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From Foreclosure to the Cleaners: Indebted Homeowners Say 'Rescue' Services Bilked Them

Date: December 25, 2004
Author: Sandra Fleishman
QUOTE: ...house-rich but cash-poor homeowners desperate to stave off foreclosure end up losing ownership to those who promise to save them.

ABSTRACT: Homeowners desperate to avoid foreclosure on their homes are falling victim to fraud; companies offer to help them avoid foreclosure with loans, but the "loan" paperwork is actually a sale document that sells the home to the loan company at below-market rates.

--- Dan Doernberg

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