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'Martin' Star Tisha Campbell

$400K Lawsuit Over

STUPID Home Loan

9/23/2012 12:52 AM PDT BY TMZ STAFF
EXCLUSIVE

0918_tisha-cambell_Duane-Martin_gettyDaaaamn Gina ... you owe a TON of money to the bank ... this according to a new lawsuit obtained by TMZ.

"Martin" star Tisha Campbell and her husband Duane Martin have been sued by City National Bank for more than $430k ... over a stupid home equity loan the couple took out in 2008 ... right when the housing bubble was bursting.

According to legal docs obtained by TMZ ... Tisha and Duane (an actor who starred in the ill-fated "Paul Reiser Show") took out a $625k home equity loan on a slick waterfront property in Lake Arrowhead, CA .

0918_tisha_campbell_house_launchHowever, at the time of the loan the couple still owed more than $730,000 on their mortgage to ANOTHER financial institution -- Aurora Bank.

Long story short -- Tisha and Duane allegedly defaulted on BOTH loans.  Earlier this year, Aurora foreclosed on the home ... and according to the docs, the bank sold it at auction for $925k.

Aurora got paid first ... and sent the remaining $192k to CNS to partially satisfy the home equity loan, which had already ballooned to $633,119.52.

City National is now going after Tisha and Duane for the balance ... plus interest.

But Tisha and Duane are PISSED -- a rep for the couple tells TMZ ... CNS is just trying to "bully" them for money they shouldn't have to pay.

The rep points out that CNS received a $400 million government subsidy in 2009 to help people like the Tisha and Duane through the mortgage crisis ... and says, "In this case City National refused to share the significant benefit that they received with the Martins."

The Martins are now threatening legal action against the bank -- claiming the bank discriminated against them.

When asked about the nature of the alleged discrimination, the rep would not elaborate.

67 COMMENTS

No Avatar
1.

Laura    

Those silly mortgage people, expecting to get their money back.

674 days ago
2.

Jody    

Anyone who can afford a house that expensive should not qualify for any subsidy. if they couldn't afford it, then they should have bought a 2,000 sq. ft. house like normal people instead of a mansion to impress everyone.

674 days ago
3.

lbs    

How dumb could you be...We're in a housing crisis & two idiots that don't watch Tv or News buy a house they can't afford...Isn't that one of the major reasons we're in a recession? I've no sympathy for you "Keep'n Up with the Joneses" now you look broke to all of the millions of TMZ followers ...

674 days ago
4.

stu    

i bet their mama's worked @ that plantation long ago..

674 days ago
5.

Steve    

Does anyone ever test their links before they post?

674 days ago
6.

sidithers    

Why dont whites or asains and hispanics ever play the race card

674 days ago
7.

ABB    

Nope! pay up beoches!

674 days ago
8.

tessa    

folks don't seem to complain about the terms while they're SPENDING the money . . . giving some people a break is a slap in the face to everyone who borrows and pays back as agreed, everyone has lost equity, even those who owed no money, why should SOME get a break? You owe it, you pay it, keep your hand out of my pocket.

674 days ago
9.

James25    

I'm a little confused here. Did they get two mortgages for the same house?

674 days ago
10.

roll3567    

She was on two hit shows. You would think she must be a multi millionaire, but who knows. It is outrageus that they should get inanca releif on what is likely a second ir third home. Sounds to me like bad advice from some attorney, or perhaps Wesley Snipes' tax accountant.

this is how rich ppl Handel their problems. they know it's cheaper for the bank to settle.

674 days ago
11.

Karen    

Pay up!! After the earthquake in LA, CA in 1994 my home of 10 yrs was destroyed. No one was around to help any of us out. I paid a chuck to my 2nd mortgage & got a 1099 for the balance that I paid Fed & CA taxes on. Just think how much taxes would be paid if all the losers that bought big had to be responsible for their decisions. I'm so sick of this crap!

674 days ago
12.

KicksandGiggles    

Well cheez, this means they will need more tax breaks to help them out of their financial Boo Boo. Is it November yet?

674 days ago
13.

Michael    

Sorry, you don't get to place the discrimination card. Learn how to pay YOUR bills and STOP living on more than you make (or are wiling to pay) Produce some evidence, or shut up about discrimination. It's embarrassing to us all.

674 days ago
14.

EastCoastChopper    

You have to admit, people of color are not good about paying back loans or credit that has been extened in any way, shape or form! Especially if these peeple have been part of professional sports or entertainment in any way, shape or form!

Jus sayin!

674 days ago
15.

BW    

most colored people are just what you think
very lazy, not too smart and no morals

674 days ago
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