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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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The "Home Improvement" Loan
A contractor calls or knocks on your door and offers to install a new
roof or remodel your kitchen at a price that sounds reasonable. You tell him
you're interested, but can't afford it. He tells you it's no problem-he can
arrange financing through a lender he knows. You agree to the project, and the
contractor begins work. At some point after the contractor begins, you are asked
to sign a lot of papers. The papers may be blank or the lender may rush you to
sign before you have time to read what you've been given. The contractor
threatens to leave the work on your house unfinished if you don't sign. You sign
the papers. Only later, you realize that the papers you signed are a home equity
loan. The interest rate, points and fees seem very high. To make matters worse,
the work on your home isn't done right or hasn't been completed, and the
contractor, who may have been paid by the lender, has little interest in
completing the work to your satisfaction
Credit
Insurance Packing | |
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Home Equity Scams & Fraud:
Do's and Don'ts
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