Connecticut State Center Wiki: How To Avoid Connecticut Home Equity Scams
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Source: The Louisiana State Center
Avoiding Connecticut Home Equity Scams
You could lose your Connecticut home and your money if you borrow from unscrupulous Connecticut lenders who offer you a high-cost loan based on the equity you have in your Connecticut home or condo. Certain lenders target Connecticut homeowners who are elderly or who have low incomes or credit problems. They then try to take advantage of them by using deceptive practices. The Federal Trade Commission cautions all Connecticut homeowners to be on the lookout for for these tricks:- Equity Stripping: The lender gives you a loan, based on the equity in your Connecticut home, not on your ability to repay based on your income. If you can't make the payments, you could end up losing your Connecticut home.
- Loan Flipping: This is where a lender encourages you to repeatedly refinance the loan. Often the lender tries to talk you into borrowing more money. Each time you refinance, you pay additional fees and interest points. That only serves to increase your debt.
- Credit Insurance Packing: The lender adds credit insurance to your Connecticut home loan, which you may not need.
- Bait and Switch: The lender offers one set of loan terms when you apply, then pressures you to accept higher charges when you sign to complete the transaction for a Connecticut home loan.
- Deceptive Loan Servicing: The Connecticut loan lender doesn't provide you with accurate or complete account statements and payoff figures. That makes it almost impossible for you to determine how much you have paid or how much you owe. You may pay more than you owe.
You will likely have additional rights under Connecticut state law that would allow you to bring a law suit in Connecticut against the lender.
The Federal Trade Commission suggests if you're thinking about using your Connecticut home as collateral for a loan, be careful. Unless you can make the loan payments out of current income, you could lose your home as well as the equity you've already built up. Some additional tips to remember:
- Eventhough Connecticut real estate is expensive, and in many places as enjoyed significant increases in value, the lure of extra money or the chance to reduce monthly credit payments can be very costly in the long run. High interest rates and other credit costs could get you in over your head.
- Credit insurance may not be a good deal from a lender. If you want the added security of credit insurance, shop around.
- Don't sign a Connecticut loan agreement if the terms are not what you were given when you applied.
- Ask for an explanation of any dollar amount, term, or condition that you don't understand. Federal law, as well as Connecticut law, is very clear about what credit and loan term information must be provided in writing when you apply for a Connecticut loan and before you sign any agreement in Connecticut. Considering asking a Connecticut Attorney to review the loan document.
- How To Save Money On Your Connecticut Home Equity Loan
- How To Save Money On Connecticut Mortgage Refinancing
- Saving Money On Your First Connecticut Mortgage Loan
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Interesting fact:
Local Officials Every Year Confirm Absence of Any Source Of Ignition In The Jerusalem Tomb Prior To The Miracle Of Holy Fire
- Holy Fire In Jerusalem On Orthodox Easter Sunday
Source: Louisiana State Center
