In a 35-page, 221-paragraph complaint, plaintiffs made . Moreover, plaintiffs' ‘vapor money’ theory has no basis in law. The bottom line is that mortgage elimination schemes simply do not work, and the promoters of these schemes have never had a single victory against creditors.
Never missing an opportunity to profit from others’ pain, many scam artists flooded the Corn Belt selling various books and kits that espoused hinky theories about why the farmers weren’t really liable under the law to repay the banks on their loans.
Many of these theories involved so-called “Allodial Title” schemes, while others involved thwarting sheriff sales by repeatedly putting bogus liens on the property.
Of course, as soon as the new loan comes due, the homeowner defaults on that loan too.
Presumably, the homeowner could repeat the cycle several times, generating several loans for the same equity in the property.
The following are some of the most common scams that the FBI encounters, as well as tips to help prevent you from being victimized.