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Clayton Said:

I have a question about Line of Credit and possible mortgage fraud.?

We Answered:

You questioned the line of credit initially and found out that it was a 3rd mortgage placed on your home.

Had you returned the money and then asked to see the loan documents you would have a good case. But instead you used the money (why not tell us what you purchased with it). You had full knowledge where the money came from at the time you received it.

Now that it is time for someone to take responsibility for that money you want to say.. "I never asked for it".

Too late. While you know now that your signature was forged, you had to know then as well. Not to mention the monthly payments you were or weren't making. This makes you an accessory to the fraud, like accepting stolen goods.

Bottomline.. you had NO problem using the money.. only paying it back...

Sean Said:

If someone uses two social security number, is this a major crime? ?

We Answered:

I can't believe you need to ask.

To answer your question

YES!!! DUH!

and YES, it's very serious. . .some of us work hard to be honest. It's people like him who take advantage unfairly. REPORT him, if you don't, I'm sure someone here will soon enough.

Wallace Said:

If someone uses two social security number, is this a major crime? ?

We Answered:

Yes, they are both crimes. To use other Social Security Numbers to obtain money is a Federal Offense. Then to forge a signature is another Federal Offense, . So if you know who these are and you have proof, you need to let the Social Security Administration know. When you call them you will have to wait a long, long time to be able to speak to a clerk. You can also contact the Federal Marshal in your State, City or County. They will get right on it. All of us Americans work hard and pay into the Social Security Program. Why should we let some Low life take money from Americans? There is a Social Security Office in your City. Call them and make an appointment or just go there. They will keep you confidential, but they need to know who this scum bag is. Do it and don't feel guilty for Protecting the America Social Security money.

Steven Said:

Do we have to use 1003 Loan Application when we purchase residential house?

We Answered:

It sounds like you signed up for a 5 year balloon mortgage which means you need to refinance or come up with 400K to payoff the loan.
I have never seen anyone use anything other than a 1003 for a mortgage application.
If the loan documents that were signed at closing by your father were different from what you agreed to you may have a grievance to file with your local state attorney generals office. Just because you were not there to sign does not excuse the broker from pulling a switch on loan programs.

Ruby Said:

Wholesale Mortgage Lenders?

We Answered:

What you're failing to recognize or accept is that 11% is the going rate for any deal like that, and you're lucky to even get that.

No one wants low-grade investor loans at any price. They simply aren't performing. No one can even guess at a value on the loan (and the rate that would correspond to), because if no one will buy it from you, how can you know what it's worth?

Bottom line right now: If Fannie/Freddie or FHA/VA won't buy it, it probably shouldn't be done right now.

Victor Said:

I have a question about Line of Credit and possible mortgage fraud.?

We Answered:

Your question is almost completely incomprehensible, so you'll have a hard time explaining it to the government.

With respect to foreclosures ... one thing you can do, if you had the loan for awhile and it changed hands, you can halt or slowdown the procedures by asking to see the original documents you signed and then claiming "if you can't even show the original paperwork I signed, how can you hold me responsible for this loan"?

These banks have been handing these things around left and right and have been shredding documents/etc. ... so depending on the situation, this may provide you a bit of process help that may help you to restructure or exit things.