Wikimedia Commons | Tucson, Arizona, with the w:Santa Catalina Mountains in the background. | https://picryl.com/media/catalinasandtucsonaz-a5016c | public domain | http://commons.wikimedia.org/
Arizona Attorney General Mark Brnovich’s office filed a consumer fraud lawsuit against two Tucson businesses, Deed and Note Traders, LLC and 881 Home, LLC, for deceiving consumers in transactions.
The lawsuit alleges that the defendants sold houses under a “wrap mortgage” arrangement and failed to make their loan payments, despite collecting down payments from consumers. The defendants also allegedly violated the Deed and Note Traders’ 2006 Consent Decree with the state by failing to provide consumers a title report and a minimum 15-year loan repayment term.
The lawsuit is seeking restitution for up to $10,000 in civil penalties for each violation of the Arizona Consumer Fraud Act, $25,000 for each violation of the consent decree, injunctive relief, attorney’s fees and costs, and the amount owed from Deed and Traders on the 2006 Consent Decree.