AARP warns of a new real estate scam that's already targeted hundreds of Ohio homeownersNew warnings are emerging regarding new predatory practices targeting ol
. Watch live at 7 p.m.AARP warns of a new real estate scam that's already targeted hundreds of Ohio homeowners
"I think about my own parents and how devastating it would be for them to lose 3% of their home value, which is their primary financial asset," said Elizabeth Blosser with ALTA this week. "We know that seniors have signed these agreements, veterans. I've even talked to a disabled veteran who was very concerned about the long-term implications of having signed one of these agreements.
The agreement places a lien on the property that can last for 40 years, even after a homeowner's death. Penalties to the predatory agreement can cost homeowners three percent of what their homes are worth. ALTA indicated they started to see more of these predatory agreements last year and have tracked 25,000 of the deals in 32 different states. 830 NTRAPS had been made in Ohio.
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