Massachusetts Attorney General Andrea Joy Campbell has taken action against EasyKnock by imposing a hefty fine of $200,000 and demanding an immediate halt to the company’s sale-leaseback initiative within the state. This move showcases the Attorney General’s commitment to protecting consumers from potentially harmful practices within the mortgage industry.
The penalty and restraining order come as a result of concerns raised regarding EasyKnock’s sale-leaseback scheme. Under this scheme, homeowners were enticed to sell their properties in exchange for continued occupancy as a tenant, with an option to repurchase their homes at a later date. However, the Attorney General’s investigation found that this arrangement may have misled homeowners, potentially leaving them exposed to financial risks and uncertainties.
Key points from the text include:
– Massachusetts Attorney General Andrea Joy Campbell fines EasyKnock $200,000 and demands an immediate end to their sale-leaseback practice.
– The sale-leaseback initiative allowed homeowners to sell their properties while continuing to occupy them as tenants, with an option to repurchase at a later stage.
– Concerns were raised about potential risk and uncertainty for homeowners participating in the scheme.
– The Attorney General’s actions demonstrate a commitment to safeguarding consumers within the mortgage industry.
You can read this full article at: https://www.housingwire.com/articles/easyknock-under-fire-for-deceptive-sale-leaseback-practices-in-massachusetts/(subscription required)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.
