e/The Home Equity Theft Prevention Act

Information
has gloss	eng: NY RPL §265-a, the Home Equity Theft Prevention Act ("HETPA") was passed in response to a recent scam which targeted homeowners in financial distress (often elderly or unsophisticated homeowners). The scam has taken many forms, but it usually consists of the purchaser ("equity purchaser") convincing a homeowner who was in default or foreclosure ("equity seller") to sell on the promise (often oral) that the equity purchaser could save the equity sellers home (e.g., transfer it to me and then I will lease it back to you for a year or transfer it to me and then I will allow you to make payments on the amount your are behind and transfer the property back once you pay it off). However, once the transfer was made, the equity seller would then sell off the property and cash in on the equity sellers equity.
lexicalization	eng: The Home Equity Theft Prevention Act
instance of	e/New York Statutes