How To Avoid Bad Equity Loans Indiana

The Federal Trade Commission has issued alerts to homeowners–and specifically homeowners who are elderly and poor–in recent months. This article tells people how to avoid bad equity loans.

Local Companies

Integrated Financial Services, Inc.
260-436-2001
825 S. Barr Street
Fort Wayne, IN
Vogelsang Asset Management LLC
219-462-0110
870 Eastport Centre Drive
Valparaiso, IN
Heritage Advisory Group
219-926-4400
1496 Pope Ct
Chesterton, IN
ProEquites
219-864-5050
1316 Eagle Ridge Drive
Schererville, IN
Harvest Financial Planning, LLC
219-864-5050 x15
930 US Highway 30
Schererville, IN
Eagle Nationwide Mortgage Company ~ Dawn Phillips
219-746-4176
742 E Lincoln Hwy
Schererville, IN
Coldwell Banker Home Loans
877-202-8620
20 E Hwy 30
Schererville, IN
Edensway
574-533-3020
P.O.Box 317
Goshen, IN
Affordable Mortgage Solution
(574) 732-0100
300 E Broadway
Logansport, IN
First Federal Savings Bank
(812) 492-8105
4451 N 1st Ave
Evansville, IN

The market is swarming with mortgage lenders providingequity loans and some of these lenders are taking advantage of the misfortune.

Some lenders are giving loans to homeowners who do not generate enough income each month torepay the debt. The lenders’ goal is to take possession of the home once the mortgager fails to repay the debt, thus gaining equity for himself.

Some lenders are encouraging homeowners by offering them a equity loan. And some borrowershave been taken for a ride because they failed to read the terms and conditions on such loancarefully. The Balloon Repayment stipulated that the homeowner will repay only the interest towardthe mortgage and once the interest is paid then the homeowner will repay the principal on themortgage. Thus, the homeowner pays for the interest all to find out he never paid a dime on themortgage itself, and once the repayments kick in for the principal, the homeowner is at risk of losing his home if he doesn’t have the cash to repay the debt.

Few lenders will offer what is known as “flipping” loans. If a homeowner is paying $150 eachmonth on his mortgage with low interest rates, and is offered and accepts the “flipping,” then he is atrisk of loss, since he accepted a loan that has higher interest rates, steeper fees and costs, and intereston all the charges applied to the loan. If you are comfortable with your current mortgagearrangement, it is wise to stay put when a lender calls offering you (what appears) to be a good deal,but is probably either a scam or high-interest loan in disguise.

About the Author:

Talbert Williams offers debt consolidation referrals and advice. For more information, articles, news, tools and valuable resources on debt solutions, visit this site: http://www.1debtfreedom.com.

partnership@1debtfreedom.com


Article Source:

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Featured Local Company

Integrated Financial Services, Inc.

260-436-2001
825 S. Barr Street
Fort Wayne, IN

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