Legal Question in Real Estate Law in Massachusetts
Mortgage Company Problem
We worked with a mortgage company who promised alot of things to my fiancee' and I. We wanted to buy our first home. She said I can get you the home you want plus an income property. I said that seems like too much to take all at once. There's no way we can afford it. We were told don't worry about it it's all under control. After talking at home it seemed fishy. It only got worse. There were things we didn't understand with us being first time home owners. She would come to my job and have me sign things I didn't read. She said she was in a rush not to worry I'll get copies of everything. There were things she had done to my credit report, she had me leave work and have $10,000 deposited into my bank account and then had me withdraw it. She said it was just something that shows the mortgage company I can afford this. I said but I really can't. She said again trust me I know all the tenants and they all pay rent on time. That house will pay for itself. She said she came up with a way to put both houses under 1 mortgage payment. After speaking with my realtor who found our 1 family home he said we have no idea what we got ourselves into. She doesn't have a license. She works under someone elses. And the company she works for knows.
1 Answer from Attorneys
Re: Mortgage Company Problem
Youare either dealing with a mortgage broker or a "runner" who generates clients for a broker. Being asked to deposit money in an account to "show" assets on hand is fraudulent and you were right to catch on thnat this person is attempting to falsely qualify you for a loan that exceeds your ability to pay. Our office has encountered these situations before. Please feel free to contact me if you wish to fdiscuss the particulars of your case. 978.250.4255