More Foreclosure Rescue Victims Fighting Back To Keep Their Homes

The New York Times recently ran a story on the foreclosure rescue business and featured the stories of three victims that were reportedly ripped off by foreclosure rescue operators and are fighting back to keep their homes.

One case involves a Brooklyn, New York couple did business with Home Savers Consulting Corporation, a Brooklyn company that advertised help for people facing foreclosure. The homeowners signed their home away to this company. According to the story:

• "Jessica Attie, co-director of the Foreclosure Prevention Project at South Brooklyn Legal Services and the lawyer for the [Brooklyn homeowners], said her office was overwhelmed with homeowners who had handed over their deeds to people pretending to help “save” their homes. Officials at Home Savers could not be reached; the company’s telephone has been disconnected."

A second case involves a Newark, New Jersey homeowner who responded to a flier from foreclosure rescue operator Equitable Real Estate Solutions and met with Kenneth McKinnon, an official at the company. The homeowner ultimately signed over his home to them. Essex-Newark Legal Services is handling this homeowner's case.

A third case involves a Chicago, Illinois homeowner who did business with foreclosure rescue operator RYM Technologies and Felix Daniel, the head of the company. Within four months after signing up for a program offered by RYM, the home was in foreclosure. Lea Weems, a lawyer at the Home Ownership Preservation Project at the Legal Assistance Foundation of Metropolitan Chicago, represents the Chicago homeowner and has helped her client get back the title to her home. They are also suing the lender who placed the mortgage on the house that was part of the equity stripping transaction. They are seeking to void the mortgage. A hearing in her case is scheduled for mid-July.

Reportedly, securities regulators in Utah have issued a cease and desist order against RYM Tech, and Arizona officials said a hearing was scheduled for this month in its civil suit against the company for offering securities inappropriately.

For more, see Predators Bilk Struggling Homeowners, or

Predators Bilk Struggling Homeowners (The Times Daily).

Go here to watch NY Times video - A Victim Of Equity Stripping.

Go here for other posts on foreclosure rescue operator, Home Savers Consulting.

For copy of one of the above lawsuits, see Johnson vs. Home Savers Consulting Corp., Phil Simon, et al. equitable mortgage yak