Maryland Resident Falls Victim To "Rescue Buy Back" Scheme

WTOP Radio reports:

• "Instead of the American dream, a growing number of homeowners are experiencing the nightmare of losing their homes. YaVonna English of Silver Spring knows that anguish all too well. After her business failed, she filed for bankruptcy. She fell victim to a buy back scheme that meant the loss of the home her parents bought in 1970. Maryland state and local officials say English is not alone."

Since 2005, foreclosure rescue operators have been subject to strict rules on how they conduct business in Maryland. The new law passed in 2005 can be found at Sections 7-301 through 7-321 of the Maryland Real Property Law (Protection of Homeowners in Foreclosure - Each section of the statute has its own link).

For more, see Hot Mortgage Deal With Really Low Rates? Watch Out.