Consumers that defaulted on their equity mortgages this year are getting a nasty surprise when they find out that the loan is still taxable by the IRS. “People definitely are initially shocked,” says Robin McKinney, executive director of the Maryland CASH Campaign. “Some people have even said, ‘If I had known this was a consequence, […]
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Homeowners Lose Millions in Equity Mortgage Scam
Posted on April 2nd, 2008 by justin
Nineteen people in Southern California were indicted today for fraud in an apparent equity mortgages scheme that cost homeowners more than $12 million. Charles Head is believed to be the ring leader, according to federal officials who detailed the scheme. Apparently, his company would offer equity mortgages to individuals and then put a new name […]
Equity Mortgages Start to Go Bad
Posted on April 2nd, 2008 by justin
Despite managing to weather the initial sub prime storm in the housing market, equity mortgage lenders are now feeling the crunch. Falling home prices are affecting the entire industry and many equity mortgage customers have been unable to pay back their debts. The main problem facing these banks is that they may hold second place […]
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