Hollywood couple Tisha Campbell and Duane Martin are being sued for forfeiting on a loan. The pair took out a home equity loan for $625,000 on their waterfront property in Lake Arrowhead, Calif., an upscale community in the San Bernardino Mountains in San Bernardino County, Calif. where the sun shines 300 days a year.
Legal documents reveal they took out the loan in 2008 with City National Bank in spite of the fact that they owed more than $730,000 on their mortgage with Aurora Bank. Aurora foreclosed on their residence and sold it at an auction for $925,000 earlier this year.
The loan from City National ballooned to $633,119.52. With the remainder of the funds garnered during the auction on their residence, City National was able to reduce their leisure home loan amount by $192,000.
The Martins believe they are being preyed upon by CNS, who received a $400 million government subsidy in 2009, designated for people like them facing financial distress during the mortgage crisis. They are reportedly counter suing on the grounds of discrimination.