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Foreclosure Rescue Scam

Washington, DC: (Jan-21-08) Walter Malone, one of five DC residents who filed suit against Washington businessman Vincent Abell, alleged that he lost money on his mortgage as a result of a foreclosure rescue scam. The suit, filed mostly by elderly plaintiffs accused Abell of tricking them into signing away their homes for loans to cover missed mortgage payments. The suit stated that the monthly loan payments were so high; many plaintiffs fell behind and lost options to buy back their homes.

As part of a settlement reached, sources close to the case stated that though Abell and his associates have admitted no wrongdoing, they agreed to settle with the five to avoid the cost and risks of litigation. Under the settlement agreement, Malone received the title to his house and $120,000 in cash, ending the three-year legal battle. [EXAMINER: FORECLOSURE SCAM]

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Last updated on Jan-23-08