2006-09-21 10:08:22 · 9 answers · asked by nightrider 1 in Business & Finance ➔ Renting & Real Estate
Yes, it is illegal. You are deceiving the lender into lending money they would not otherwise lend, or on terms they would not otherwise offer. That's conspiracy and fraud, to start with. Perjury is almost certainly in the mix.
2006-09-21 12:01:36 · answer #1 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
yes, it's extremely illegal. And I cannot even believe that the guy above me that is a lender himself said that it might not be but it's stupid. I've been in mortgages for ten years and what an embarrassment that he would say something like that. Don't EVER give anyone personal information (SS # and otherwise) to use your good credit to purchase a house. I work in New York City and I hear stories all the time from some of the real estate attorneys that I do business with. These scumballs usually prey on the people that don't know any better, pay them what seems to be good money, $5-10K, use their good name to buy houses, cars, etc and next thing you know, these same people are in the attorney's office wondering how they got in the situation in the first place Steer clear!!
2006-09-21 23:53:30 · answer #2 · answered by rckwygirl76 2 · 0⤊ 0⤋
Hi, Im a Real Estate Agent in Orange County,CA please feel free to give me a call, my toll free number is 1(866) 825-9618
California Home Realty. Thank You
That's being a good person but if they don't make the payments the bank will go after YOU! You benefit if the payments are made on time.
2006-09-22 06:12:48 · answer #3 · answered by The O.C Real Estate Agent 2 · 0⤊ 0⤋
Never co-sign a loan. Even if this person is "the one" or your best friend. Things change. Credit is way to important to jeopardize.
2006-09-21 17:19:16 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Not necessarily--depending on the loan program.
Might not be illegal but I suggest that it is highly stupid.
Rick Lanicek
http://www.primelendingonline.com
2006-09-21 18:46:52 · answer #5 · answered by Anonymous · 0⤊ 0⤋
borrow your credit? That would be stupid. You are personally liable for whatever that person does while you've "lent" your credit to them.
2006-09-21 17:13:43 · answer #6 · answered by Anonymous · 0⤊ 0⤋
How about borrowing rent money also?
2006-09-21 17:19:54 · answer #7 · answered by svikm 3 · 0⤊ 0⤋
Yes it is. You could both get in serious trouble if discovered.
2006-09-21 17:11:32 · answer #8 · answered by astrnelis 2 · 0⤊ 0⤋
Are you talking about loan fraud?
Yes.
2006-09-21 19:11:49 · answer #9 · answered by BoomChikkaBoom 6 · 0⤊ 0⤋