Alternative Home Purchase Agreements May Violate New York Laws and Regulations
Financial Services Superintendent Maria T. Vullo today announced that the Department of Financial Services (DFS) has issued a consumer alert warning New Yorkers about the pitfalls of rent-to-own or land installment contracts, factors to consider before signing a contract, and how to get legal help if needed. The consumer alert was prompted by a current DFS investigation into whether alternative home purchase agreements, such as rent-to-own, lease-to-own or land installment contracts, being offered in New York constitute unlicensed, predatory mortgage lending. Superintendent Vullo urges all New Yorkers to use caution before entering into any rent-to-own or any other form of alternative home purchase finance agreement.
