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
v · d · eTypes of fraud
Financial
Advance-fee (Lottery scam) • Bank • Bankruptcy • Cheque • Credit card • Forex • Friendly • Insurance • Mortgage • Securities • Tax
Business related
Billing • Cramming • Disability • Drug/Pharmaceutical • Employment • Fixing • Identity theft • Intellectual property • Internet • Job • Long firm • Odometer • Phone • Quackery/Health care • Return • Slamming • Telemarketing
Family related
Government related
Other types
v · d · eScams and confidence tricks
Terminology
Notable scams and confidence tricks
Internet scams and countermeasures
Pyramid and Ponzi schemes
Confidence tricks in media
See also:

Wikimedia Foundation. 2010.

Игры ⚽ Нужна курсовая?

Look at other dictionaries:

  • Kevin V. Ryan — Infobox Person name = Kevin V. Ryan image size = 150px caption = birth name = birth date = 1957 birth place = Alberta, Canada death date = death place = death cause = education = Bachelor of Arts History, Dartmouth College. Juris Doctor from the… …   Wikipedia

  • ECONOMIC AFFAIRS — THE PRE MANDATE (LATE OTTOMAN) PERIOD Geography and Borders In September 1923 a new political entity was formally recognized by the international community. Palestine, or Ereẓ Israel as Jews have continued to refer to it for 2,000 years,… …   Encyclopedia of Judaism

  • Dodd–Frank Wall Street Reform and Consumer Protection Act — Full title An Act to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end too big to fail , to protect the American taxpayer by ending bailouts, to protect consumers… …   Wikipedia

  • Predicted effects of the FairTax — The Fair Tax Act (USBill|110|HR|25/USBill|110|S|1025) is a bill in the United States Congress for changing tax laws to replace the Internal Revenue Service (IRS) and all federal income taxes (including Alternative Minimum Tax), payroll taxes… …   Wikipedia

  • Germany — /jerr meuh nee/, n. a republic in central Europe: after World War II divided into four zones, British, French, U.S., and Soviet, and in 1949 into East Germany and West Germany; East and West Germany were reunited in 1990. 84,068,216; 137,852 sq.… …   Universalium

  • Economic Affairs — ▪ 2006 Introduction In 2005 rising U.S. deficits, tight monetary policies, and higher oil prices triggered by hurricane damage in the Gulf of Mexico were moderating influences on the world economy and on U.S. stock markets, but some other… …   Universalium

  • United States — a republic in the N Western Hemisphere comprising 48 conterminous states, the District of Columbia, and Alaska in North America, and Hawaii in the N Pacific. 267,954,767; conterminous United States, 3,022,387 sq. mi. (7,827,982 sq. km); with… …   Universalium

  • Racism — Part of a series on …   Wikipedia

  • Comparison of United States presidential candidates, 2008 — This article compares the presidential candidates in the United States 2008 presidential election. It does not cover previous elections. Because of ballot access restrictions in the United States, not all candidates appeared on the ballots in all …   Wikipedia

  • Nye Lavalle — Born Detroit, Michigan Residence Boca Raton, Florida, Orlando, Florida, Savannah, Georgia Atlanta, Georgia Nationality American Ethnicity Caucasian, Latin American Citizenship …   Wikipedia

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”