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Consumer Protection – TILA – Equitable Mortgage

Homeowners’ sale of their Norfolk home to an investor, who allowed them to stay in the property with monthly payments and gave them an option to buy the home back within 13 months, did not create an “equitable mortgage” that required the lenders to comply with TILA or the Virginia Mortgage Lender & Broker Act, the 4th Circuit says.
Johnson v. Washington (USCA) (VLW 009-2-045) (12 pp.)