Tisha Campbell-Martin Owes Big Money to the Bank, Reps Ask Bank for Financial Help
A new lawsuit reported by TMZ says that actress Tisha Campbell-Martin owes a ton of money to the bank for a home equity loan that Campbell took out in 2008. Both Campbell and her husband Duane Martin have been named in the suit and the bank is seeking to retrieve the fat sum of $430,000 from the couple.
The Martins had the severe misfortune of taking out the massive loan right as the housing bubble burst, leading to severely declining property values for millions across America. The entire loan was for $625,000, which was taken against a waterfront property the couple owned in Lake Arrowhead, California.
Sadly for the couple, they are also in the hole another $730,000 on their mortgage to another bank, Aurora Bank. The couple has reportedly defaulted on both loans. The house was foreclosed on and sold at auction for $925,000.
Tisha and Duane feel that the bank is bullying them into paying a loan that is full of interest and penalties. Their reps note that the bank received $400 million in bailout money from the federal government to help “struggling” couples like the Tisha and Duane.
“In this case City National refused to share the significant benefit that they received with the Martins,” their rep reportedly stated to the media.
Assuming that they are struggling Americans barely able to get by, the Martins are now suing the bank.