PDA

View Full Version : Foreclosure Rescue Scam


atlfootr
07-13-2007, 07:06 PM
Just in, another scam!

Homeowners victimized by foreclosure rescue scam
by Dan Olson (http://www.tmcowners.com/tools/search/author/author_collection.php?id=50),

Minnesota Public Radio
October 22, 2003

A St. Paul real estate investor is accused by his customers of duping them into selling their homes and taking their equity. Several homeowners facing foreclosure say they were rushed through a complicated and confusing real estate deal they thought would help them save their homes.

Instead, they discovered they'd sold their house and had agreed to a lease-back deal with much higher monthly payments.
His accusers say the deals fit the pattern of a foreclosure rescue scam.
It's a little-known form of predatory lending that appears to be spreading.