Loan Modification Forum - LoanSafe.org - View Single Post - What information will the bank need to decide whether to accept a short sale?

JackDinLBC · 02-02-2009, 11:29 PM

Moe,

You had mentioned with the submission package:

Tip: In preparing the package, be careful about discrepancies between the seller’s income and the income used to obtain the loan. A big gap may indicate mortgage fraud, unless employment circumstances have drastically changed

That's something I hadn't thought of. I don't think I even have copy of the application, if there even was one. Everything was done over the phone with the mortgage broker. It was a no doc loan. I know now it's a loan I never should have been in. Could the current mortgage holder come after me for fraud???

I had talked to two separate lawyers about doing a forensic audit of my loan documents. There are several suspicious things about the whole deal. Both wanted a $4-5k retainer to get things started. I don't have that kinda money to spend without knowing the outcome.

The house has no other value to me. There's no reason for me to fight this, so I've gone the short sale route. (see my other post in this forum) I've had a buyer since November. All the paper work has gone into GMAC. Since then I have been told they're waiting on the second, Homecomings, to accept.

02-02-2009, 11:29 PM	#11 (permalink)
JackDinLBC Member Join Date: Mar 2008 Posts: 21 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What information will the bank need to decide whether to accept a short sale? Moe, You had mentioned with the submission package: Tip: In preparing the package, be careful about discrepancies between the seller’s income and the income used to obtain the loan. A big gap may indicate mortgage fraud, unless employment circumstances have drastically changed That's something I hadn't thought of. I don't think I even have copy of the application, if there even was one. Everything was done over the phone with the mortgage broker. It was a no doc loan. I know now it's a loan I never should have been in. Could the current mortgage holder come after me for fraud??? I had talked to two separate lawyers about doing a forensic audit of my loan documents. There are several suspicious things about the whole deal. Both wanted a $4-5k retainer to get things started. I don't have that kinda money to spend without knowing the outcome. The house has no other value to me. There's no reason for me to fight this, so I've gone the short sale route. (see my other post in this forum) I've had a buyer since November. All the paper work has gone into GMAC. Since then I have been told they're waiting on the second, Homecomings, to accept.