Ihave lousy credit, my broker got me into a loan i could not afford or qualify for?

Question

the bank never veried the phoney income statement. after i questioned the bank about why they gave me the loan we found false bank statements too. what should i do?

Answer 1

Who gave the bank the phony bank statements, the broker?

Did you know that you couldn't afford it when you signed the papers? I think you are on the hook for the loan, but if you feel that the broker did something illegal, report them to your state's Banking Department. You must be able to show supporting documentation.

Answer 2

If the broker gave the bank phony information, the bank will pursue the criminal aspect of that. You may be able to win a case against the broker for money that you are out due to not being able to keep up with the loan. But when it comes down to it, you are expected to read the loan contract and sign that you agree to the terms of it. So, bottom line is, you are the one ultimately responsible for getting into a loan you can't afford. Not trying to be mean or rude, just realistic.

Answer 3

Yanno, I see your question all the time. You want to blame the mortgage broker and somehow get out of a loan.

But the truth is, he told you what the payments would be, or atleast the interest rate. YOU chose the house. He could have qualified you for a 10M$ house but you'd know not to go get it. You should have picked a more modest home.

If you can sell and come out even, do it now before penalties and interest pile up. Go rent or get a cheaper house. Try not to pay anything more than 30 days late so you dont wreck your credit.

Answer 4

When you apply for a loan you go full doc or stated. If you stated your income without documentation then you would have had to put $ down. They wouldnt lend up to 100% with bad credit and stated status. So you bought into the house and you made the mistake not the broker. If you went full doc then you could get 100% financing but you would be providing the documents.....you see...so then it is still your mistake not the brokers.

Answer 5

If you signed for the loan you are legally bond to the loan. But you really need to get a legal representative to help you out. This is really deep. I'm a real estate agent and a home inspector so I know the in and out of the business. That is why most brokers tell their clients to verify all the paper work and you have to read the fine print. You really need to find legal assistance for this. You need to go to the real estate commission in your state and let them know what is going on. They will cover some of your expense. But you will have to pay all the legal fees.

Answer 6

You are the one who is going to get in trouble here. You knew he sent phony statements, and you also knew you could not afford the payment. Its not like they tell you the payment AFTER you sign for the home. You knew ahead of time you could not afford this, and now you want to get out of it. This is what you get for lying. This is why its getting harder for normal hard working people to get a loan. You and millions of others lied on their loan app. Now live with it, and have fun with foreclosure

Answer 7

did you take the money? if you took the money and spent it then you maybe up the creek. But I would seek a lawyer. If you can prove all this the bank may want to make arrangements with you instead of going to court. they may reduce your interest to zero extend your payment time.

Answer 8

I would switch banks...and sounds to me like the broker only cares about the potion he/she makes off you.

Answer 9

You need todo whatever you can to make this right. You may need to pick up a second job. Remember you are the one that got yourself into the loan so you need to get yourself out of it

Answer 10

Quit blaming everyone else for your poor (and fraudulent)choices. If you are old enough to buy a house, you're old enough to either set this right or take the fall for lying. Your choice.