With 55% of Plainfield's 2005 home sales closed with subprime mortgages -- many of which are due to reset this year -- a new danger has surfaced.
Unscrupulous firms offering to help those in trouble with their mortgages with promises of cash upfront or free monthly 'rent' while being able to stay in their homes front for third parties who strip the homes of their equity and leave the homeowners facing sure foreclosure and eviction.
The technique is detailed by the NY Times. Read more...
NY Times: "New Scheme Preys on Desperate Homeowners"
-- Dan Damon
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