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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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where a lender has made misstatements both as to income and

Resolved Question:

where a lender has made misstatements both as to income and expenses on borrowers loan application so as to obtain underwriter approval as to payments that are affordable, sufficient grounds to recover as a victomized senior citizen.
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.

Did you sign the application with the misstatements?
Customer: replied 8 years ago.


however lender stated income of borrowers one investment property as ongoing,that was vacant 6 months prior to application,second rental property income was stated above mothly leased payments,with four months remaing on lease,again as ongoing payments,

existing primary residence occupied by borrower was shown as rental income that could not be obtained.

finally,income of 77 year old hair colorist was stated by lender as 2000 monthly where W-2s indicate 1000. present health and rotar cup injury seriously threaten continued employment.

Expert:  Ellen replied 8 years ago.

The borrowers appear complicit in loan fraud with the agent. The borrowers signed the loan application attesting to the truth of the statements contained therein. The underwriter relied on those misstatements in making the loans. Therefore, the borrowers do not have an action against the agent. Rather the borrowers could be criminally charged.
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