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Chapter 7 – The 5 letter F word: Fraud, Is your home really rented?
Fraud is an important topic.
Is your home really rented? You need it to be to get the new home mortgage
It seems harmless, tell the lender your home is sold. Then you won’t have to count that payment in your debts. You desperately want that new home and can’t have two mortgage payments and qualify.
But then the underwriter wants a document to prove it is a pending sale, the purchase and sale agreement wil do. Well, you have a lot of activity on your old home, it well sell. So it seems harmless and you have a buddy draft a phoney agreement to buy your home. You won’t make him follow through with it, it is just for the bank.
This is fraud and could put perpetrators of this in jail.
