Self liquidating loan scam

Posted by / 07-Aug-2017 20:41

People who have difficulty in paying their mortgages and some who are just deadbeats and don’t like to repay debts, see these adds and hook up with the scam artists. To do this, they dig up a bunch of old and out-of-context quotes from old Congressional hearings or Federal Reserve press releases, etc.Then they take the position that whatever it was that the bank advanced to the borrower, it wasn’t money; therefore, the loan was both illegal and it is illegal for the bank to require payment of the loan in money.Having decided that the original loan on the home was invalid because of the “vapor money” argument, the homeowner then goes down and files what is basically a phony release of the original loan with the county clerk’s office.This makes the property appear to be free-and-clear, allowing the homeowner to next fill out a fraudulent loan application that will allow the homeowner to receive a sizeable percentage of the (false) equity in their property.Apparently, the scam artists and those dumb enough to believe in the mortgage elimination scams think that the courts will waste their time in lengthy hearings. 19, 2005).] The court then assessed liability for the lenders’ attorney fees against the promoters and their attorney, jointly and severally.

In a 35-page, 221-paragraph complaint, plaintiffs made . Moreover, plaintiffs' ‘vapor money’ theory has no basis in law. The bottom line is that mortgage elimination schemes simply do not work, and the promoters of these schemes have never had a single victory against creditors.

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The first lender then goes into court to set aside the phony release, whereupon an attorney hired by the promoter appears for the borrower and makes every bogus argument to the court, including the “vapor money” argument (more on the attorney in a moment).

The goal of this attorney is simply to gum up the works so badly that the first lender will simply throw up his hands and settle the case (using the money gathered from the second loan), and then this tactic is repeated for each lender in turn.

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Often the auction accounts are opened using the personal information of a Payment Processing (PP) victim such that the buyers send their money to the PP victim who, totally unaware of the auction account, believes he is receiving payments due to his foreign employer.

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  1. Maybe you’ll see that one woman used a quote in her headline that you thought was clever and would attract a guy, or maybe you’ll notice another woman posted a video of herself instead of just photos.