CROWN HEIGHTS - The Crown Heights North Association is warning home buyers to be on the lookout for predatory lenders.
Willie Mae Frierson found herself a victim of predatory lending. A home she was buying is now facing foreclosure. Frierson says an agent at Kensington Realty told her to fire her lawyer and hire the agency?s lawyer. Now, Frierson say almost 90 percent of her down payment on the house is gone. She claims the papers on the house state she only put down $5,000 on the home, when she really put down $57,000. Richard Bruce from the Brooklyn District Attorney's office says, ?Scammers are experts in the field and know all the ins and outs of the transaction where the affected homeowner or prospective homeowner does not.?
Senator Charles Schumer (D-NY) says by the end of next year they are expecting over 6,000 Brooklyn homeowners to be in foreclosure. The Crown Heights North Association hopes predatory lending stops so those 6,000 people can keep their homes.
Related Information U.S. Department of Housing and Urban Development