Taxes repair the risk, but doesn't receive the deed until they've paid every last dollar. Miss a single payment, you can lose everything. No equity, no recourse. Evicted like a tenant. Over 200,000 New Yorkers are in these manipulative arrangements right now. The CFPB has heard reports of many unfair, deceptive and abusive practices in contract for deed transactions and took action in 2024 to crack down on these practices by applying the same lending protections to these loans as other consumer and mortgage loans. (01:50–01:55)
CLAIM
Asserts that over 200,000 New Yorkers are involved in contract for deed transactions.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
