Low Rate September, 2009
Mortgage Professionals ! Can You Use a HELOC to Make a Downpayment on Another Home?
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I asked a similar question earlier today and a couple people said it would be fraud.
Looking around the web it is suggested on several websites as an option for home buying , but I can’t post the links.
We own our house valued at 70k.
We have a small home improvement loan out now 15k.
We want to buy a 125k house so we need 25k down.
Our mortgage broker suggested a line of credit, we can buy the house we want.Move.Fix up the old house a little bit.
Sell it.Then pay off the HELOC.
What is fraudulant ? I want the HELOC specifically to buy another house.
My broker said it would be cheaper interest than a 80/20 or 100% financing or even a bridge loan.(I should mention that he is a friend of the family and not likely to steer me into something illegal knowingly.)
Any advice would be greatly appreciated.
Thank you in advance.
Repossession
How is the government going to catch mortgage fraud?
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because there’s too many out there! There also seems to be a growing trend where political figures, corporations, financial instutions, & laid off people are finding ways to screw people over –in order to make money or simply steal money. In other words, the trend is “who-can-I screw-over?” mentality.
MSNBC Article:
http://www.msnbc.msn.com/id/30070957/
Passive Income
Bad credit–need personal loan–will my bank foot it?
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I am 25 yrs. old and looking to take out a 6,500 dollar loan. I have poor credit and can’t seem to get this loan anywhere through online. However, I earn 1600 dollars per month with secure job and would be able to pay off the loan no problem. Is it possible that by me going in and speaking with a representative, my bank could foot me the loan? My only other collateral is a 401k which is less than 500 dollars so far because it just started the beginning of last January (07′).
Rent Back Fast
My boyfriend’s ex girlfriend (whom he was with for 3 yrs) prior to me, asked him to “cosign” a $10,000 student loan for her. Personally I think its just another way for her to hold on to him and stay present in his life, so they have “reason” to talk or, if need be, meet up.
But regardless of that, I think asking someone to “cosign” for you is kind of a big/personal favor to ask AND as for him… agreeing to cosign a loan seems like a pretty BIG commitment to make to an ex especially when you consider the amount AND, the fact that you live with your current girlfriend (whom you’ve been with for over a year). Am I wrong?
Its an Education Maximizer Loan through Bank of America for $10,000. Since the day she asked him to do this they’ve been dealing with trying getting this loan approved for almost a month now (since Sept. 28). And since that day she asked him to cosign, they talk to each other 2, 3, 4 times a week and see each other maybe once a week … you know, for “loan” stuff. And of course, I am never told any of the phone calls, her stopping by his work, or him running by her house. I have to look in his phone (which is shady) and confront him about it.
And maybe I am crazy to be completely irritated by this whole situation but, in my opinion, the involvement they’ve had with each other over the past month seems to be a little excessive for cosigning a loan. No?
She txt him to tell him that the loan was finally approved yesterday and the check will getting here this Thursday morning. Then she follows up by asking him what he’s doing that morning because, and I quote, “we both have to go to the bank and be there to cash the check.” In which he respond to her text by calling her. Is this the usual procedure for borrower/cosigner? Does he REALLY have to be there to cash HER loan check? How much involvement is really necessary, or does this seem excessive to you too? As cosigner, what does his involvement REALLY consist of? Maybe I am totally out of line but I really feel like they are both over stepping some boundaries. I had to ask someone who was familiar with student loans and the involvement between borrower/cosigner because I think ENOUGH is ENOUGH!
Thank you so much for your time.
Real Estate Professionals
what can i do if im a victim of mortgage fraud?
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same agents and brokers sold my home & with proceeds convinced me of buying four home asssuring me it would be a great investment properties would pay off themself. if i leased them .i question my qualifying for the loan, assured me i would & make the payments if not less equal to the mortgage& rent amount,i invested 175,000 trusting them gave what they asked me for infomation for loan approval, returned informing it would look better if i had co signers knowing full well they would not be contributing to the mortgage payment,they forgedmy signature,bal on my bank stmt.made up false check stub stated i made alot more,then at closing the numbers were not acceptable i wouldnt sign, they change the numbers to acceptable, i signed then when my payment book came it was back to the unacceptable amount, they promised to give me help of 2000 dollars a month because they felt so bad and didfor 2 mos. now in forecloser and insurance says i committed mortgage fraud! what can i do?
Sell and Rent Back
Mortgage Fraud Question? I would like to hear from Attorneys?
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I recently had an offer to enter into a business partnership with someone. He wants to buy residential houses and sell them, I have good credit so I would buy the house in my name. He says he has buyers waiting to buy so that they can use them as rentals. I found out that he would pay them 10k or for buying the house. I asked an attorney about this & he said to pay a buyer for buying the house is illegal so I refused to enter into a partnership with him. The thing is I have bought one of my own houses, I sold it to him subject to the mortgage which means he legally owns the property but the mortgage is still in my name. If he sells the property to someone & pays a buyer which is basically commiting lender fraud and illegal according to the attorney. Do I have any liability in this transaction since my name is on the mortgage?
Passive Income
I have horrible credit and need a student loan, fast, how can i get help?
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I have horrible credit. I have a private student loan that someone co-signed for me. Her husband saw it on her credit report and wants it off now. So I need to find another lender that will deal with bad credit and get another loan to replace this one and it has to be done quickly. I’ve already tried to consolidate all my private loans but it’s a no go without a co-signer. So it’s just this one loan that I need to get changed. Is there a company that deals with bad credit and private student loan consolidation?
I have already used all my federal loans. Because of my husbands income I don’t qualify for alot. So I have to use private loans also.
Quick Property Sale
can I ask for a student loan modification?
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I have close to $50,000 in separate student loans and I can’t keep up with payments. I want to work out a deal with the banks and try to modify the loan…is that possible? I know it’s sometimes possible with mortgage loans, etc?
Real Estate Professionals
I have bad credit and need a personal loan in the amount of $2,500?
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My company was downsizing and as a result, I was moved to different departments during the change. However, during the downsizing, I fell behind on my bills causing the bad credit. I am now back in my previous role that will support paying back the loan with no problems. Looking for a small personal loan from anybody to help get back on track.
Quick House Sale
