equity loan fraud????

[timkappenman]

What is the name of your state? Oregon
I recently qualified for an equity loan that was all done by phone and fedex but the day the check was supposed to be sent they called and said that the audit dept. ran a check and they'r accusing me of fraud on my application based on info they received from the IRS. They said they will turn the case over to litigation and that they'll be expecting to be compensated for their costs and that I should seek legal counsil. What should I do, what should I expect???? Thank you for your time.......TIM

 

[ihatearizona]

Doesn't sound like we're getting all of the info. I don't see how they could charge you with fraud if you didn't receive any money from them. Also, I believe it is their job to check your qualifications to receive the loan prior to their granting it. I hope you didn't do something like send them forged W2's!

 

[Ladynred]

What kind of records with the IRS could they possibly get ?? What did you fill out ?? It does sound rather fishy to me, wanting you to pay up when you've gotten NOTHING from them yet.

I suggest you check with your Atty General's office and find out if there are any complaints, do some digging. Who is the company ?

 

[markf2145]

was this a "stated income" loan, one where you actually indicated how much $$$ you make and they were able to verify much differently with tax returns ?

 

[timkappenman]

Doesn't sound like we're getting all of the info. I don't see how they could charge you with fraud if you didn't receive any money from them. Also, I believe it is their job to check your qualifications to receive the loan prior to their granting it. I hope you didn't do something like send them forged W2's!

........yes there is lots of info that could go into this but I'm just trying to find out what action I should take or prepare for, what is the actual definition of fraud and its penalities?????.......... TIM

 

[timkappenman]

was this a "stated income" loan, one where you actually indicated how much $$$ you make and they were able to verify much differently with tax returns ?

Yes, but the income wasn't really different than stated it just came from a different source than my current employer because I was in an accident and collecting dissability the previous year.

 

[markf2145]

I'm not sure why they would have checked you tax returns or what they actually are saying the discrepancy is, if I understood "no ratio, or no doc" loans, the borrower "states" their income and they pay a premium in interest rates for the right to do this..... how stated income compares with what can be verified would be a bit of a gray area but the mortgage companies know that going into these types of loans.

You need to provide more specific information on what they are considering fraudulent.