Langer Grogan & Diver attorneys Irv Ackelsberg and David Nagdeman have partnered with Michael Froelich of Community Legal Service in Stewart v. EasyKnock, Inc. The case alleges a deceptive “sale-leaseback” product in which the consumer sells their home to EasyKnock and then rents it back from the company receiving a small portion of the home’s equity in the form of cash in return. EasyKnock becomes the owner of the property and the landlord. The scheme lures equity-rich, unsophisticated, low-income, poor-credit homeowners by representing the sale-leaseback as a smart and “innovative” alternative to out-of-reach home equity credit. LGD and CLS look forward to pursuing Ms. Stewart’s claims in the Eastern District of Pennsylvania and continuing their work to protect Pennsylvania homeowners from abusive practices in the real estate and mortgage market.
NEWS & CASES
LGD and CLS Challenge EasyKnock for “Sale-leaseback” Product Under the Pennsylvania Unfair Trade Practices and Consumer Protection Law
