Owner Renter Beware

The danger of Rent-to-Own:

“If you’re doubling your money off of people who are scraping by and you’re taking advantage of their vulnerability to enrich yourself, that is being predatory,” said Beryl Satter, the author of the 2009 book “Family Properties,” which chronicled the exploitation of black homeowners in Chicago.

Nearly half of Vision’s homes were bought from Fannie Mae, the government-backed mortgage firm, according to RealtyTrac.

A number of tenants and former tenants interviewed said they had hoped to buy homes from Vision either by ultimately getting a mortgage or saving cash to buy a home outright. But other tenants expressed concern they would end up losing the home.

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