Posted by Amy (IN) on July 24, 2004 at 12:40:57:
My thanks goes out to both of you that responded to my posting. What a relief it is to know that I can always come to CREOnline and get answers. They may not be the answers I WANT, but they are the answers that I NEED.
Again thank you
Amy
Fake 2nd MTG, how can I protect myself? - Posted by Amy (IN)
Posted by Amy (IN) on July 22, 2004 at 13:57:31:
Trying to purchase a MHP. Contract price is for 80K, bank only willing to loan 90%. MTG broker suggests we write up a new offer (in light of the fin.) at selling price of 90K (app. will support it) and the seller to give me a 10K second mortgage to satisfy bank. Since this is a “phony” 2nd the seller will record the 2nd on the property and then go back 30 days later and record that the 2nd has been satisfied. OK…
What if he doesn’t do that, but calls in his “phony” but very real to the bank and the court 2nd and insists that I pay?
I have tried and tried to find an answer to this question, thanks to anyone who clears it up.
Amy
Re: Fake 2nd MTG, how can I protect myself? - Posted by eric
Posted by eric on July 22, 2004 at 15:20:10:
What you are looking to do is called FRAUD irrespective of what the seller does or does not do.
Re: Fake 2nd MTG, how can I protect myself? - Posted by River City
Posted by River City on July 23, 2004 at 08:31:17:
Eric is correct. This is fraud. It not only comes with monetary penalties, it comes with imprisonment if you get caught, which you probably will.
Find yourself a lender that will finance the transaction 100%. Go to this website and ask the brokers for help
http://www.brokeruniverse.com/grapevine/
If there is a lender on this forum that can do your loan, they will respond to your request. You might have several that will respond. But, do it right. Don’t commit fraud.