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09/22/10

DC Attorney General Files Action against Loan Scammer

 

A recent press release form the District of Columbia Office of the Attorney General announced a Superior Court enforcement action against Vincent L. Abel, charging him with violating consumer protection law after scamming homeowners in DC.  The complaint reports that Abel misled distressed homeowners into believing he was offering them loans that would save their homes from foreclosure.

Instead of providing foreclosure relief, Abel had homeowners sign over the titles to their homes. Once the documents were signed, the former homeowners became Abel’s tenants. These transactions also allowed Abel to obtain the equity from the homes at a fraction of the actual value. According to the Attorney General’s office the homeowners affected by Abel’s practices have typically been financially unsophisticated and desperate to save their homes from foreclosure.

 To learn more, please read the District of Columbia Office of Attorney General Press Release “Attorney General’s Office Files Action Against Foreclosure Rescue Scam”