South Florida Homeowner Caught Up With Foreclosure Rescue Operator

WFOR-TV Channel 4 in South Florida reports on the story of another homeowner who reportedly signed over her property for a fraction of the equity she had in the home. According to the story:

• "She told CBS4 consumer reporter Al Sunshine without realizing it, she sold them her home for just $10-thousand in cash - even though she had several hundred thousand dollars in equity after years of payments.“He took out all of equity from my house, approximately $240,000,” said Maddox. "They charged me $45,000 in closing costs and they also took out the additional equity that was in my home, which was an extra $100,000.”Maddox, a mother of two, said with nowhere else to turn, she contacted Broward Legal Aid for help. Attorney George Castratoro says he sees a case like Maddox’s at least once a day."

Go here to watch the Channel 4 story - Part 1, and here for Part 2.

To read the online reports, see:

• Foreclosure Scams Skyrocketing Across S. Fla.
• Mortgage Scams More Rampant Than Ever In Fla.

For criminal prosecutors, see Foreclosure Rescue - For Criminal Prosecutors Only.