How To Avoid Bad Equity Loans Michigan

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

Raymond James & Associated
(989)837-6558
Dijak Wealth Management Group - Tim Dijak
Midland, MI
Back On Track Credit Repair
(866) 824-9427
8838 E. 34 ROAD
Cadillac, MI
Pro Energy Consultants
517-206-7033
3167 rockingham way
Jackson, MI
Kathryn M Schram - State Farm Insurance
586-949-9555
: 48875 Gratiot Ave
Chesterfield, MI
CamNet Financial Solutions
616 644-1827
232 Arbor Dr NE
Rockford, MI
Gem Commercial Credit, Inc.
248-477-2170
34026 Navin Ave
Livonia, MI
MichiganHealthBroker, INC
586-604-9669
14859 Durussel
Sterling Heights, MI
Independent Wealth Management
231-929-1086 x1005
236 1/2 E. Front St.
Traverse City, MI
PATRIOTIC TAX SERVICE
(989) 252-0770
330 S Washington Ave.
Saginaw, MI
Velocity Investment Partners
734-474-2677
22 E Cross St
Ypsilanti, MI

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


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thePhantomWriters Article Submission Service

Featured Local Company

Raymond James & Associated

(989)837-6558
Dijak Wealth Management Group - Tim Dijak
Midland, MI

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Related Local Event
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