 Can someone please explain to me, why a mortgage company would not want to finance a "flipped" home? ? |
| We bought a home as an investment to "flip" and now the buyer's mortgage company is asking why we flipped it and I am wondering what the problem is? They told me the bank does not ... |
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 Is the agent lying to me? |
| I recently put in a low starting offer for a house I love. I gave it to my agent to give the listing agent/also the home's owner. Well she came back to me demanding my biggest and best offer, ... |
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 Can a landlord evict a couple with a noisy, colic 2 yr old because of recent complaints? |
| We try everything to keep her quiet but she's too young to understand and we just got a 3rd written warning stating the next time it would be eviction. Can a landlord legally do that because of ... |
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 House or apartment ? |
| Compare owning a house to apartment rental. What are the advantages and disadvantages of each ? How does an individual's housing needs change over a life time ? Please be specific. Thank you ... |
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 How can I tell my landlord to stop asking for rent every month? |
| We have lived in this house for only 3 months, since we first moved in we have not been late with the rent at all. My landlord has called to ask me for the rent every month since we signed the lease.... |
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 Can I sell my flat with negative equity? |
| I bought a flat in the UK for £150,000 just over a year ago and got a 100% mortgage. I haven't paid any of the mortgage off yet as it's interest only which means I still owe £150,000. I ... |
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 Is three people enough for a two bed apartment? |
Still Thinking about it! We are all 19 yrs old
One of us has a PT job. the other two are still looking
When all of us get a job. can three people who make 7.75 an hour be able to pay for ... |
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 Why do people rent houses? Are they dumb? ? |
| Why not buy? It costs the same for my mortgage payment as it would cost for me to rent a place. Was da deal?... |
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 We want to buy our first home in Georgia (it's $189,000), our combined credit score is probably 700. Help!! |
| Ok, so right now we are renting an apartment. Our monthly expenses without rent are maybe $1000. The house we want is in Stone Mountain, GA and price is $189,000. We are first time home buyers. M... |
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 Could i make money in property now? |
| would this be a good time to start property Development as i found a really cheap one that i can do up my self as im a ... |
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 Is there a site where i can find out the price of houses in one street? |
I need to know what my house is worth without getting anyone in,is there a website where you can put in your post code or something and it will tell you roughly the cost of houses in that road?
... |
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 Can I Sue for Untimely Return of Security Deposit? |
| When I moved out of my apartment, I gave my landlord the incorrect forwarding address to return my security deposit. However, before they mailed out the check, I provided them with the correct ... |
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 Unemployment and getting a mortagage loan? |
| Does anyone know if I could get a mortgage loan while on unemployment?... |
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 Job as a real estate agent? |
| I've heard that in their first year that real estate agent's don't make very much and I was wondering if any agents out there can give some advice on whether I should get my license ... |
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 I am having an apartment inspection tomorrow, and i was wondering what they were allowed to inspect? |
Are they allowed to open up my closets? What are they allowed to go through if anything? I thought that they were just allowed to look at things that are in plain view.
Additional Details<... |
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 Can an apt offer a 6 month lease, but then write up lease for 7 months without disclosing this to the tenant? |
| Moved into an apt on 4/1/06 with a 6 month lease. Now want to move out at end of lease and mgr said I signed lease for 7 months. This was never disclosed to me and I didn't catch the 7 month ... |
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FreakyGeeky | Lying on your mortgage application? |
I want to lie on a mortgage app and state that I will live in the home when I acutally intend to rehab and sell the home without ever living in it. Yes, I know morally and ethically wrong. But besides that, what is the risk? Theoretically, you could go to jail for stealing a pack of gum. But that rarely happens. So in this case, what is the most likely thing that will happen if they find out? |
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mazziatplay
 |
It is called loan fraud and it is a federal offense.
You say you know it is legally and morally wrong but you want to do it anyway? I wouldn't want your karma. |
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Kathleen M
 |
You can get in big trouble lying on your mortgage app. It is against the law. In some cases the lender will actually send someone out to check the house to assure you live in it. They could call your note due and take the house back, or you could go to jail. Think hard about this. It doesn't say much for your character that you would be thinking about it. |
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thinking-guru
 |
Forget about all this "prosecution" and "law violation" talk. The bottom line is this: if you lie on the application, and yes -commit fraud - the Lender can accelerate the loan. Meaning the entire loan is due immediately. So if you are loaded with money go ahead and lie and then pay off the loan when the Lender finds out.
Or let the loan accelerate, get foreclosed on, and see your credit destroyed.
Incidentally, it is people like you that have helped create the mortgage problems we hear about in the news. It is not always the mortgage broker. We are not mind readers and can't know exactly what other peoples intentions (like fraud) will be after closing. |
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acermill
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Lying on a mortgage application is considered fraud, for which you can be prosecuted.
Lenders last year (2004) reported to the FBI 17,000 suspected incidents of mortgage fraud, and the FBI's cases have grown from 534 in 2004 to 642 in the first half of 2005. At the IRS, criminal investigations of mortgage fraud from 2001 to 2004 have nearly doubled to 194 cases.
Do you REALLY want to be a part of that ??? |
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Ron B
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What is the point?
If you are going to have have the property for a verry short period of time before flipping you won't be paying a whole lot more for a non owner occupied loan.
You will probably have to pay .25-.5 percent higher interest. If you have the home for 3 months, that toals $65--$125 dollars more. Why take the chance for such a small amount that isn't even coming out of your pocket? |
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WeLoan.Us
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Definitely a bad decision...Fraud is a huge offense.. |
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godged
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Marty from Premier sounds like the guy for you. I am surprised he hasn't posted his contact information yet....... |
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Ken
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Best case scenario, you get to get the house without the required 20% down and maybe save some interest. Worst case scenario, you go to jail! Sometimes the likelihood that it will happen is greatly outweighed by the benefit and the consequence. If I put a gun to my head and it only has one bullet there is only a 1 in 6 chance that pulling the trigger will kill me. |
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Yanswersmonitorsarenazis
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Banks aren't stupid. Occupancy fraud is rampant right now. Banks can and do regularly hire people to check occupancy on their borrowers.
If you are found to have lied, many things can happen.
First, they might give you a chance to put up whatever amount of downpayment you'd have needed to if you had been honest, and to accept the higher rate you should have had as well. I doubt you have any money to do so.
Second, they can refer you to the FBI for fraud. It doesn't happen that often, but it's happening more than you think. This doesn't relieve you of the debt either, so you'll likely end up financially ruined as well.
But the most likely thing that will happen is that you buy this place, rehab it, spend much more than you thought it would take, take twice as long as you hoped it would, and not make the money you hoped, and probably end up losing money. That's best case.
Don't do it. If you can't do the deal honestly, you shouldn't be doing it at all. |
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SCH
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It is not just morally and ethically wrong...it is leagally wrong. A mortgage document is a legal document and lying on it is illegal. You could be indited for fraud. |
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Jennifer M
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There are rehab loans in which you cannot live in the property. You should look into these types of loans. The higher interest should be a lot lower than the penalties and legal fees you will incur if the bank finds out. And you will be able to sleep better at night knowing theres no one checking your property for occupancy!
Fraud is what is making our industry a mess. There is a loan for almost every situation - and if there isn't - you probably are not in the right position to borrow! |
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TH
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You are free to change your intensions a minute after closing
now, 99% of lenders would not lend you money if you already own a comparable property and a better one. You will definately struggle in getting a loan if you already own two or more real estate properties |
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