Built to fail, land installment agreements exploit low-income homeowners that are would-be particularly in communities of color, draining them of resources and frequently making them homeless. Legislation can alter that.
Land installment contracts aren’t brand brand brand new, however they are historically predatory. In these house purchase deals, also called agreements for deed, the client makes repayments right to owner over a length of timeвЂ”often 30 yearsвЂ”and the vendor guarantees to share appropriate name towards the house only once the total cost happens to be compensated. Continue reading “Land Installment Contracts: The Most Recent Wave of Predatory Residence Lending Threatening Communities of Colors”