Comments on: Worried about your over-stated income on your home loan application?

By: James Burns, Esq.

James Burns, Esq. — Fri, 05 Dec 2008 04:52:07 +0000

Could the FBI change its mind? This does not stop lenders from pursing borrowers for parties to fraud under civil claims to recoup monies they lose in either foreclosure or even a modification and fraud does not have a statute of limitations in most states. I think you should hold off on popping the cork for about six years from now when people start getting served summons to appear in court or not.

By: Paulo

Paulo — Mon, 25 Feb 2008 19:49:51 +0000

I never had to lie… on two occastion broker’s lied for me saying, “we do this all the time…”

By: Rhonda Porter

Rhonda Porter — Mon, 25 Feb 2008 19:06:50 +0000

I am so glad I stayed away from stated income loans…this is why NIV was a much better route if a borrower needed this type of documenation. Yuck!

By: David

David — Mon, 25 Feb 2008 18:16:56 +0000

Yes, no reason to worry about your overstated income. The reset on your ARM, however, is something to be worried about.