Long Island Woman: Elderly Mom Fell Victim To Sale Leaseback Equity Stripping Scheme, Leaving Both Facing Homelessness

In Bohemia, New York, WCBS-TV Channel 2 reports:

• The new wave of mortgage rescue scam operators targets homeowners who are facing possible foreclosure. “They prey on the fact that people are feeling desperate. The goal of these foreclosure rescue scam artists is to make a quick profit from these vulnerable home owners,” Jessica Wollman with Long Island Housing Services told WCBS 880 Long Island Bureau Chief Mike Xirinachs. The organization is warning people to be on alert for scammers.
  
  Nicole Garafalo told Xirinachs that her elderly mother was a victim. “Stole the ownership of our home and put a mortgage in his name at an inflated value. He drained the equity out of the property and pocketed the money that he had promised to leave in an escrow account,” she said. “It changed our lives forever. We lost our home and we’re now facing homelessness.”

Source: Alert Sounded About Mortgage Rescue Scams On Long Island.