FLORIDA – Tenants caught in quagmire of homeowners association foreclosures
The move was part of an ongoing game of real estate keep-away. The company pays for a type of short-term ownership of the properties and quickly rents them out. It then shuffles properties between companies and uses bankruptcy court to keep banks and other creditors at bay. In the meantime, Haught and his associates could continue to collect thousands of dollars in rent each month.
RE-710, so new it didn’t have employees or furniture, “concedes to having filed this (case) for the sole purpose” of delaying foreclosure, the bankruptcy trustee wrote. He also accused the company’s management of “dishonesty, incompetence and gross mismanagement.” Read more: