84 Year Old New Jersey Woman Among Those Targeted In Alleged Equity Stripping, Sale Leaseback Scam

In Bayonne, New Jersey, The Jersey Journal reports:

• An 84-year-old Bayonne woman is among the victims of two Union City companies that promised to help homeowners facing foreclosure save their homes, officials say. But instead of saving people's homes, the companies purchased the houses at deep discounts, saddled the owners-turned-tenants with even bigger monthly payments, and in a number of cases, including that of the Bayonne woman, evicted the previous owners, officials say.(1)

• "The unifying thread among these cases is that the defendants not only stole people's money, they stole their hope," said state Attorney General Ann Milgram last week in announcing the lawsuit, filed in Hudson County Superior Court, that details at least four cases.

For more, see STATE A.G. SAYS LOAN CREEPS STOLE HOMES (Lawsuit targets alleged mortgage swindle).

For the lawsuit, see Milgram v. Property Solutions of NJ Inc., et al.

(1) According to the lawsuit, the defendants offered to help save the victim's home by paying the balance of the homeowner's delinquent mortgage and then entering into a sale leaseback agreement with the victim, officials said. But the monthly lease payments were often far higher than the mortgage payments the homeowner couldn't make in the first place and they were typically required to buy the home back within 90 days at a far higher price than the defendants' paid, officials said. Named as defendants in the lawsuit are Property Solutions of N.J, Inc. and PSRE Holding Company, LLC, both of Union City. Also named are individual defendants Edward Toledo, the president of Property Solutions and a member of PSRE, Leon Toledo, the vice-president of Property Solutions, and Raymond Vega, the company treasurer and a member of PSRE. foreclosure rescue