Long Island Woman Gets "Sunk" By Rescuer's Tax Lien

On Long Island, New York, Newsday reports of a Rocky Point woman facing foreclosure who went to mortgage broker, Michael Clinco, for help with refinancing her home. At the purported loan closing, the broker reportedly told the woman that the deed and mortgage would have to be put in his name alone. She proceeded with the closing because Clinco reportedly told her that otherwise her house would go up for auction. Unbeknownst to the homeowner, the IRS had a $70,000 tax lien against the broker, which automatically attached to the woman's home equity immediately upon completion of the loan closing. For more, see Careful a 'rescue' doesn't sink you.
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