Use Of Lease Option Arrangement As Exit Strategy For Overextended Landlords Looking To Stiff Mortgage Lender & Pocket Some Walking Away Cash Continues

In Washoe County, Nevada, KOLO-TV Channel 8 reports:

• A Sparks couple is just a step away from being homeless, after they say they were "ripped off" by their landlord. Shanna Mayer and Clinton Conroy leased a home in hopes of buying it ... but it turns out, the bank was already a step ahead.

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• Mayer and Conroy moved their family to Sparks in June. When they signed a lease, with an option to buy contract on a Wingfield Springs home, they thought the deal was too good to be true. "Then we came back here and signed a lease agreement and everything. He shook our hands and said 'congratulations on the purchase of your new home," said Mayer.

• But nearly $15,000 dollars later in down payment fees and rent, Mayer says she received a foreclosure notice on the doorstep of her dream house. That's when she confronted the homeowner.

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• When [KOLO-TV Channel 8] looked up Mayer's home, it turns out, the seller is headed to foreclosure on Mayer's home, plus 16 other properties he owns in the Reno-Sparks area.

For more, see Sparks Couple is "Ripped Off" By Landlord.

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