WHEN JOY JENISE Jackson and her bridegroom, Kurt Fordham, walked down the
aisle together at the Mayflower Hotel last year, they did it in style. The
happy couple joined their 360 guests for lobster and four wedding cakes, then
bestowed gifts on their attendants that included a house and a Porsche. The
newlyweds were also business partners, in the Lanham-based Metropolitan Money
Store, a "foreclosure rescue" service that advertised itself as a
savior to families in danger of losing their homes.
How romantic. Alas, Metropolitan Money Store was a scam to
bilk hundreds of financially troubled homeowners out of the equity in
their homes -- allegedly to the tune of $60 million, according to a
class-action lawsuit filed in U.S. District Court in Maryland. The
company allegedly pitched its services to minorities via radio
advertising, then siphoned off their wealth through "straw
buyers" who would acquire title to their homes. The Secret Service
and FBI are conducting investigations.
Metropolitan Money Store is only the latest alleged version of an old scam
that preys on people -- often elderly or minority -- who find themselves in this
difficult family crisis. Foreclosure happens fast; as the bank letters begin
arriving, people panic.
“There’s so much inventory out there that the buyer can pick and choose,” said Susan Sirles Fidler, a Realtor at Re/Max 10, Oak Lawn. But she cautioned, “The stuff that’s almost free is almost free because it’s going to cost you an arm and a leg to put it back together. It’s not buyer beware as much as buyer be smart.”
