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Eviction Not Final Outcome Of 16 Year Predatory Discriminatory Loan
Alton King Case For More Details Search for Alton King Eviction on Maapl.info
By: Mass Alliance Against Predatory Lending
www.maapl.info and email@example.com
October 20, 2022
Contact: Grace Ross
EVICTION NOT FINAL OUTCOME OF 16 YEAR PREDATORY DISCRIMINATORY LOAN
Longmeadow, MA, October 12, 2022, the eviction started at 9am but the Execution to Evict
Alton King expired at 11:59pm
Yet, on Thursday, October 13th, the Hampden County Sheriff deputies were found still
on King's property, with moving trucks; and continuing a move-out while they no longer had an authorizing Order to Evict. King, meanwhile, received a Bankruptcy Stay on Thursday, October 3, 2022 around 8:35 a.m.
Being evicted, even though the eviction case came about exemplifying the absolutely
most predatory type of loan, not legal under any mortgage law; King's loan epitomizes practices repeatedly prohibited by State and Federal law and Federal and State case-law since they began 160 years ago.
Unbeknownst to King, the underwriting of his property by the lender only offered him a
bifurcated loan almost $400,000 more than the property was worth, trapping him in an
unaffordable loan that ballooned in a couple of years, to over three times the monthly payment he was originally told.
But what he only found out after they claimed to have foreclosed on the prohibited
loan, was that it was a double-book entry loan, where he was being sent bills for a lower
interest rate than the bank was actually using, to build up how much he would owe over time; so that after 30 years of paying, he would actually owe more (that he had not been assessed monthly in his billing) principal than he had when he first got the loan.
Alton King, as an African American senior with a disability was illegally induced into an
unsustainable and prohibited loan. King's monthly payment mushroomed from $3200/month to $13,400/month. The mortgage was based on a 150% over inflated appraisal; when the $410,000 addition was placed on the home the appraised value dropped $250,000. The bank refused to give a conventional loan as promised.
Former Attorney General Harshbarger fixed this predatory lending problem 30-years
ago with regulations and a criminal law; when that failed the Predatory Home Loan Practices Act (PHLPA) was enacted in 2004, but the courts have refused to enforce all of these.
Fast-forward through: unsuccessful attempts to get a loan modification, three years of
court cases post a purported non-judicial foreclosure (because no court oversees the
foreclosure by sale process in Massachusetts)
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Page Updated Last on: Oct 22, 2022