'Angels' hit desperate homeowners with foreclosure scam
The scam works like this:
A helpful "angel" like McDowall shows up to "rescue" a homeowner from foreclosure. Scammers are able to obtain victims' names because all foreclosures are publicly filed. The "angel" persuades the homeowner to deed the house to an accomplice with good credit so the "angel" can obtain a new, lower-rate mortgage for the homeowner.
The "angel" assures the homeowner he'll turn the house back over by a set date with the refinanced mortgage.
Instead, the "angel" takes out a bigger mortgage on the house, pays off the old mortgage, pockets the difference and disappears. The accomplice now owns the house; the homeowner is out of luck.
Photo from Daily News