Mortgage elimination

Mortgage elimination

Mortgage elimination is the term commonly used to describe 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 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 type of scam.[2]

The Dorean Group is a high-profile promoter of this type of scam.[3][4]

References

  1. ^ http://www.southcoasttoday.com/apps/pbcs.dll/article?AID=/20070325/NEWS/703250408
  2. ^ http://www.fbi.gov/page2/dec05/tipstopreventfraud121405.htm
  3. ^ http://www.eastbayexpress.com/eastbay/dirty-deeds/Content?oid=1080755
  4. ^ http://www.mortgagefraudblog.com/index.php/weblog/permalink/dorean_group_principals_found_guilty/

External links

  • The 7th Fire - a popular site advocating mortgage elimination
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