(8) People moneys received of the mortgagee pursuant to that statute shall be used by mortgagee according to the mortgage, independent project-of-rents device, otherwise promissory mention, plus the mortgagee shall membership towards mortgagor to possess such as for example app.
(1) It is unlawful your person, which have purpose so you’re able to defraud who owns property, to take part in collateral skimming, which is, to:
(a) Buy, inside a good 3-12 months months, two or more single-members of the family dwellings, two-relatives dwellings, three-family homes, otherwise four-nearest and dearest dwellings, or a combination thereof, which can be susceptible to a loan that’s during the default within the time regarding buy otherwise within one year following time out-of purchase, which loan try safeguarded by a mortgage or deed away from trust;