The problem is that I cannot afford a house on my salary but all my friends have bought one. Should I take a fradulent mortgage and buy a house? Will prices continue to rise and make me very rich?
2006-10-04 01:01:25 · 17 answers · asked by porkscratchings 1 in Business & Finance ➔ Renting & Real Estate
No because it will probably end up being repossessed if you can't keep up the payments or if your mortgage broker finds out. Plus you willl be rendered homeless.Then your credit will suffer and you will never get a mortgage again. Wait until you are financially in a position to apply for a mortgage legitimately.
2006-10-04 01:06:33 · answer #1 · answered by Dave 4 · 0⤊ 0⤋
If you take out a mortgage by giving false information and you don't default on the payments there is no problem. In a couple of years or when any penalty period has expired you renew the mortgage, prices have reason so you only want a lower percentage compared to the property value and everyone is happy.
If you cant afford the payments and you fall behind the lender repossesses your house, you have no house and a bad credit rating. They will sell the house for what they say they can get and if that does not cover the full cost of the outstanding debt you still have a debt to pay - as well as having to find somewhere to live and pay rent.
So the question is - how confident are you with the risk.
I was made redundant just before I signed my mortgage for my first house but was confident of finding another job quickly so signed anyway - fortunately it paid off, I got another job and never defaulted on the payments.
2006-10-04 01:10:28 · answer #2 · answered by joe 3 · 0⤊ 0⤋
If you cannot afford a mortgageon your salary, then how do you expect to make the repayments each month? You can take out a Self-Cert mortgage, whereby you certify how much you earn (in other words lie!) and it doesnt need to be proved. However, you will be charged a slightly higher interest rate & seriously need to think about whether you can afford to do it or not. Income multiples for mortgage companies (ie. income x 3 or income x 5 ...so on) differ from company to company so you may be able to find something that you can actually afford without lying about your salary.
2006-10-04 01:15:38 · answer #3 · answered by bluemovie22 2 · 0⤊ 0⤋
If you can't afford to buy a house because of your salary, how will you make the payments? Even if you can get a "fradulent mortgage," Your house will be repossesed in a few months. So, even if house prices go up you won't make a dime. Plus you'll be spending time in jail when your fraud is discovered.
2006-10-04 01:07:36 · answer #4 · answered by The Man 5 · 0⤊ 0⤋
Why do you want to buy a house anyway? Just because your friends have? You could look at it another way - you are renting and can up and leave at any time whereas they have a monthly commitment to pay a mortgage or have to go to the bother of selling/renting their house if they want to, say, go off travelling or relocate.
If you take out a fraudulent mortgage, someone somewhere at some time will find out and then you will have the house repossessed and probably face jail for fraud. Still at least then your rent will be paid for you and all meals included!
2006-10-04 01:09:30 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Don't you have to prove your income though with payslips etc to actually get the mortgage in the first place?
The key thing is whether you can afford the repayments - and everything else that goes along with owning a house - maintenance, bills etc.
If you default on your mortgage it could ruin your credit history and make getting any future credit very hard, or very expensive.
2006-10-04 01:16:39 · answer #6 · answered by cheeselweasel 2 · 0⤊ 0⤋
Why don't you seek a cheaper home? Just because its cheaper doesn't mean its going to be an ugly home.
Another way would be to either rent with an option to buy or you and a friend split everything 50/50.
Whatever route you choose. Do not lie about it because it will catch up with you somehow. Just by you asking sounds like you rather do the right thing. Just say NO to lying because the truth will get you further.
2006-10-04 02:37:25 · answer #7 · answered by Hun 2 · 0⤊ 0⤋
Maybe I didn't understand your question. Could you rephrase it? Where do think you can apply and get a mortgage based on fraudulent information? Let me ask this: Have you applied with a lender to see what you are qualified to purchase? That is step #1 if you're serious about buying real estate.
2006-10-04 02:15:31 · answer #8 · answered by Alterfemego 7 · 0⤊ 0⤋
Taking a fraudlent mortgage is good for a $250,000 fine and 5 years in prison.
Not a way to become rich.
2006-10-04 01:34:48 · answer #9 · answered by Anonymous · 0⤊ 0⤋
#1 never never never.
#2 if you can not pay for the house mortgage now what make you think you can pay letter
#3 be your self and don't try to be someone that you are not, soon or letter every one will know the truth and then how you will face your friends now?
#4 think for better way to make honest money
2006-10-04 01:22:08 · answer #10 · answered by Anonymous · 0⤊ 0⤋