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Ohio Doc Nearly Loses All After Unwittingly Co-Signing Promissory Note Booby-Trapped w/ Cognovit Clause; Says Lender Sprung It On Him At Loan Closing

By r morris

In Newark, Ohio, The Newark Advocate reports:A local doctor co-signed on a commercial loan to help a Newark couple develop a 30th Street property and nearly lost everything for his efforts. Mourad Abdelmessih, a neurologist, said he did not fully read the contract when he co-signed the cognovit note, which sets aside every defense a borrower might otherwise have. "It gives banks the leverage, for

Full post as published by The Home Equity Theft Reporter on January 12, 2010 (boomark / email).