You mentioned four different things, let me address the one I know the most about and is the most obvious. You can claim that your house or property is worth as much as you want, how the process works is that you ask for what you want and claim whatever you want, and then the bank does their underwriting and comes to their own determination of value and how much they want to lend. He did nothing wrong t hat I am aware of.
So if you list your house for more than its worth on zillow is that fraud? Who is harmed by claiming you house is worht 600% more (which he didnt actually do but is perfectly fine)?
Obviously, a loan provider is harmed. Interest rates are calculated based on the radio of debt to assets. If you put a 10k mortgage on a 500k asset, you’re paying far less interest than if you take a 450k mortgage on the same.
That’s such a basic question, anyone who is into real estate shouldn’t have to ask this.
So then its fraud to claim or believe that your property is worth more than it is?
I am just explaining how the process works. Its like if I am selling a car and claim its worth $20k, its up to the buyer to agree or disagree, its not fraud for me to claim its worth $20k and the kbb value is $10k.
You mentioned four different things, let me address the one I know the most about and is the most obvious. You can claim that your house or property is worth as much as you want, how the process works is that you ask for what you want and claim whatever you want, and then the bank does their underwriting and comes to their own determination of value and how much they want to lend. He did nothing wrong t hat I am aware of.
No, you can’t. If you knowingly and grossly lie on paperwork that’s called fraud. Why the hell would that be legal?
The fact that most people try to sneak 10% is entirely different from ballooning things by 600% and intentionally lying about the reasons.
So if you list your house for more than its worth on zillow is that fraud? Who is harmed by claiming you house is worht 600% more (which he didnt actually do but is perfectly fine)?
Obviously, a loan provider is harmed. Interest rates are calculated based on the radio of debt to assets. If you put a 10k mortgage on a 500k asset, you’re paying far less interest than if you take a 450k mortgage on the same.
That’s such a basic question, anyone who is into real estate shouldn’t have to ask this.
Are you aware that mortgage companies do their own due diligence to determine the value of the property? Do you know what the underwriting process is?
Just so we’re clear, your excuse for fraud is “but the other party has to check it too?”
Buddy, where do you think half the evidence is from?
You can read the decision for yourself. I don’t need to defend the judge. https://www.scribd.com/document/706231478/452564-2022-People-of-the-State-of-v-People-of-the-State-of-Decision-After-Trial-1688#1fullscreen=1
For the explanation or damages, check the expert witnesses especially.
So then its fraud to claim or believe that your property is worth more than it is?
I am just explaining how the process works. Its like if I am selling a car and claim its worth $20k, its up to the buyer to agree or disagree, its not fraud for me to claim its worth $20k and the kbb value is $10k.