Indebted Owners Sign Over House Titles to 'Rescue Service'
| | Sunday, December 26, 2004 @ 08:41 AM EST
|  Printer Friendly Page
 Send this Story to a Friend |
Contributed by: Steve Gordon
Steve Gordon Properties
Read more archived articles about Foreclosures
By Sandra Fleishman
Washington Post Staff Writer
Saturday, December 25, 2004; Page A01
When Idriis Bilaal, 77, got a foreclosure notice about a year ago, all he could think about was how he could save the home where he had been born, a run-down red-brick rowhouse in Northeast Washington.
After a series of sleepless nights and failed attempts to find money, Bilaal accepted an offer from one of a host of "foreclosure rescue specialists" who had called or left fliers and business cards as soon as the notice of foreclosure was published.
He signed some papers provided by an ex-con and retired minister named Calvin N. Baltimore -- without wearing his reading glasses, he says.
Soon after, to his horror, Bilaal says, he realized this wasn't a loan -- he had in fact signed away the title to his 100-year-old house to Washington
businessman Vincent L. Abell, who was convicted years ago for his role in a huge real estate fraud in the 1980s.
The house recently was appraised for $255,000, but Bilaal received less than $20,000, according to his lawyers -- the $7,000 that he had fallen behind on his mortgage, plus $10,000 cash. But Abell's company did not agree to pay off or assume Bilaal's mortgage, so Bilaal remains responsible for those $714-a-month payments. On top of that, he began making rent payments of $500 a month to Abell's company.
Read The Rest Here
Word Cloud:
glasses, abell's 1980s. lawyers money, "foreclosure than sleepless that, $500 could been 100-year-old $7,000 where rent />
washington says. abell, home minister />
saturday, assume href="http://www.washingtonpost.com/wp-dyn/articles/a24919-2004dec24.html">read />
when attempts 'rescue find ago, over less sandra responsible />
he writer month rest titles year years behind this according cash. think ex-con says, $20,000, washington. company. born, />
the offer plus horror, failed rescue title cards realized soon payments called />
after series wasn't signed published. service' idriis $714-a-month businessman those foreclosure after, post accepted house provided retired role vincent convicted making reading host named notice appraised real received run-down page company estate $10,000 december papers loan washington specialists" />
soon began some fallen indebted northeast fact save $255,000, calvin payments. owners without nights baltimore bilaal wearing fliers fraud agree about away business here sign mortgage, red-brick 2004; staff huge remains fleishman bilaal, rowhouse bilaal's recently left
|
|
| |
Average Score: 4
Votes: 4
|
|
