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QUIET TITLE USED TO ELIMINATE MORTGAGES - EXAMINED
ALERT - ALERT - THE FLORIDA ATTORNEY GENERAL YESTERDAY OBTAINED AN INJUCTION AGAINST A FIRM TOUTING ELIMINATION OF THE MORTGAGE BY USING LAND TRUST SCHEMES. SEE THE NEWS RELEASE AND A COPY OF THE COMPLAINT.
The issue of Quiet Title lawsuits brought by borrowers to invalidate their mortgages is gaining interest based upon flimsy default judgment success in a few isolated instances. Borrowers that are thinking of pursuing this avenue of “resolution” can’t point to a definitive “win” in court using this procedure, and the long term “resolution” desired of invalidating the mortgage still leaves the promissory note unpaid for which the borrower remains liable.
A Foreclosure “Offense”?
Is this “offense” to attack the lender really the Holy Grail that eliminates the home or commercial mortgage – regardless of it being upside down in value or the homeowner even being in financial distress? A multitude of promoters (for substantial fees) are saying so and even some attorneys. Some firms are selling “information packages” – essentially “how to” guides to mortgage borrowers, while other firms say they will represent you in the “process” of the elimination of the mortgage.
The concept sounds simple: A homeowner mortgage borrower or even ... more
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