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Línea Directa

REPORTAR FRAUDE, DESPERDICIO O ABUSO
Date Published
Agosto 29, 2013
News Type
Press Release
Link to Original
New York State Office of the Attorney General

Five Defendants Defrauded First-Time Home Buyers And Institutional Lenders In Rent-To-Own Scam

Schneiderman: Preying On Innocent New Yorkers Who Want Nothing More Than An Opportunity To Own Their Own Home Is Repugnant

SYRACUSE - Attorney General Eric T. Schneiderman today announced the indictment of two attorneys, an appraiser and two others for their roles in a mortgage fraud ring that operated for years and netted more than $1 million by preying upon first-time home buyers and institutional lenders. The five defendants bilked consumers by advertising a rent-to-own opportunity in which first-time home buyers with low credit were offered the chance to own their own homes with no down payments and no closing costs. The accused then took out fraudulent loans against those properties, conned lenders into believing they were paying off underlying mortgages, and then pocketed the money.