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Old 09-23-2018, 09:25 AM
 
16,493 posts, read 17,525,712 times
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Quote:
Originally Posted by rocafeller05 View Post
Not sure what lying does?

When I really got into the loan approval process I had to submit 4 weeks of latest pay stubs and the prior years W2. Kinda hard to lie on that.
When I was house shopping and had my loan I received a dividend from a investment. I had to prove where that money came from backwards from the time it hit my account to its initiating point. They looked at everything. Getting a loan today was like the way I got my first loan back in 93/94. Had to prove everything.
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Old 09-23-2018, 11:15 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
4,112 posts, read 3,404,360 times
Reputation: 5638
Quote:
Originally Posted by Electrician4you View Post
When I was house shopping and had my loan I received a dividend from a investment. I had to prove where that money came from backwards from the time it hit my account to its initiating point. They looked at everything. Getting a loan today was like the way I got my first loan back in 93/94. Had to prove everything.
I've been doing some refinances and it's amazing how far they dig. I just can't imagine anyone getting away with fraud.
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Old 09-23-2018, 12:45 PM
 
16,493 posts, read 17,525,712 times
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Quote:
Originally Posted by aslowdodge View Post
I've been doing some refinances and it's amazing how far they dig. I just can't imagine anyone getting away with fraud.
Oh yeah. I called it a financial proctologist exam with a colonoscopy. They looked at ALL my financials, from rentals to rental income, values, retirement accounts etc. I had to have a signed lease for my former home before I could get the loan. I literally started to get pissed off because I’m spreading myself to this swipe of a loan officer who was a complete idiot. We did not like him at all but our agent said he was great
I did not like my first loan company do I ran two companies side by side. I decided to go through my credit union as they had the best deal. The first loan officer wasn’t happy at all when I told him he needs to beat the other guy. He wanted to know my rate I told him no. He needs to give me his best rate. But hey that’s life. I’m gonna do what’s best for my family and if it means a 3.45% vs a 3.55% then that’s what it means. They would package and sell me anyway. It’s not like they would be my loan c9mpany for life
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Old 09-23-2018, 03:28 PM
 
9,272 posts, read 7,295,540 times
Reputation: 22765
Quote:
Originally Posted by BugsyPal View Post
But it isn't the usual suspects; rather plenty of ordinary people are inflating incomes and or otherwise outright lying on mortgage applications about their finances and or employment.


https://therealdeal.com/2018/09/21/m...-to-buy-homes/
Who are the usual suspects? Aren't they ordinary people? Folks with questionable morals and ethics come in all stripes.
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Old 09-23-2018, 04:24 PM
 
18,268 posts, read 11,663,507 times
Reputation: 11881
Quote:
Originally Posted by Electrician4you View Post
You have to prove income. So unless youíre going to falsify tax returns, bank statements, money accounts and pay stubs itís gonna be caught. The liar loans are simply not going through.
Yo7 can lie on a application. The lie will be found and all you did was waste everyones time

Read article; apparently these people found places that generate all sorts of paperwork (income statements, work history, verify employment, etc.....) required for mortgages, and one assumes other sorts of credit. They would even answer telephones with name of company and so forth to make things look legit.
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Old 09-24-2018, 05:55 AM
 
27,478 posts, read 44,959,956 times
Reputation: 14046
Quote:
Originally Posted by Electrician4you View Post
You have to prove income. So unless youíre going to falsify tax returns, bank statements, money accounts and pay stubs itís gonna be caught. The liar loans are simply not going through.
Yo7 can lie on a application. The lie will be found and all you did was waste everyones time
I think it is actually more than just "wasting everyone's time"
I think it is a violation of a federal law, isn't it???
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Old 09-24-2018, 05:58 AM
 
27,478 posts, read 44,959,956 times
Reputation: 14046
Quote:
Originally Posted by BugsyPal View Post
Read article; apparently these people found places that generate all sorts of paperwork (income statements, work history, verify employment, etc.....) required for mortgages, and one assumes other sorts of credit. They would even answer telephones with name of company and so forth to make things look legit.
That sounds like a RICO organization
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Old 09-24-2018, 06:14 AM
 
3,723 posts, read 1,669,188 times
Reputation: 5115
I heard that even college students can get mortgages. Instead of 3 - 4 renting an apartment together they buy a house and live there a couple of years.
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Old 09-24-2018, 10:29 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
4,112 posts, read 3,404,360 times
Reputation: 5638
Quote:
Originally Posted by BugsyPal View Post
Read article; apparently these people found places that generate all sorts of paperwork (income statements, work history, verify employment, etc.....) required for mortgages, and one assumes other sorts of credit. They would even answer telephones with name of company and so forth to make things look legit.
I don't know, my mortgage lenders contact the IRS to verify my tax returns. I think they know the legit numbers. That might be hard to fake.
So do I just google liar loan services?
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Old 09-24-2018, 11:52 AM
 
52 posts, read 35,040 times
Reputation: 43
Why lie? Even if you somehow make it through and the bank gives you the mortgage, how the heck are you going to afford the repayments!!! You're going to wind up in default very quickly, damaged credit and possibly no home. People are stupid!

I remember when we were looking to buy and trying to figure out our price range and mortgage. We both make decent amounts and have very little debt, so the banks were offering us massive amounts of money but something didn't sit right with us - it seemed like an awful lot. A friend advised a simple calculation: start with your monthly net, subtract all your bills including future expenses (daycare, insurance, etc.), set aside money for savings and whatever is left is what you can afford for mortage and taxes each month. Turns out that number was about 60% of what the banks were offering us. If we had of listened to them every month would be tight.
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