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equity stripping |
Also found in: Wikipedia | 0.03 sec. |
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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 How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| Even though California has extensive foreclosure equity stripping laws, the state has minimal laws against predatory lending. That's one symptom of equity stripping by predatory lenders. Equity stripping by predatory lenders operating in New York City and environs is still a problem (and new state and local laws to curb the practice may be annulled by Congress), according to California based foreclosure property investment advisory firm Foreclosures. |
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