Beware of Mortgage Rescue Firms

Posted by: Peter Coy on May 18, 2006

People who fall behind on their mortgages can fall prey to “rescue” firms that take over their houses and then eventually evict them. Here’s a heartbreaking story on the topic from the St. Petersburg Times. Thanks to blogger David Porter of Pacesetter Mortgage for pointing it out.

Reader Comments

Wes

May 18, 2006 12:02 PM

I read this article in the Times on Sunday. It's sad when desperation sets in and emphasizes the need to read documents carefully.

Maybe you should do a post on the guy that in 2002 bought underwater lots in Tampa Bay from tax auctions and then forced homeowners to pay gobs of money or have access to their docks restricted. Another story of the property boom.

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About

BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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