Predatory question..

[fandelem]

Hi..

I want to explain what went on during my loan process and see if this fits any sort of predatory condition or it was just me making bad judgment....

-May06 I started a new business
-Nov06 I closed on my home
-I don't have any old emails of conversations

While going through the mortgage approval process, my mortgage broker advised me that I will not qualify for a 472,000 103% financing loan since I do not have two years of income with my business. However, he said, if you were able to change your salary to a certain level and make your pay stubs reflect a certain way (use a business address, business telephone#), I could make it seem like I just got hired and they did income verification he said have my wife answer the phone. Well, I got a business address, telephone#, website, wife verified my income, and the mortgage was approved.

Is this predatory lending, or me just knowingly getting in over my head?

ALso, if it is predatory, what, if any actions, are in my favor?

Thanks,


fand

[Moe Bedard]

The latter I am afraid..............you facilitated the ruse and went knowlingly along with it.
That would make you equally culpable.