Local News | Lender seizes desperate borrowers' homes | Seattle Times Newspaper

an excerpt..."Following Kandi's instructions, Marsh signed a promissory note for $170,000, even though he was getting only $17,000. Kandi later said he inserted the tenfold figure to protect himself financially and to pay for any future legal costs.

Kandi also had Marsh sign over his rights to the property using what is known as a quitclaim deed. According to the terms of the loan, if Marsh missed repaying any amount, Kandi could take possession of the house immediately, using the deed. This maneuver enabled Kandi to take the home without going through foreclosure, which includes a 190-day waiting period and several consumer protections.

Deb Bortner is director of Consumer Services for the state Department of Financial Institutions, which regulates banking and mortgage lending. She said making a borrower sign a quitclaim deed for a loan to save his house is a red flag. "That's a scam," she said.

It was common practice for Kandi to have borrowers sign quitclaim deeds...

...There are several unpaid judgments against Kandi, including nearly $1 million to the IRS."

His name is Emiel Kandi and according to the article, he started Cobra Medical Group in Tacoma.
justpics Reviewed by justpics on . Loan scammer turns to medical marijuana, opens Cobra Medical Local News | Lender seizes desperate borrowers' homes | Seattle Times Newspaper an excerpt..."Following Kandi's instructions, Marsh signed a promissory note for $170,000, even though he was getting only $17,000. Kandi later said he inserted the tenfold figure to protect himself financially and to pay for any future legal costs. Kandi also had Marsh sign over his rights to the property using what is known as a quitclaim deed. According to the terms of the loan, if Marsh missed repaying any Rating: 5