ATTORNEY GENERAL SAYS MORTGAGE SCAM TOOK 13 MILLION FROM HOMEOWNERS
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Trenton - (WBGO News 10/20/2008)

Thirty seven mortgage lenders across the state may spend time in court with Attorney General Anne Milgram. In a scheme to make money off of foreclosures, these lenders allegedly walked away with thirteen million dollars and three million in home equity.

Maybe they needed to refinance their mortgage. Or maybe the mortgage lending company found them first. But Deputy Attorney General, Megan Lewis says whether rich or poor, old or young, the scheme was convincing and it got the best of some homeowners.

But that rent never went to mortgage payments. The lenders allegedly walked away with the rent and the equity of forty eight properties. But Attorney General Anne Milgram says not every rent to own program is a scam.

Milgram says the best thing to do is make sure you have an attorney present when selling a home or signing a new mortgage.

© 10/20/2008 WBGO News