Hawaii Homeowner Suing To Get Back Home Lost In Foreclosure Rescue Deal; Reportedly Out $160K In Home Equity
KITV Channel 4 in Honolulu reports:
- "An Ewa Beach family is the victim of a spreading scam involving foreclosure rescue fraud, according to attorneys with the Legal Aid Society of Hawaii. As more people struggle with rising mortgage payments, attorneys for Legal Aid Society of Hawaii said there are groups promising hope that are actually out to steal homes."
Go here for other posts on Hawaii foreclosure rescue.
The Hawaii Supreme Court decided the applicability of the equitable mortgage doctrine in the state (or at least I thought they did) over forty years ago (see Kawauchi v. Tabata,
(In that case, a sale-leaseback arrangement involving a property owner facing foreclosure, where the property selling price was found to be inadequate relative to its true value, and where the financially strapped property owner retained possession of the realty after the transaction, was held to be a secured loan subject to the usury statutes, and not a sale. In so holding, the Hawaii high court observed, "Were we to hold otherwise our usury statute would be emasculated.") equitable mortgage yak
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