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.
Check out the pictures of the waterfront home that is causing much controversy for one of our favorite Hollywood couples. –yvette caslin