Most lenders on the equity loan marketplace are legitimate lenders; however, a few lenders are taking the less fortunate for a ride. These unscrupulus lenders offer appealing loans, yet fail to tell the borrower about hidden charges or balloon charges. Hidden charges are often stripped from loans, since the APR is a supposed security to borrower that weeds out hidden fees.
Equity Stripping is one of the leading scams on the loan marketplace. The lenders engaging in equity stripping will often present to borrowers (too good to be real) deals, leading them to believe that they are saving money. Thus, once the borrower agrees to the contract, the lender will pose new charges, high interest, and other fees that puts weight on the borrower, until he or she breaks and fails to make payments on the mortgage. The lender then repossesses the home, selling the house for profit while the borrower is standing on the corner, wondering where he will live next.
Thus, the Federal Government has provided information to help borrowers avoid losing. Since equity stripping is becoming a huge industry, the Feds advise homeowners to watch out for equity stripping, including paying...
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