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equity stripping
(redirected from Equity skimming)

   Also found in: Wikipedia 0.01 sec.
equity stripping

A term applied to a variety of sleight-of-hand practices,most often:

• Offering to assist homeowners facing foreclosure through buying their home and then selling it back to them, usually at rates and on terms guaranteed to result in default and loss of all equity

• Protecting assets from creditors by encumbering the equity with loans from friendly creditors, such as relatives, who won't foreclose if you miss a few payments



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Some of these have been flipping situations, equity skimming, and the pretend homeowner loan.
Some of the current rising mortgage fraud trends include equity skimming, property flipping and mortgage-related identity theft.
The report notes significant new trends in mortgage fraud as well, including equity skimming and more sophisticated property flipping.
 
 
 
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