Mortgage Fraud
source: http://www.thinkglink.com/Mortgage_Fraud_LAW810.html
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- IlyceGlink
- added this
A seller asks about putting money down for a buyer who has no down payment. Lenders want to see buyers put down their own down payment, otherwise it could be seen as mortgage fraud. In this case, it would be mortgage fraud because it would appear that the buyer has money she really does not have. The seller can help the buyer with closing costs and not incur mortgage fraud.
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Anum
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just be careful of signing contracts if you are a buyer/seller, my brother almost lost $5000 reserving a house, the contract he signed had a clause that if he didn't show proof of insurance and a cashiers check with the down payment by a specific date and time the "reserving money" wouldn't be re funded, nice job of the Realtor for keeping it to the last minute. As long as you can use a lawyer you can trust and deal with the owner's lawyer you'll save even more than with geico :D.
- 3 years ago
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Anum
