[quote=bearishgurl][quote=SK in CV]…In many cases (particularly in the instances you describe), those income figures were provided by someone other than the borrower.[/quote]
SK, those “income figures” had to be listed on the application somewhere. Then the applicants SIGNED the application, in essence, stating that they were declaring that the number represented on that document as their income was, in fact, true.
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You’ve bought property before BG. I’ll get back to that.
You’re a smart woman. Not because of what you know, but because you’re curious. You always want to know what you don’t know. Contrary to what some might think, I know you don’t come here to impart what you know on everyone else, you read here to learn what you don’t know. Everyone isn’t like us. Some, maybe even most people are perfectly content not knowing shit, and they rely on others. People paid me a lot of money because they didn’t want to know that I know, they relied on me to either know or figure out what they needed.
I’m not giving anyone a pass for signing their names on documents and not knowing what they’re signing. But you’ve been through the process. That endless stack of paper that home buyers sign the day before escrow closes. It’s intimidating. And an awful lot of people rely on professionals to tell them what to do. And I’m telling you that a whole lot of people signed loan documents having no idea what they were signing, and in some cases didn’t have the capacity to understand what it was they were signing. In many cases they, they signed documents that were in languages they couldn’t even understand. If it makes you feel better thinking that every buyer knew exactly what they were doing, hold on to that. I’m telling you it’s not necessarily true.
