Monthly Archives: February 2014

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Home Equity Skimming Dismissal Reversed by Supreme Court

A man with a learning disability and limited education lost his job in 2008, and soon fell over $10,000 behind on property taxes. The county had not yet issued a certificate of delinquency, but the homeowner felt desperate to borrow against the significant equity in his home and pay the taxes to save his house. The homeowner met a mortgage broker.  The homeowner thought the mortgage broker was arranging a loan. In reality, the homeowner deeded his house away to an investor and entered a lease with an option to buy-back.