How To Avoid Bad Equity Loans Ohio

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

Owen E. McCafferty, CPA, Inc.
(440) 779-1099
30980 Lorain Rd
N Olmsted, OH
Cincinnati Postal Employees Credit Union
(513) 381-8600
1243 West Eighth Street
Cincinnati, OH
Communicating Arts Credit Union
(513) 381-3070
1717 Western Avenue
Cincinnati, OH
KEMBA Credit Union Inc.
(513) 762-5070
8763 Union Centre Boulevard
Cincinnati, OH
Rosselot Financial Group Inc.
(513) 232-6500
7450 Jager Court
Cincinnati, OH
Capital Concepts Inc.
(513) 367-1793
9676 Dry Fork Road
Harrison, OH
Burkhardt Co.
(513) 984-3320
100 Techne Center Drive
Milford, OH
Berno Financial Management Inc.
(513) 474-9191
7454 Jager Court
Cincinnati, OH
Park National Bank Southwest Ohio & Northern Kentucky
(513) 576-0600
400 TechneCenter Drive
Milford, OH
CFC Investment Co.
(513) 870-2203
P.O. Box 145496
Cincinnati, OH

 

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:

thePhantomWriters Article Submission Service

Featured Local Company

Owen E. McCafferty, CPA, Inc.

4407791099
30980 Lorain Rd
N Olmsted, OH

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