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Lawyers have contended in court that MERS has no legal right to initiate a foreclosure, because MERS does not own the loans in question. U.S. lending laws state that only the owner of a loan can initiate a foreclosure. [21] [22] Class action law suits against MERS are pending in California, Nevada, and Arizona. State courts remain sharply ...
“The defendants persuaded a lender to loan them over $20 million by putting up Bitwise’s buildings as collateral,” said federal prosector Phillip Talbert, U.S. Attorney for the eastern ...
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Home & Garden. Lighter Side
Equity stripping or equity skimming is a variation on lease-buyback and is one of the most common types of foreclosure rescue schemes. [4] In it, the perpetrator assumes ownership of the house while allowing the former owner to continue living there, provided that s/he pay rent to the perpetrator, who is the new owner.
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Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.
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