City treasurer Stephanie Neely found herself stuck in the middle of a strange mortgage fraud scandal. Neely has lived in her Kenwood home since 2002 and only found out about the issue when a local reporter was researching a foreclosed home next door.
So who is on the deed to Neely's home? The deceased founder of the Moorish Science Temple of America, which is based in Washington.
The NY Times broke the story days ago and came across 30+ properties in Chicago with ties to this church. Neely is fortunate that this was brought to her attention now so she can deal with it;
“I have to hire a lawyer to straighten this matter out,” she said. “My concern is for people who aren’t aware that this may be going on with their own properties and who don’t have the resources to protect themselves.”
The mysterious deed could throw Ms. Neely’s house into a legal quagmire. If she wanted to sell, refinance or take out a second mortgage, the deed could derail the process. Meanwhile, the person who filed the deed could try to take out a mortgage on the property and, if successful, could walk away with the proceeds.
Fortunately for Neely and the other homeowners, Lisa Madigan's office is on the case. The case is already getting interesting because similar instances have popped up in a number of other states, the founder died in 2002, and the legality of the transfers is in limbo. This is going to get messy folks...
To read the full NY Times article Click Here
Filed under: Uncategorized