Home Equity Scams For You?

A home is the most expensive investment most people will ever own. For cash-strapped homeowners a home equity loan is a temptingly easy way to get cash. However, some home equity lenders are dishonest, and gullible consumers are at risk of losing their biggest asset. Borrowers should be wary of unscrupulous lenders and their scams to avoid losing their homes.
Financially unsophisticated homeowners, such as the elderly, members of minority groups and people with poor credit ratings, are often targeted by unscrupulous lenders using unethical lending practices.
One tactic used is called "equity stripping". In this instance, cash-strapped prospective borrowers who the lender knows cannot met the monthly payments are encouraged to exaggerate their income on the ap View the rest of this article