Why not fake default to get a lower rate

[Multiplepropertyowner]

What is to stop someone who can afford their mortgage from calling their bank and playing poor to get a lower rate? What kind of due diligence are the banks doing to keep this from happening? Hell, football players renegotiate their contracts all of the time.

P.S. I am aware that there is a moral piece to this question. Please don’t develop carpal tunnel addressing that aspect. I am only concerned with the business side of the equation.

[SD Realtor]

The loan workout process requires a pretty comprehensive documentation process. This includes tax returns, w2 statements, hardship letters, asset statements including any and all bank accounts, 401ks, brokerage statements, as well as liability statements to show the hardship.

You can attempt to hold the information back and see how diligent they are tracing your background down. How diligent they are is a question I simply do not know.

SD Realtor

[SD Realtor]

The loan workout process requires a pretty comprehensive documentation process. This includes tax returns, w2 statements, hardship letters, asset statements including any and all bank accounts, 401ks, brokerage statements, as well as liability statements to show the hardship.

You can attempt to hold the information back and see how diligent they are tracing your background down. How diligent they are is a question I simply do not know.

SD Realtor

[SD Realtor]

The loan workout process requires a pretty comprehensive documentation process. This includes tax returns, w2 statements, hardship letters, asset statements including any and all bank accounts, 401ks, brokerage statements, as well as liability statements to show the hardship.

You can attempt to hold the information back and see how diligent they are tracing your background down. How diligent they are is a question I simply do not know.

SD Realtor

[SD Realtor]

The loan workout process requires a pretty comprehensive documentation process. This includes tax returns, w2 statements, hardship letters, asset statements including any and all bank accounts, 401ks, brokerage statements, as well as liability statements to show the hardship.

You can attempt to hold the information back and see how diligent they are tracing your background down. How diligent they are is a question I simply do not know.

SD Realtor

[SD Realtor]

The loan workout process requires a pretty comprehensive documentation process. This includes tax returns, w2 statements, hardship letters, asset statements including any and all bank accounts, 401ks, brokerage statements, as well as liability statements to show the hardship.

You can attempt to hold the information back and see how diligent they are tracing your background down. How diligent they are is a question I simply do not know.

SD Realtor

[Multiplepropertyowner]

Thanks SD. I figured that was the case. I wonder if that would be treated as mortgage fraud. I would imagine so.

[Multiplepropertyowner]

Thanks SD. I figured that was the case. I wonder if that would be treated as mortgage fraud. I would imagine so.

[Multiplepropertyowner]

Thanks SD. I figured that was the case. I wonder if that would be treated as mortgage fraud. I would imagine so.

[Multiplepropertyowner]

Thanks SD. I figured that was the case. I wonder if that would be treated as mortgage fraud. I would imagine so.

[Multiplepropertyowner]

Thanks SD. I figured that was the case. I wonder if that would be treated as mortgage fraud. I would imagine so.

[patientrenter]

I heard there were services that provided you with W-2s etc to “help you out”. Paulson and Bair and others have made it clear they really, really, don’t want the loan servicers to go through the borrowers one by one and actually discover and weed out the ones who committed fraud, or can afford to pay. If Paulson and Bair and a lot of other people in charge of setting and enforcing the rules are showing near-desperation in their efforts to ensure lots and lots of voters will get nice deals in workouts, I don’t think the servicers will be allowed to get too fussy. We’ll see.

Patient renter in OC

[patientrenter]

I heard there were services that provided you with W-2s etc to “help you out”. Paulson and Bair and others have made it clear they really, really, don’t want the loan servicers to go through the borrowers one by one and actually discover and weed out the ones who committed fraud, or can afford to pay. If Paulson and Bair and a lot of other people in charge of setting and enforcing the rules are showing near-desperation in their efforts to ensure lots and lots of voters will get nice deals in workouts, I don’t think the servicers will be allowed to get too fussy. We’ll see.

Patient renter in OC

[patientrenter]

I heard there were services that provided you with W-2s etc to “help you out”. Paulson and Bair and others have made it clear they really, really, don’t want the loan servicers to go through the borrowers one by one and actually discover and weed out the ones who committed fraud, or can afford to pay. If Paulson and Bair and a lot of other people in charge of setting and enforcing the rules are showing near-desperation in their efforts to ensure lots and lots of voters will get nice deals in workouts, I don’t think the servicers will be allowed to get too fussy. We’ll see.

Patient renter in OC

[patientrenter]

I heard there were services that provided you with W-2s etc to “help you out”. Paulson and Bair and others have made it clear they really, really, don’t want the loan servicers to go through the borrowers one by one and actually discover and weed out the ones who committed fraud, or can afford to pay. If Paulson and Bair and a lot of other people in charge of setting and enforcing the rules are showing near-desperation in their efforts to ensure lots and lots of voters will get nice deals in workouts, I don’t think the servicers will be allowed to get too fussy. We’ll see.

Patient renter in OC

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