Family Loses Home Despite Never Missing a Mortgage Payment

Before you go, we thought you'd like these...
Before you go close icon
"Creative financing" claims another victim. According to Michigan's NBC25, an Ithaca family has just lost its home despite never missing a mortgage payment. The culprit: an unconventional loan that left them vulnerable despite a $20,000 investment.

When the company that sold them the home, KMS Property Management, defaulted on its end of the deal, the bank moved to foreclose. Watch the video for the full story.

For more on foreclosure and related topics, see these AOL Real Estate guides:
More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Get property tax help from our experts.
Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

Find a New Home

Powered by Zillow

From Our Partners