TRENTON, N.J. (AP) - October 21, 2008
She announced lawsuits yesterday against 37 mortgage loan
providers and employees who allegedly used bogus "foreclosure
rescue" schemes. She says they scam people by convincing
cash-strapped homeowners to sign over their homes and promise them
they can remain as renters until they get back on their feet
financially.
They often end up taking people's money and forcing the homes
into foreclosure instead.
The defendants are charged with consumer fraud and civil
racketeering.
The two complaints allege the defendants victimized 48
homeowners in 14 counties.
Milgram says New Jersey's 34,457 foreclosures last year
represent a 50 percent increase over 2006 and a 90 percent increase
over 2005.
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