Is this lender fraud? - Posted by rm
Posted by rm on October 22, 2003 at 20:13:19:
Thought I’d post this here, in addition to the main news group…
Okay, maybe I’m naive, but I’m blown away by this…
Got a call from a T/B I put into a house at the end of July.
Wife calls and says she responded to a “refinance your home” e-mail.
Ameriquest says they can do a loan and bring their monthly payments down by $200/month.
Mind you, my lender said in July that they’d need 12 months.
Am says they can close the loan by this Friday.
I said, “I’m going to be out of town on Friday.”
They said, “Don’t worry, you don’t have to be there. We’ll just send you a check.”
I- stupidly- said, “Oh, okay.”
[Later, I “remembered” that oh yeah, I might actually have to SIGN A DEED. Duh!]
I said, “We don’t even have a buy/sell agreement.”
They said, “Just send a copy of the land contract.”
I said, “There isn’t one- this is a lease-option.”
They said, “Can you write one up?”
I said, “I guess so, but what’s the point of having a L/C if we just sign it today.”
They said, “Just back-date it.”
I said, “Back-date it? To when?”
They said, “12 months.”
I said, “12 months? I just bought this place in July?”
They said, “Alright, don’t worry about it. Just do it for July.”
Then, they send a blank L/C that has ZERO in the spot where the sales price is supposed to be.
And no blanks for important things like, seller name and buyer name.
I asked them, “Hey- you really think you can close this on Friday?”
They say, “Oh yeah, definitely. We’ve closed them in as little as 22 hours.”
I say, “Well, I have two loans on this property. How are you going to get payoffs in time?”
They say, “Oh, don’t worry about that. If worse comes to worst, we’ll just cut you the check or we can calculate it based on your note. If there’s a little overage, you can get reimbursed by your lenders.”
Geez, Louise, I’d like to help my buyers get a break in their payments, and I’d like to cash out, but will I get burnt at the stake if I go along with this freight train?