I’m sure that this is not just happening in Texas only.
Always be aware of what a mortgage professional is telling you. Ask questions here or elsewhere.
Be careful of the following.
If they are having you restructure the sales price (with the exception of seller paid closing cost or down payment assistance)
If they are coaching you through exactly how much to put in income on the loan application; or if they have added the income in and asked you to sign off.
Buddy, c’mon now you know what Ben is talking about. Raising the sales price and having the seller make the downpayment for you. As for a stated loan, that is up to the customer to state what they make. If they are willing to sign a 4506 then they obviously are comfortable with signing the 1003. There is a big difference between doing that and telling someone who works at Mcdonalds to state that they make $5000/month so they can qualify for a house they either can’t afford, or are going to lie about occupying so they can use it as an investment property. No need to come out swinging like that.
Ben, just saw this and reminds me of the fiasco that John Cook and I’ve been through with Chris Macone (Macone Enterprises). He was marking up the loan at the time of closing (according to his attorney) without telling the buyer. Worse yet, he was collecting consultation fees and pocketing them without ever going to closing. Even when the attorney that he was using said that the deal would not work because the property would not appraise for the amount Chris was marking up the note, Chris still refused to refund the consultation fees. Geez… and Chris is out of Texas. Time to email the reporter on this one.
There was alot of things Chris Macone didn’t tell the buyer/buyers. And when they did go to closing the buyers would walk out all pi$$ed off (according to his lawyer) because they were never informed of how their deal was restructed for the discounted notes they were creating.
I asked Chris why he wouldn’t refund the fees and he said because he did provide a service for the buyer (Paul Tomlinson), I said what service, he said he passed the buyers information on to his consultant. That is not service if you ask me. He didn’t provide a thing except a headache and had my property tied up over two months.