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It would be easier on all parties if the lenders would quickly agreed to modify toxic loans and use an equity sharing agreement to make up the loss of income.
The Chicago Tribune had an article about mortgage fraud being alive and well in many states. Buyers are buying fake employment records, income verification and renters off the internet, to qualify for a loan.
The Chicago Tribune had an article about mortgage fraud being alive and well in many states. Buyers are buying fake employment records, income verification and renters off the internet, to qualify for a loan.
That just shows how stupid some buyers are.... there are plenty of shady, unethical brokers/bankers out there that would provide them for free
I hope they go after all of them....they are making it worse for others who have good intentions and for the one in the article who claims to be a good Christian.....well that isn't how good Christians should act...that is more the same as what is preached in Obama's church and has nothing to do with what Christianity is all about...just another scam artist!
I don't see them doing much of anything. They're going to tighten up the system so less people slip through, but they aren't going to really go after those that have already done it. As the article says...it's low priority to them. And it's going to be mighty difficult, what with all the houses/mortgages out there, to correlate all the necessary information to figure out who to even go after.
Location: Halfway between Number 4 Privet Drive and Forks, WA
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I don't see them doing much of anything. They're going to tighten up the system so less people slip through, but they aren't going to really go after those that have already done it. As the article says...it's low priority to them. And it's going to be mighty difficult, what with all the houses/mortgages out there, to correlate all the necessary information to figure out who to even go after.
Maybe not past cases, but it will surely affect all the self-proclaimed geniuses who think they are about to cheat the system.
Gotta have 30% EQUITY in your current home before you can purchase another.
No skin in the game, too bad, so sad.
Sucks to be you...
I am sure there are still quite a few peeps that have that 30% equity, prestine credit and cash in hand (DP) to make this move. They see the house across town, same as theirs they bought at the peak, but for a fraction of the cost. The lender has no clue these 'A paper' borrowers will be walking shortly on their old bank. I am sure this before the bubble burst and there is nothing you and I can do but complain on a message board.
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