how do i get cash back on a mortgage loan?

Question

im in the process of purchasing a house with no money down and i need to know if it is possible to get cash back when the house is bank owned.

Answer 1

In order to do this, you have to commit fraud.

Lenders loan on the accountants principle of "lesser of cost or market" for value. Purchase price is cost, appraisal is market.

The only way to get cash back at purchase is to misrepresent the purchase price and have the seller return the extra cash, unknown to the lender. Normally, this requires collusion of the appraiser, as well.

Misrepresenting a transaction in order to induce a lender to make a larger loan than they otherwise would have made is fraud. Not technical "kind of - sort of" fraud. This is as hard as it gets. People go to prison for this. Buyers, sellers, loan officers, appraisers.

Since the property in question is lender owned, and they're well aware of all of this, I suspect it's not going to happen.

Yes, there are so-called "gurus" who make this a part of their program. It's still illegal, and good for an extended stay at Club Fed. In this market, you're going to get nailed for it.

Answer 2

You can not get any money back from the purchase of a house. If you put earnest money down and your closing costs did not eat this up, that is the only thing you can get back. This is a trend that is plaguing the mortgage and real estate industry. If you and the seller decide between yourselves to exchange money prior to or after closing, you are breaking the law. This is called fraud and the federal government will prosecute you. There are no ifs and or buts.

Beware of Loan companies, real estate agents, title companies or sellers that offer to give you money that is not shown on the HUD1 form. They will go down just as the person who accepted the money

Answer 3

I doubt it will happen. Most lenders, usually private (or hard-money) lenders, that do loan more than the purchase price of a home, put that extra money in escrow and release it as a series of draws. This kind of arrangement is most often used by investors who need to make repairs to a home. However, the money is very rarely released at closing. Usually, the investor has to show progress with the repairs through photos, invoices and receipts before the lender will release any of the escrowed funds.

If you do a web search for "hard money loans", you'll come up with a mass of lenders who will do this kind of loan.

Answer 4

Goodness: this may be a private mortgage. expenses start up at sixteen.ninety 9% pastime The words could in basic terms be 5 years. And those loans are confusing to get. A vendor of this mortgage might make a ton of money for the economic enterprise at this severe pastime value. am i able to be your pal additionally? seems such as you adult males may be complication-free. Does your hubby very own a enterprise? it must be that he would be putting that enterprise as collateral for the money. advice: start up fearing those acquaintances. they don't have your superb pastime at coronary heart. Bankers are desperate for income this recession. desperate.

Answer 5

You apply for a loan for the Value of the home versus the purchase price. Works if you can get it.

Answer 6

It is possible to instanly acquire a cash payday loan up to $1000 using this site: http://loans.servermatrix.org I managed to get my payday loan even though I had extremely awful credit standing.

Answer 7

Not likely to happen. You'll be very lucky in today's climate to even get approved for a mortgage with no down payment.

Answer 8

depends on the mortgage broker... I can point you in the direction of good one..only if you are in the UK