just the opposite. Why people continue to watch this brain dead level of programming is beyond me!

no couple bought it ... ( 2 months ago by netshops2004)

no couple bought it but the place got fixed I would say the owns made out ok...

I remember watching ... ( 1 month ago by SyphonFilter25)

I remember watching this episode a while back... They really know how to scam.

Armando Montelongo ... ( 1 month ago by TREBLINKA007)

Armando Montelongo should be next.

stupid incompetent ... ( 1 month ago by joeboxer80)

stupid incompetent ape

not stupid...but ... ( 1 month ago by atlanticl)

not stupid...but VERY DECEPTIVE

figures ( 1 month ago by kookiemoose)

figures

nice reporting ( 1 month ago by mouelafrica2)

nice reporting

so what,....where ... ( 1 week ago by beetlekill123)

so what,....where was the owner when work was going on? Even if I won, I would not go on vacation. I would be right there watching shit. What the hell hapened to common sense. It's not Extreme Home Makeover for goodness sake. Common all...to complain about something for free is so stupid.