Finance:Mortgage elimination
Mortgage elimination is a type of mortgage fraud in the United States . In this scam, the promoter first convinces a mortgage holder (lender) that the debt that has been contracted is invalid or legally unenforceable, usually due to a combination of alleged technicalities in the note, deed of trust, or other loan documentation signed; the promoters often link their rationale for debt elimination to illegality of certain lending practices, the Federal Reserve, and the monetary system of the United States in general. Through a series of illegal maneuvers involving the creation of a trust, a demand letter, and a false re-conveyance of title, the promoter and the original mortgage holder concert to create the appearance of a title free of liens and encumbrances so that another loan may be taken out on the property.[1]
The United States FBI has put out specific warnings regarding this kind of scam.[2]
The Dorean Group is a high-profile promoter of this type of scam.[3][4]
References
- ↑ http://www.southcoasttoday.com/apps/pbcs.dll/article?AID=/20070325/NEWS/703250408
- ↑ "Federal Bureau of Investigation - Press Room - Headline Archives". https://www.fbi.gov/page2/dec05/tipstopreventfraud121405.htm.
- ↑ "Dirty Deeds". 5 April 2006. http://www.eastbayexpress.com/eastbay/dirty-deeds/Content?oid=1080755.
- ↑ "Mortgage Fraud Blog". Archived from the original on 2010-05-23. https://web.archive.org/web/20100523123012/http://www.mortgagefraudblog.com/index.php/weblog/permalink/dorean_group_principals_found_guilty. Retrieved 2010-05-24.
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