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Swede

(35,346 posts)
Sat Dec 7, 2024, 08:41 AM Dec 7

A company that turned homeowners into renters abruptly shuts down [View all]

Ghouls.

EasyKnock promises to help people "unlock" the equity in their homes by buying the property from them and then letting them remain in the home as a renter. This type of real estate transaction, known as a sale-leaseback, focuses on homeowners who struggle to get traditional loans due to bad credit or insufficient income.

An NPR investigation in June, citing court records obtained from lawsuits against the company, found that the deals can cost homeowners tens of thousands of dollars in equity, and that customers rarely buy back their homes as the deals allow. Some people were even evicted from homes they once owned. EasyKnock has said its deals have helped hundreds of people improve their finances.

https://www.npr.org/2024/12/06/nx-s1-5218625/sale-leaseback-rent-mortgage-easyknock

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