Fake Rental Agreement For Mortgage

The good news is that we can improve markets by reducing mortgage fraud. Individuals face realistic expectations about borrowing and the experience of residential ownership. Investors should set realistic profit targets. Industry experts must follow higher personal standards and submit to the organization`s responsibility by peers. Governments need to make legislation more uniform and align prosecutions with active investigations. @John Roberts, if the market doesn`t support this rental price per month, it could also mean that the house isn`t worth as much as the seller sold it to you. I`m also not convinced that all this happened “without the seller`s knowledge”! (i.e. How could they NOT already know that they are NOT receiving the full amount of rent minus the normal house management fee?) In theory, it doesn`t sound too dubious to me, but when I read online, it sounds like a mortgage scam. We tell the Bank that we have a new source of revenue in April, which is not necessarily true. I`m not really afraid of not selling our house in that amount of time – I expect it to take place in less than a month – but I also don`t want to do anything that could be interpreted as illegal. Don`t touch that with a 10-foot bar. Learn how military families can prevent rental fraud. In any case.

This is where things get windy. “Just let a friend sign a lease for the month of March and find someone else to rent after making it”@Brent Coombs: the market here currently supports much more than the face value of the lease, ironically, and the void is nearly 0% due to supply and rapidly growing (but temporary) construction jobs. The market rent of the house would currently be about $600 to $700 more than the current lease and about $300 more than the face value. The seller found himself in a bad position because he moved, derailed a sale, and had to close a new home in another city (job transfer), and so he engaged with the house management company. Since he could afford the payments for the mortgage, he simply told them that he needed “$XXXX” to technically qualify for the loan and wanted them to fill it out immediately (within 2-3 days). The employee of the house management company had just lost her rent and needed by chance a place to go. It was then a “back scratch” agreement that allowed them to get for him, before the holidays and under the pressure of the closing date, something they “needed”. The need to move quickly put the seller in trouble. A fast forward, and what could tarnish that is that technically, it is not a property that we want this time to invest. This is a house we saw, we decided we wanted to buy and were willing to have tenants to $XXXX.

So we sold our house and are 34 days before closing, just to find out now that they don`t even want to pay the face value of the lease (can`t afford to pay?), which is still significantly lower than the market rental of about $300 to $400 a month for this beautiful property…

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