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    Nashville, TN
  1. if the irs audits you, they can view your mortgage documents from the bank & automatically prosecute you for either mortgage fraud or tax fraud. mortgage fraud is 30 yrs. tax fraud is 20 yrs.
  2. Legally, any private party can sell their property to whomever they choose with any stipulations they choose, unless it is a violation against sex, race, etc... Any private party is not allowed to place add-ons requiring that the buyer use another 3rd private party.
  3. wow, just because we disagree on 1 thread, you don't have to get mean. people are entitled to their opinions, Steve.
  4. a broker may not have the best rates, if that's the case. you might want to try a CU, as most of their rates for par FHA are showing 5.75% today on their websites.
  5. 6% seems a little high for today. I would shop around.
  6. In the states where a verbal rescind is not legal, then neither is a verbal acceptance. A seller would have to prove to the escrow company that their offer was received before the rescind. Unless it is certified mail, then it's not possible. My family and I have worked with a couple of investors for well over 20 years now. This possible multiple acceptances has NEVER happened in that time. A good REA makes all the difference.
  7. Honestly, if she was telling the whole truth and this was a stated loan where the broker made up an income without the husband's input (since she wasn't even on the loan), then I'm sure she wouldn't be using a new moniker (newbies - 3 posts; when she's used creditboards in the past). Perhaps if she named the broker, then the broker could prove the fault lies with the borrower & she wouldn't be a victim anymore (as much of one you can be when you sign the mortgage dox with your own free will).
  8. You keep saying this. Why? If you were trying to protect others, you would surely tell exactly who this person is. I agree with Cedric. There is more to this story.
  9. Why? A simple phone call to say "the previous offer is rescinded" takes less than a minute. In your years of RE, have you ever heard of someone having received multiple acceptances on offers that wasn't the result of a bad REA who didn't make the calls that needed to be made? I haven't. As long as you have a knowledgeable and competent REA, you're fine making multiple bids. If your REA is lazy and unproductive, then I wholeheartedly agree with you. do not place multiple bids.
  10. it was the title. Can I place multiple bids??, my realtor says no
  11. You'll need to wait till 11/2009 for a FHA loan........and be able to provide tax returns......so i would focus on showing more income in 2008 and then file early in 2010 so you have 2 years of good tax returns. I'm trying to think outside the box to get the loan processed immediately. Here's what I was thinking: Amending the 2007 tax returns to reflect a higher AGI Showing assets of $100K in a business checking account to demonstrate financial health By the way, my middle fico is 680 Do you have any ideas to assist in getting this loan processed? With the foreclosure (120 day late), your only option is hard money, Which means 35% dp +.
  12. If his REA tells him he CAN'T do multiple bids, & he CAN, then his REA is LYING to him & that, for me, is enough of a reason to get a new REA. No matter what state he is in. Multiple bids is legal in every state in the country, so therefore, he CAN do it.
  13. Lenders have never had the burden of telling people what they can afford for a loan. Lenders decide what they are willing to lend. They do not care if you want to buy a car, or have retirement funds, or save for an emergency or even pay for groceries beyond water and bread. Lenders decide what they will lend. You decide how much of that you want to borrow. Report your broker. While law enforcement is sometimes willing to go after constant and flagrant abuses of the law, it is much less likely that they would prosecute your husband for fraud. Although they certainly can.
  14. OOOOOOOOPPPPPPSSSSS!!!!!!!!!!!!!!!!!!!!! Sorry, everyone. I meant, No{COMMA}, lenders get to choose their own guidelines for FHA. What a difference a comma makes!
  15. No lenders get to choose their own guidelines for FHA.
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