Re: Re: Lying to get a mortgage "You" would seek jail time? Ummm, ok. It's a felony to put false information on a mortgage application. So, putting a false income on an application is most-certainly fraud.
Re: Re: Re: Lying to get a mortgage "me" as in a representative of a finance company. please point out to me the laws about applications. since most income is proven during the application process, how does that constitute felony or fraud?
Re: Re: Re: Lying to get a mortgage I lied getting my mortgage sort of... I had a JC Penny charge off (to ge capitol)I had to pay at closing in order to close, it was $1200. It was less then 3 months from 7 years and going to fall off soon, no way I wanted to pay it. But I wanted to close. I brought a cashiers check for the 1200 with me to closing, made payable to GE capitol. I also provided the closing agent with the address GE said to mail it to. So they did. And the address was my PO box.
Re: Re: Re: Re: Lying to get a mortgage I love it!!!! i'd sue the closing company for stupidity. btw, i have my customers pay my company and i pay the bad debt. you got lucky! LOLOLOLOLOL
Re: Re: Re: Re: Lying to get a mortgage And as a added bonus, my closing paper work showed it paid at closing and I was able to use that to get it deleted early from all 3 CRA's.
Re: Re: Re: Re: Lying to get a mortgage What a deal! Jenz, you said you have them pay you and you pay the creditor. But where do you get the information on where to send it? When I did my cash-out to pay bills, the closing company sent all the checks, but I had to provide all of the addresses. One of them was really paid. I asked them to pay another creditor instead, but they said the mortgage company had picked the ones to be paid, and they couldn't change it, even if the account was paid. So they sent the check, the creditor couldn't even find the account any more, contacted me, and send a check in that amount to me. But I wasn't the one who lied, in fact I tried to correct the problem. Netted me about $500 to pay where I wanted to pay.
Re: Re: Re: Re: Re: Lying to get a mortgage i've got this handy dandy huge a$$ database of lenders/contacts/current addresses/phone numbers. i also call to verify accounts before i pay them. usually i spend my time on boards like this helping customers get it fixed/settled before closing. that way i can get them a better rate then too if their scores go up. it sounds like the lender or closing company was just lazy. they should have helped you settle beforehand.
Re: Re: Re: Re: Lying to get a mort Now this is what I'm talking about. Thanks, 420greg. I know there are at least 100 more stories like this one in the lives of this board's members. If this were discovered after the fact, it would definitely be considered as deception. However, I don't believe that it would be considered as a material misrepresentation because the amount is abitrary. Are they really gonna want to ixnay on the whole deal over $1200 after the fact? That would be silly.
Re: Re: Re: Re: Re: Lying to get a mortgage Um, a cursory look at mortgage documents borrowed from a friend yields the following paragraph: BORROWER'S LOAN APPLICATION: Borrower shall be in default if, during the Loan appication process, Borrower or any persons or entities acting at the direction of Borrower or with Borrower's knowledge or consent gave materially false, misleading or inaccurate information or statements to Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to representations concerning Borrower's occupancy of the Property as Borrower's principal residence. PawMix
Re: Re: Re: Re: Lying to get a mort i think i got lost when it was assumed lying on an application. going forward: stories of what people did to secure their mortgage (how about that?) i could tell you stories of how i bent the rules on the lender side to get an application through (nothing illegal).
Re: Re: Re: Re: Lying to get a mort I skimmed through most of this thread but just wanted to add a little. The 4506 will be used if you default the loan...the lender will pull up the income documents for that year(s) and if deemed fruad then I am (the broker) in deep doo doo. The confusing thing is that I have several stated income programs that require the 4506...when asking the lender about this I am told that it is only used after a default to find out WHY this loan was approved. So to me, although I do them all the time, the stated income loan with a 4506 is like an old girlfriend out in the world and you hope you never get that phone call saying you owe some money. If by chance your broker or lender ever gets audited randomly and they figure it all out.....well......you will be the least penalized between you and yer broker but someones gonna get in trouble for sure.
They could call the note due and payable. The likelihood of them discovering this information is low. They will only go digging if the applicant defaults on the note. Otherwise if it has passed closing nothing is really going to happen.
I agree with Ljones. They **probably** won't catch it. BUT, if you default, especially EARLY in the loan, WATCHOUT! A default early in the loan is a big PHAT red flag something was awry in the application/approval process. And like willy says, hope your file is not **randomly** selected for an audit. Extremely low chance, but ya' never know. If you misrepresent your income and are caught in an audit, they may or may not do anything. They could call your loan, basically accelerating your payments due at once and may seek criminal charges. If you get caught, and forged/falsified documents, they will likely prosecute. Forging documents is much worse than just misrepresenting information in an app. by filling in wrong information. It seems when people get caught, the lenders try to push it back on the broker who did the loan(?). I think it is estimated that something like 1 in 9 mortgage apps. contain a misrepresentation. I did a NO doc loan recently myself, I chose it for the reason that I didn't want to deal with 4506 tax document that will talked about. Here is a link about fraud in mortgages: http://www.morton-associates.com/in_the_news.html
Re: Re: Re: Lying to get a mortgage Well, that's convincing. Hard to believe that no one here would speak up and say how much Sassy has helped - here are some examples: http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&threadid=55115 http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&threadid=55108 http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&threadid=55081 AND here is an example of cnoob's helpfulness: http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&threadid=55060 As for creditboards and creditnet - many people belong to and post on both boards. We have a friendly relationship, and share our resources. I'm wondering if cnoob didn't get here by way of MSN money board...... sure sounds like it.
Re: Re: Re: Lying to get a mortgage As far as sassy, her name says it all. I haven't had the best of relationships as of late with the mods at creditboards but I would deffinatley not categorize them with the same types that roam the msn and some other boards. As long as it doesn't get vicious I like a lil smart a@@ comment on the boards......keeps it lively and a few of them have brought me to tears laughing. If ya wanna take this board seriously then you need to kick it down a notch and remember what the reason is for you being here in the first place. Besides, I have heard much worse in stories about the things creditors say..............don't have a cow.
Re: Re: Re: Re: Lying to get a mortgage Couldn'a said it better myself. If Sassy really wants to help, she and her cohort(s) can stop following me (and others) around looking for stuff to whine about. .
Re: Lying to get a mort *snip* Sassy is the one fueling and perpetuating this back-n-forth. I don't pursue her. She pursues me. And that's plain to see from her additions to this thread *alone*. I think it's funny, but mainly sad, that you even felt the need to say any of this. It's a message board. This is what happens when you trade barbs in this medium. If she can't handle it, she shouldn't have started it. And, believe me. She *did* start it. So tell me. What was it? The mad cow quip? The moos? Or was it the "dinky little website" comment? What finally and officially "hurt her feelings" to the point that you had to show up in this thread to defend her? Oh... Wait... I DON"T CARE. __
Re: Lying to get a mort FIGHT! FIGHT! FIGHT! FIGHT! FIGHT! FIGHT! ....ahhh. Just because I am a good sport, I will respond to the original question of this thread with great enthusiasm. YES! Yes I would and will lie to a mortgage company to get a loan. I would do it here and there, I would do it everywhere. I would do it with a mouse, I would do it to get my house! Mortgage companies and their employees are nothing more to me than lazy car salemen. To NOT lie to them would be an injustice. So go for it! tell them what they want to hear. Just make sure you have all the docs' to back it up. Staples should help! Now, anyone want to slam me?? I'm in the mood for a good ten finger fight! SnakeMan
