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Equity stripping, also known as equity skimming, is a type of foreclosure rescue scheme.Often considered a form of predatory lending, equity stripping became increasingly widespread in the early 2000s.
Nevertheless, in an illiquid real estate market or if real estate prices drop, the property being foreclosed could be sold for less than the remaining balance on the primary mortgage loan, and there may be no insurance to cover the loss. In this case, the court overseeing the foreclosure process may enter a deficiency judgment against the ...
Strict foreclosure is also an effective remedy where the value of the goods foreclosed is the equivalent of the debt due and owing, and the creditor can easily sell the goods for that value. In order to effect a strict foreclosure, the creditor must transmit a proposal indicating their desire to foreclose, which must be sent to the debtor and ...
Carbondale is a city in Jackson County, Illinois, United States, within the Southern Illinois region informally known as "Little Egypt". As of the 2020 census , the city had a population of 25,083, making it the most populous city in Southern Illinois outside the Metro East region of Greater St. Louis .
Real Housewives’ Legal Troubles Through the Years Read article Kim, 44, and Kroy, 37, purchased the home — which is located in the Manor Golf & Country Club in Alpharetta, Georgia— in 2012 ...
Foreclosure investment refers to the process of investing capital in the public sale of a mortgaged property following foreclosure of the loan secured by that property. In real estate , foreclosure is the termination of the equity of redemption of a mortgagor or the grantee in the property covered by the mortgage.
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.
Jackson County is a county located in the U.S. state of Illinois with a population of 52,974 at the 2020 census, the county is located 98 miles southeast of St. Louis. [1] [2] Its county seat is Murphysboro, [3] and its most populous city is Carbondale, home to the main campus of Southern Illinois University.
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