Two NYC Homeowners Regret Doing Business With Foreclosure Rescue Operators

The New York Daily News recently ran a story on two New York City homeowners in the borough of Queens who expressed their regrets for falling for "rescue" arrangements that were purported to "save their home" from foreclosure. Excerpts from the story:

• The Rodriguez family slammed the door on many shady firms that came by after their foreclosure was made public, but representatives from a company called Real Financial Solutions made them reconsider. "They looked so innocent. They were real, churchgoing people, she said. "I told my husband, 'These people are the real deal.' I really fell for them."

• The same was true for C.C., 41, who lost her Cambria Heights home when she tried to refinance with a now-defunct company called Action Funding. "They make you feel like they're your friends," she said. "You'd call them to just say, 'How are you doing?' or 'You want to come to my Thanksgiving dinner?' You feel real at home and safe."

• A state law enacted in February called the Home Equity Theft Prevention Act hopes to decrease the number of new victims by requiring more disclosure. But it can't help those already in trouble.

For more, see Foreclosure 'rescuer' is your best pal - and then he cons you out of home.

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.).