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January 12, 2008 at 10:46 PM #11484January 13, 2008 at 1:06 AM #135033
Eugene
ParticipantI am not a lawyer but:
* His lender is highly unlikely to find out unless someone specifically tips him off
* If his lender does find out and decide to punish the guy, they can demand that he returns his loan immediately. It’s called “calling the loan”. If he does not have enough cash to pay off the mortgage, the lender can go after his home, other assets, and possibly force him into bankruptcy.
* Worst case scenario, they can report him to the FBI and your friend could end up in jail. I think it’s unlikely to happen and he could defend himself by blaming the mortgage broker, but there is this possibility.January 13, 2008 at 1:06 AM #135226ParticipantI am not a lawyer but:
* His lender is highly unlikely to find out unless someone specifically tips him off
* If his lender does find out and decide to punish the guy, they can demand that he returns his loan immediately. It’s called “calling the loan”. If he does not have enough cash to pay off the mortgage, the lender can go after his home, other assets, and possibly force him into bankruptcy.
* Worst case scenario, they can report him to the FBI and your friend could end up in jail. I think it’s unlikely to happen and he could defend himself by blaming the mortgage broker, but there is this possibility.January 13, 2008 at 1:06 AM #135232ParticipantI am not a lawyer but:
* His lender is highly unlikely to find out unless someone specifically tips him off
* If his lender does find out and decide to punish the guy, they can demand that he returns his loan immediately. It’s called “calling the loan”. If he does not have enough cash to pay off the mortgage, the lender can go after his home, other assets, and possibly force him into bankruptcy.
* Worst case scenario, they can report him to the FBI and your friend could end up in jail. I think it’s unlikely to happen and he could defend himself by blaming the mortgage broker, but there is this possibility.January 13, 2008 at 1:06 AM #135287ParticipantI am not a lawyer but:
* His lender is highly unlikely to find out unless someone specifically tips him off
* If his lender does find out and decide to punish the guy, they can demand that he returns his loan immediately. It’s called “calling the loan”. If he does not have enough cash to pay off the mortgage, the lender can go after his home, other assets, and possibly force him into bankruptcy.
* Worst case scenario, they can report him to the FBI and your friend could end up in jail. I think it’s unlikely to happen and he could defend himself by blaming the mortgage broker, but there is this possibility.January 13, 2008 at 1:06 AM #135329ParticipantI am not a lawyer but:
* His lender is highly unlikely to find out unless someone specifically tips him off
* If his lender does find out and decide to punish the guy, they can demand that he returns his loan immediately. It’s called “calling the loan”. If he does not have enough cash to pay off the mortgage, the lender can go after his home, other assets, and possibly force him into bankruptcy.
* Worst case scenario, they can report him to the FBI and your friend could end up in jail. I think it’s unlikely to happen and he could defend himself by blaming the mortgage broker, but there is this possibility.January 13, 2008 at 8:41 AM #135053Pasadena Broker
ParticipantHuh
Most if not all debts are shown on a credit report unless this debt is some sort of personal loan.
If the loan is neg am, the part he has the refi in 2 years isn’t because it is a neg am, but most likely because that is when his prepayment penalty period is over.
The lender won’t do jack. Depending on how much of a down payment he’s put (if at all), losing his home won’t be because of the lender but from payment hikes and growing loan balance if he’s only been making the minimum payment. In my experience with meeting people who have taken out these loans, everyone without fail will only make the minimum payment.
January 13, 2008 at 8:41 AM #135246ParticipantHuh
Most if not all debts are shown on a credit report unless this debt is some sort of personal loan.
If the loan is neg am, the part he has the refi in 2 years isn’t because it is a neg am, but most likely because that is when his prepayment penalty period is over.
The lender won’t do jack. Depending on how much of a down payment he’s put (if at all), losing his home won’t be because of the lender but from payment hikes and growing loan balance if he’s only been making the minimum payment. In my experience with meeting people who have taken out these loans, everyone without fail will only make the minimum payment.
January 13, 2008 at 8:41 AM #135252ParticipantHuh
Most if not all debts are shown on a credit report unless this debt is some sort of personal loan.
If the loan is neg am, the part he has the refi in 2 years isn’t because it is a neg am, but most likely because that is when his prepayment penalty period is over.
The lender won’t do jack. Depending on how much of a down payment he’s put (if at all), losing his home won’t be because of the lender but from payment hikes and growing loan balance if he’s only been making the minimum payment. In my experience with meeting people who have taken out these loans, everyone without fail will only make the minimum payment.
January 13, 2008 at 8:41 AM #135306ParticipantHuh
Most if not all debts are shown on a credit report unless this debt is some sort of personal loan.
If the loan is neg am, the part he has the refi in 2 years isn’t because it is a neg am, but most likely because that is when his prepayment penalty period is over.
The lender won’t do jack. Depending on how much of a down payment he’s put (if at all), losing his home won’t be because of the lender but from payment hikes and growing loan balance if he’s only been making the minimum payment. In my experience with meeting people who have taken out these loans, everyone without fail will only make the minimum payment.
January 13, 2008 at 8:41 AM #135347ParticipantHuh
Most if not all debts are shown on a credit report unless this debt is some sort of personal loan.
If the loan is neg am, the part he has the refi in 2 years isn’t because it is a neg am, but most likely because that is when his prepayment penalty period is over.
The lender won’t do jack. Depending on how much of a down payment he’s put (if at all), losing his home won’t be because of the lender but from payment hikes and growing loan balance if he’s only been making the minimum payment. In my experience with meeting people who have taken out these loans, everyone without fail will only make the minimum payment.
January 13, 2008 at 2:35 PM #135344Anonymous
GuestHuh
Most if not all debts are shown on a credit report unless this debt is some sort of personal loan.
He didn’t report his child support and alimonty payments which was around 2k per month.
January 13, 2008 at 2:35 PM #135444GuestHuh
Most if not all debts are shown on a credit report unless this debt is some sort of personal loan.
He didn’t report his child support and alimonty payments which was around 2k per month.
January 13, 2008 at 2:35 PM #135402GuestHuh
Most if not all debts are shown on a credit report unless this debt is some sort of personal loan.
He didn’t report his child support and alimonty payments which was around 2k per month.
January 13, 2008 at 2:35 PM #135348GuestHuh
Most if not all debts are shown on a credit report unless this debt is some sort of personal loan.
He didn’t report his child support and alimonty payments which was around 2k per month.
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