“Alternative home-purchase agreements often are being marketed to financially distressed consumers, promising a path to homeownership, but putting consumers at risk without the protections of a mortgage,” Vullo said. “As the state regulator of financial institutions in New York, DFS takes very seriously its obligation to protect consumers from predatory lenders. This alert is being issued to create awareness among consumers and to let them know that lease-to-own, rent-to-own and land installment contracts m

Source: Is rent-to-own predatory lending?

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