Glossary Term: EQUITY SKIMMING

EQUITY SKIMMING

A scam where a “buyer” approaches a homeowner who is behind on his/her mortgage payments. The owner moves out of the property based on the promise to bring the mortgage current and give the owner money when the property is sold. After getting a deed from the homeowner, the con artist rents out the property until the foreclosure is final. Also known as milking.

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