Mortgage fraud scams alleged in Kansas
Companies accused of 'redemption rights,' loan-mod schemes
By Inman News, Wednesday, July 8, 2009.Kansas officials have sued five companies for allegedly fraudulent mortgage rescue schemes that included "redemption rights" scams in which homes were leased back to troubled borrowers.
State Attorney General Steve Six said Apple Asset LLC of Overland Park and Rush Properties LLC of Olathe would buy a homeowner's redemption rights, lease their house back to them, and then sell the house for a profit when the homeowner couldn't afford to buy the house back.
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