Family Victimized By Metropolitan Money Store Loses Home, Awaits Eviction

The Washington Post reports on the story of a Prince George's County, Maryland family who recently lost their home to a bank in a foreclsoure sale as a result of an alleged refinancing scam involving now-defunct foreclosure rescue operator Metropolitan Money Store. Reportedly, the homeowners weren't even in foreclosure when they went to the company to refinance their home to pay some debts and pay for some home repairs after seeing a spot on the Black Entertainment cable television station. According to the story:

• The couple said they didn't realize that they were signing over the deed of their home to the investor. Nor did they know they were signing away more than $100,000 in equity. The straw buyer hasn't made any mortgage payments on the [couple's] house, they said.

• And now, said the [couple's] attorney, Phillip Robinson, the house has been foreclosed on and was recently sold to a bank at auction. "They could be kicked out any day," Robinson said. "We've asked the judge to hold off until this other case [the class-action suit] is handled." Robinson said he has been working on a case-by-case basis to keep his clients from being evicted. He has asked Maryland's attorney general to order that no one involved in the lawsuit be evicted while the case is pending.

For more, see Trying to Hold Onto Home (Metropolitan Money Store Put Their House at Risk, Md. Couple Say).

Go here for other posts on Metropolitan Money Store.

For more on equity stripping scams, generally,see DREAMS FORECLOSED: The Rampant Theft of Americans' Homes Through Equity-stripping Foreclosure 'Rescue' Scams (4.61 MB approx.). joy jackson