New York Times On Foreclosure Rescue / Equity Stripping

The New York Times has recently posted a video on the story of a Chicago homeowner who was victimized in a foreclosure rescue, equity stripping transaction by Birmingham, Michigan-based foreclosure rescue operator RYM Technology Holdings and owner Felix Daniel.

Lea Weems, a lawyer at the Home Ownership Preservation Project at the Legal Assistance Foundation of Metropolitan Chicago, represents the Chicago homeowner and reportedly has helped her client get the title to her house back. As far as the lender who provided the mortgage in the equity stripping transaction is concerned, the victimized homeowner is currently suing them to declare the mortgage void because of the fraud involved when she signed away the title to her home. A hearing in her case is scheduled for mid-July.

For more, watch A Victim Of Equity Stripping (By New York Times reporters Gretchen Morgenson and Rob Harris).