Broadies Byas knew the foreclosure rescue deal was too good to be true, but desperation made her sign the papers anyway.
After falling ill, the 50-year-old Bedford Stuyvesant resident couldn’t repay $30,000 on a high-interest-rate home equity loan, and had received a notice of foreclosure for the brownstone where she was born and raised.
In a panic, she decided to give an official-sounding company called Homeowners Assistance Services of New York a try in spring 2014. Byas says Homeowners Assistance Services gave her a check for $50,000, but not the new mortgage she expected.
Byas knew something wasn’t right, and she didn’t cash the check. A few weeks later, she learned she’d turned over ownership of the home, currently listed on Zillow at $1.9 million, to alleged con artists who threatened to put her family out on the street.
Her voice at times choked with emotion, Byas spoke to reporters at a mortgage scam and foreclosure prevention workshop last week at Brooklyn’s Borough Hall that drew 90 people.
When you’re away from your neighborhood bank in New York City and need cash, you’re going to have to dig deep.
That’s according to a new survey, which says the New York City metro-area bank customers are paying the second-highest out-of-network ATM fees in the nation.
As banks reduce exposure to lending, the banking sector is being looked at as a profit center after paring headcounts at the branches.
As proof of this thinking, when you don’t use your bank’s ATM, it is costing you an average of $5.03, compared to the national average of $4.52, Bankrate said in its 2015 Checking Account Survey.
“Five dollars a pop to get your own money is nothing to sneeze at. All those $5 charges can add up,” said Claes Bell, an analyst with Bankrate.
A group of big banks tried to wreck a New Jersey trucking company during the 2007 credit crisis, the founder claims in a $300 million Manhattan federal lawsuit.
The banks undervalued assets, charged outrageous fees and then threatened a credit cutoff that could have destroyed the business, the suit alleges.
PNC and Wells Fargo, among other banks, concocted “an insidious scheme” to ruin the business, the lender liability lawsuit claims.
The banks’ goal was to push Dana Transport of Avenel, NJ, into liquidation and then make a bundle in breakup fees, it is alleged.
“The banks were using Dana Transport as a cash cow and then wanted to drive it into liquidation so they could take it over,” said Dana’s lawyer Brian Mahany.
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