A disabled Veteran and his wife, along with their four children, lived in a house they could no longer afford. So the house went into forclosure. Bummer.
Kayden Kross knows a morgage broker, who in April of 2006 tells her of a family that needs help and would she like to do a foreclosure bailout on the house to both buy property and help out a family in need? Kayden says yes.
So now Kayden owns the house, and the family pays her rent. Everyone is happy.
Meanwhile, Kayden buys another house the same way, and takes a $30,000 loan on each house’s equity (at 125% interest) plus another $35,000 each to go into escrow accounts. In total, Kayden borrowed $130,000 against her new houses.
Then she vanished into thin air. The morgage payments on the houses stopped being paid, and the family was kicked out.
Meanwhile, Kayden went and sold the titles for the two houses for $10,000 a piece.
She now had $150,000 that didn’t really belong to her.
That’s where her trouble started.