Homeowners File Lawsuit Against EasyKnock Inc. Alleging Predatory Mortgage Scheme
PMPBR attorneys Robin Wagner and Kevin Carlson represent homeowners, including Randee Myree and Adam Noggle, in a recently filed lawsuit against EasyKnock Inc., aiming to reclaim their home title and seek damages for deceptive business practices. This case highlights a troubling trend affecting financially distressed homeowners across the Detroit metro area and the country.
EasyKnock, led by CEO Jarred Kessler, promotes a "Sell & Stay" program, which ostensibly offers homeowners a chance to unlock home equity without credit checks. However, the lawsuit alleges this program is a predatory scheme that misleads homeowners into selling their homes at significantly reduced values and leases them back to homeowners under conditions that often lead to financial ruin.
The Noggles, who purchased their home in Taylor, Michigan, turned to EasyKnock during a financial crisis exacerbated by health issues and reduced work hours. Instead of aid, they found themselves entrapped in a cycle of escalating rents and unaffordable fees, falling thousands behind on payments.
According to the complaint, EasyKnock's practices violate several state and federal laws, including the Michigan usury laws, the Michigan Consumer Protection Act, the Truth in Lending Act, and the Home Ownership and Equity Protection Act. Furthermore, Michigan Attorney General Dana Nessel and Massachusetts Attorney General Andrea Campbell have taken steps to end EasyKnock’s state operations as a result of these deceptive practices.
We are proud to represent these homeowners in their pursuit of justice and will continue to fight for stronger protections against such predatory tactics.
Read more here:
Detroit Free Press: https://www.freep.com/story/news/local/michigan/2024/06/29/residents-sue-easyknock-inc-deceptive-sale-leaseback-homes/74230840007/
NPR: https://www.npr.org/2024/07/05/g-s1-8516/sale-leaseback-deals-are-they-loans