Michigan AG Pursues "Home Equity Strippers"
Michigan Attorney General Mike Cox announced his intention to pursue legal proceedings, in a civil action, against a company accused of home equity stripping in connection with complaints made by at least two Michigan residents, according to this Press Release issued by his office.
According to the Press Release, in one instance, the accused are alleged to have bought and sold the same home without paying off the mortgage of the selling party, while at the same time they attempted to collect land contract payments from the buying party.
As a result, the buyers may now face eviction, and the sellers may owe mortgage obligations for a home they no longer own. The sellers may also face threats of foreclosure, mounting late fees, and damage to their creditworthiness.
To see the AG's notice of intent to sue (16 pages), detailing all the factual allegations in this matter, click here.
For the AG's Consumer Alert, Home Lending And Foreclosure Rescue Scams, click here.
According to the Press Release, in one instance, the accused are alleged to have bought and sold the same home without paying off the mortgage of the selling party, while at the same time they attempted to collect land contract payments from the buying party.
As a result, the buyers may now face eviction, and the sellers may owe mortgage obligations for a home they no longer own. The sellers may also face threats of foreclosure, mounting late fees, and damage to their creditworthiness.
To see the AG's notice of intent to sue (16 pages), detailing all the factual allegations in this matter, click here.
For the AG's Consumer Alert, Home Lending And Foreclosure Rescue Scams, click here.
posted by Home Equity Theft Reporter at 3:52 PM
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