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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
16.

Deport them both    

Foreclose on Them!!! Moral of the Story... don't buy or borrow things you can't pay for. Too many self-important, entitled, narcissist people in this country. May their Huge Debt weigh heavy on their shoulders for a long time.

673 days ago
17.

Bethy    

Here's the thing, if CNS has filed a lawsuit to recover the balance owed, it's because they're confident that the couple has the money (or resources) to pay for it. People are losing their homes left and right to foreclosure, and mortgage companies are only going after a handful of those that they feel can pay. The sad part is that most people losing their homes are just ending up with a GIGANTIC tax bill in the written off portion of the mortgage, so once they lose the home, they are still dealing with the impact.

If the bank didn't work with them on the loan prior to foreclosing, it's because they probably didn't qualify for the program....and likely because they have enough money somewhere to handle it.

If CNS does win...and they probably will, they know they will get some or all of the money somehow. Even if the couple files for bankruptcy, the court will order a liquidation of their assets to pay as much of the debt as they can. By claiming racism, etc., as a response to the suit, I'm sure they're just hoping it will make the suit go away, garner public favor, etc., to get a lower judgement.

Trust me, if the company didn't feel that they could recover some or all of that money, they wouldn't have bothered to file.

673 days ago
18.

buck    

The nervous of TC and husband. Foreigners made them do it.

673 days ago
19.

Throwback kid    

They can make that money back in a minute, all Duane has to do is make a sequal to his 1994 Blockbuster Basketball fiml Above the Rim! Tupac and Bernie Mac are both dead so they won't be back but after an NBA career Duane is now a big time college coach and his son is the star point guard who gets caught up in a points shaving scandal, this film will be bigger than Blue Chips which starred Shaq. Is Leon still acting? it would be nice if he sleepwalked through this film too

673 days ago
20.

chrischris    

hi!

it's a bummer about your money problems!

have you checked with your state treasurers office websitre to see if you have money?

go to www.missingmoney.com it has a list of all the state treasurers office websites.

if you lived in illinois go to www.cashdash.net

i hope you find money!

christine

673 days ago
21.

MsSumlin    

Another broke-ass Hollywood couple. Pitch a tent.

673 days ago
22.

myopinion    

The housing market situation is terrible those homeowners should have never took the equity out of their property in the early 2000's! I felt the whole idea was crazy back then, I asked folk at the time, do you know you will have to pay that money back? most were not concerned about the future now these people are suffering because of a bad decision.SMH I knew it would come to this.

673 days ago
23.

Jordan    

Tisha and her husband are broke and they come up with a lme defence that the goverment subsidy was to provide for home equity line of credit are they stupid.

673 days ago
24.

Pants    

I'm gonna ask my brother for a loan and then sue his ass for wanting me to pay him back.

673 days ago
25.

Yea Right    

Ok, I give up! Who are these people? Why does TMZ report on so called "Stars" no one has ever heard of?

673 days ago
26.

abb    

Nope! Pay up beatches!

673 days ago
27.

Keek    

What an innocent mistake, doesn't everyone know when you mortgage your home for twice the money it's worth you never have to pay back the second mortgage....everyone gets to go free on the $500,000 "extra" they give you, just read the Obama "incentives"....repayment of loans is discrimanatory against these people. WHAT A JOKE

673 days ago
28.

knickfan212    

I'm glad to see them still together. Rare for Hollywood types. I'll never understand the logic of buying a house this size when there's only one or two of you. IMO, if you buy a house this big you should never need a home equity loan. you are flaunting your wealth but you have none. And a government subsidy? If you have a home like this, how could you be eligible for anything from the taxpayers (they use the word government so it doesn't sound like we the taxpayer are the ones footing the bill)? Better yet, how could you pull yourself to ask for a subsidy?

673 days ago
29.

Seldombinlaid    

Typical. They fit right it with the whole bunch that ruined it for everyone. And wants the bank to fess up? LMBO To Typical

673 days ago
30.

Seldombinlaid    

Ask Skip... He did the same thing. Now has a bunch of people mad at him. He even owes money to people on his street. But, he's off to the gulf course in the morning when the other people with the fancy houses are going into work.

673 days ago
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