wht is the federal law of equity skimming or rent skimming can you show the leagle information
State/Country relating to Question: Colorado
Hello,I'm not exactly sure about what your question is but if you are asking what federal laws prohibit the types of schemes known as equity skimming they are the Truth in Lending Act and Home Ownership and Equity Protection Act.
yes is was looking for information on the federal law what is applies to and for how long for example in many states there is a state law on equity skimming in colorado it is 18 months who does the federal law apply to and for how long
Hello,The Federal laws apply to all consumers and the companies that engage in this type of activity. If you are asking what the statute of limitations in on these laws then under both TILA and HOEPA it is one year.
if somone owned a house for 5 years and rented out all five in the last year let the house go in to default and kept taking rent during this default peroid. would that be equity skimming
No, that is not what equity skimming is.
i thought there were two types of equity skimming one in which somone agrees to buy house and make payments and then does not
and one who takes rent and does not pay it to the bank
is that wrong
Yes, the second type is not illegal in the sense that they don't have any liability to the tenant. They still will owe the regular debt to the lender for the unpaid mortgage but they are free to continue to collect rent as long as they hold title to the property. The laws I cited, don't prohibit that, only the first type that you described.
Licensed Atty, 27 yrs exp in the practice of law.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).