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seller financeing
- Thread starter suzguy
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Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills Please click a topic or scroll down for more.
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RJPETE said:The lawyers/students on this site seem to think they are god's gift to humanity. They have no decency or respect for others. I would be ashamed and emabarassed if I were them with some of the remarks I have read on this site. It's lawyers like the ones that post here that give all of you bad names. You've earned it!!!!
This person has asked a question and he is mocked for where he lives. Assuming he is buying a trailer, dropout and hillbilly. And Jetx. a typical sarcastic response from you.
I joined this forum to have a question answered myself. I am not an attorney and don't want to be one. I have integrity and a higher respect for humanity than what I have seen on this site.
**A: from the one that advises a writer and their lender to commit fraud in another thread about mortgage financing.
**A: from the one that advises a writer and their lender to commit fraud in another thread about mortgage financing.[/QUOTE]
Lenders comit fraud on a daily basis knowingly. What do you think they are doing when they put someone in a home on a "stated income" basis or put a co-signer that they know has no intention of living in the home "they are buying"? They are lieing on the application knowingly. It's a way of not showing actual income earned. Instead a lender will sub what they need in order to secure funding. A co-signer is nothing more than a way to get the debt to income ratios acceptable for funding. What I suggested was no different than a tax preparer telling someone not report "under the table cash." I hope all of you live your lives the way you preach to others.
Lenders comit fraud on a daily basis knowingly. What do you think they are doing when they put someone in a home on a "stated income" basis or put a co-signer that they know has no intention of living in the home "they are buying"? They are lieing on the application knowingly. It's a way of not showing actual income earned. Instead a lender will sub what they need in order to secure funding. A co-signer is nothing more than a way to get the debt to income ratios acceptable for funding. What I suggested was no different than a tax preparer telling someone not report "under the table cash." I hope all of you live your lives the way you preach to others.
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A co-signer is nothing more than a way to get the debt to income ratios acceptable for funding.
Indeed a true idiot!
Tell that co- signer they are "nothing more than" when the other person does not pay the debt and that co-signer ends up with destroyed credit and a bill they have obligated themselves too.
Please stop posting as you show that ignorance every time you try and defend your own way of doing things!
Indeed a true idiot!
Tell that co- signer they are "nothing more than" when the other person does not pay the debt and that co-signer ends up with destroyed credit and a bill they have obligated themselves too.
Please stop posting as you show that ignorance every time you try and defend your own way of doing things!
It's not that I think they are "nothing more than", It's the lenders who do what ever is needed to close a loan. I am aware of the consequences of using co-signers. If you don't undestand what I stated, I was speaking from the lenders point of view. I am being scolded for giving illegal advice. I just wanted to make the point there are alot of illegal and unethical things going on in the industry.
I can tell you stories of appraisers we had on file to get the values and lenders we used that charged 1/4 to 1/2% rate higher just to pocket a nice rebate check. You can choose to close your eyes to the facts if you wish.
I can tell you stories of appraisers we had on file to get the values and lenders we used that charged 1/4 to 1/2% rate higher just to pocket a nice rebate check. You can choose to close your eyes to the facts if you wish.
pojo2 said:What is illegal or unethical about a co signer?
Nay never mind I really have no interest in your views....
There is nothing "illegal" about a co signer, let’s get that one out of the way. When a borrower fails to qualify on his own and a lender asks if they have someone who can co sign, that’s where I have an issue. The lender is now structuring a new loan with artificial income to satisfy the debt to income ratios needed. The same thing when they use “stated income” to qualify a borrower. What they should do is tell the borrower he needs a larger DP or look at less expensive homes. It obviously does not trouble you nor does it trouble you when a lender charges a higher interest rate to pocket a rebate check. None of what I stated sounds unethical to you. Instead you take this opportunity to call me an idiot. These are some of the many reasons I got out of the business.
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