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The Practices:
Equity
Stripping
The
Balloon Payment
Loan
Flipping
The
"Home Improvement" Loan
Credit Insurance Packing
Mortgage Servicing Abuses
Signing Over Your Deed
Do's and
Don'ts
More Info
Home
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Equity Stripping
You need money. You don't have much income coming in each month. You have
built up equity in your home. A lender tells you that you could get a loan, even
though you know your income is just not enough to keep up with the monthly
payments. The lender encourages you to "pad" your income on your
application form to help get the loan approved.
This lender may be out to steal the equity you have built up in your home.
The lender doesn't care if you can't keep up with the monthly payments. As soon
as you don't, the lender will foreclose-taking your home and stripping you of
the equity you have spent years building. If you take out a loan but don't have
enough income to make the monthly payments, you are being set up. You probably
will lose your home.
The
Balloon Payment | |
| ;HomeEquityScamsFraud
Home Equity Scams & Fraud:
Do's and Don'ts
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