home equity loan fraud? - Posted by Jim

Posted by Max-Va on May 05, 2007 at 06:14:46:

Maybe, maybe not.
A job and income in not necessary.
Did they lie to the lender in order to obtain the loan? This fact alone determines fraud.

home equity loan fraud? - Posted by Jim

Posted by Jim on May 04, 2007 at 21:33:24:

I know of someone who obtained a home equity loan on a home they own outright. They do not have a job or other income. Is this fraud?

Re: home equity loan fraud? - Posted by Rich-CA

Posted by Rich-CA on May 18, 2007 at 02:01:23:

How do you know they don’t have a job? Is it because they are always home? Perhaps its a home based job. People (myself included) make hundreds of thousands of dollars without leaving the house. These can be proved on tax returns. And are you sure its a Home Equity Line or reverse mortgage (which does not require income, but it provides income instead). I know of one reverse mortgage that is very like a home equity line: you draw on it as you write checks.

Re: home equity loan fraud? - Posted by Bill H

Posted by Bill H on May 05, 2007 at 16:29:42:

Have seen this post of other boards with same answers…NO…you do not need a job or verifiable income to get a loan. ONLY if you do something fraudulent is it loan fraud.

There are lots of programs for no verification of income, no documents, etc…your post sounds to me like a bit of personal jealousy about someone got something that you want and cannot get.

Good Luck,
Bill H