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How to Start a Home Wood Working Business
Starting a Home Wood Working Business is just the thing
for those who love working with wood as a hobby. The quality and
design of hand crafted wood is prized the world over. Furniture,
toys, boxes and the like are used everyday. There is a...
Making Your Home Business Work!
Running your own home based Internet business is a piece of
cake. Right?
You've probably heard how easy it is to rake in tens of
thousands of dollars practically over night, and how you can
have all kinds of "free time" and extra cash for...
Product Development for Home Based Businesses
Developing products can be a challenge in the home based business environment. Where do you go for a laboratory to create and test new product lines? Where do you turn for new packaging and marketing? Where do you turn for help?
You're there. YOU...
The Key ingredients for success with your own home based business!
There is a-lot of ways to make money at home. But have you ever tried searching the Web to find it?
There is an overwhelming amount of companies/people out there promising if you buy their products, you will become a millionaire. Well, I’m...
work at home business questions answered
All your primary and secondary level queries related to work at
home business will be answered through this article. And for all
that still remains unanswered, you are welcome to contact me on
my work at home website.
Work at home business...
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Home Equity Loan – Beware of equity stripping scam
The market for mortgage refinancing has been brisk during the last few years. The boom in business can be attributed to interest rates that have been at or near historic lows, and to lenders who have more money to lend now that they aren’t investing in risky tech stocks anymore. Low rates and agreeable lenders are certainly good for consumers who might be interested in refinancing their home or taking out a home equity loan. Those considering such loans should be aware that the booming market for refinancing has led to increased competition among lenders. And when the competition increases, so does the number of lending scams.
These days, lenders are surprisingly aggressive. It’s not unheard of to have people knock on your door, asking if you would be interested in refinancing your home. Lenders that are eager to lend you money are great, provided that you are actually interested in borrowing. If you are, then you should be careful Make an effort to thoroughly investigate your lender if you do not have a previous relationship with them.
A scam that is increasingly common in today’s market is a lending scheme known as “equity stripping.” A homeowner applies for a home equity loan, or perhaps applies to refinance their home. A lender then encourages
the homeowner to borrow more money than they can afford, and perhaps “assists” by falsifying some information on the application. The lender does this with hopes that the homeowner will default on the loan. When the homeowner defaults, the lender forecloses on the property, sells the property, and keeps the home’s equity as profit.
This is one of many scams that can currently be found in the mortgage industry, and one that can be avoided if potential borrowers will take the time to do a bit of research before signing on the dotted line. Homeowners who are interested in refinancing their home should investigate prospective lenders before doing business with them. Contacting friends who have recently refinanced or the local Better Business Bureau would be a good place to start. Lenders who call you out of the blue or knock on your door are probably best avoided.
About the Author
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a Website devoted to debt consolidation information and HomeEquityHelp.net, a site devoted to information on home equity loans.
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