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Down payment on paper only? - Posted by Michael
Posted by Michael on June 07, 2004 at 23:56:16:
A friend of mine in the REI business mentioned that someone can get a seller to take a sec note of 20% FMV and at the same time get a signed termination of the same note in order to allow the appearance of a 20% down payment with the mortgage company. Therefore the mortgage is only for 80% of FMV. Then the termination cancels the second note and you own the property without a downpayment at 80% of FMV assuming the seller will sell for that. This sounds great but also like lying to the mortgage company. Is there a legal aspect to doing something of this nature? Thank you so very much for your responses. This sight is the best thing going for REI.
Re: Down payment on paper only? - Posted by Alan White
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Re: Down payment on paper only? - Posted by River City
Posted by River City on June 08, 2004 at 10:07:02:
It’s called F-R-A-U-D!!! There are monetary fines up to around $10,000 and also provisions for imprisonment when you defraud a mortgage company. There is a statement on the residential loan application that says:
“I/We fully understand that it is a Federal crime punishable by fine or imprisonment, or both, to knowingly make any false statements concerning any of the above facts as applicable under the provisions of Title 18, United States Code, Section 1001, et seq.”