Would this unethical plan top pay of school loan work?

Hello,

I was wondering if this unethical plan to pay off a school loan would work let me know what you think.

My girlfriend has a $20000 school loan that she cant really pay because she is a stay at home mom. She does have a small business and has begun to build some business credit. I was thinking that she could change her business from a sole proprietor to an LLC and use a business credit card she has to pay off part of the school loan then claim bankruptcy on the business.

I just figure this would look kinda suspicious to the bank, her personal credit is already screwed up but she does have an $8000 business credit card. I dont think a balance transfer would work but if she slowly paid say 5 times the minimum until maxed out then claim bankruptcy. (Its a government school loan that does not allow bankruptcy) but if we could slowly transfer the balance to the credit card and then file. Would this be fraud or would the bank just laugh while we now have a higher interest?

Would this unethical plan top pay of school loan work?

Of course it's fraud. And if she doe's this the credit card company will show up at the bankruptcy hearing and demand that they not be included in the bankruptcy because she committed fraud.

It's no different then someone taking out a large cash advance on a credit card and then filing bankruptcy. It's fraud.

Would this unethical plan top pay of school loan work?

This is fraud, period. Plus, it wouldn't work.

Auto Loan ?

I'm 17 and I'm taking out a 5000 auto loan *with a cosigner of course* . Is there a certain amount of money i need in my bank account. I have a job making about 300-500 a month *depending on how my tips go*. So how much should i have in my account when i go to get the loan? someone told me at least 3 payments?

Auto Loan ?

If you have a cosigner it won't matter.

Auto Loan ?

you can't legally get a loan in the US, because you are not 18 yrs or older. Your 'co-signer' will be the only one that can get the loan. However, if you make the payments on the loan till your 18th birthday and beyond, you may be able to have the loan refinanced in your name with the co-signer.

Auto Loan ?

it really doesnt matter how much money you have in your account. your credit score is what matters. if you have direct deposit with the bank you are financing with that helps

good luck

Auto Loan ?

your cosigner is on the hook in this case since you are under 18 and cannot legally enter into a contract

I applied for a loan throu Washington Mutual but never signed anything or paid any money. Am I locke

I only interacted with the loan officer over the phone. He told me he would lock in a rate but when I recieved a copy of the application the rate was higher. It also said that I didn't need to sign anything unless asked. Can banks fill out mortgage application for you over the phone and have it bindng if I didn't sign anything or pay them any money? Found a better broker and would like to switch but Wamu is telling me that I'd have to pay for some of the things they've already done. My realtor told me that they haven't done anything and the law office said that unless I sign something or give someone money nothing is binding. Is this true? Can I switch to a different lender with better rates without any penalties? Doesn't make any sense to me that a bank could lock you into a mortgage over the phone without any signatures. I never even meet the loan officer face to face. Would appreciate any advice/knowledge on this.

Thanks

I applied for a loan throu Washington Mutual but never signed anything or paid any money. Am I locked in?

As far as I know, no signature, no deal. Words are not legally binding as a business contract. the only thing that can tie you down is a written contract with your signature on it. BUT take a look at this sites definition and see if it says anything a little more helpful.

http://www.lectlaw.com/files/bul02.htm

I applied for a loan throu Washington Mutual but never signed anything or paid any money. Am I locked in?

Send back the papers and tell them thanks but no thanks.

They changed the rates, you found a better deal. Done deal.

They can bark at you, but that's all. Until you sign on the bottom line, it ain't a deal.

Go with the better deal, the law office agrees nothing signed and no money changed hands.

Besides they changed the rates, never sat down with you. Be glad you don't have to deal with them

Good luck and check with your law office again. before you sign to make sure this IS the best deal.

I applied for a loan throu Washington Mutual but never signed anything or paid any money. Am I locked in?

this is the kind of stuff wamu does on a regular basis. it only gets worse when you actually do sign a mortgage with them. send the papers back, tell them no thanks and go to someone else.

What does a loan Officer usually have to focus on regarding Borrowers documentation?

What are the principles in refinancing, Cashing out and taking money aways from the homes equity?, How much does a loan officer make a year if they work for theirselves and with a bank?

What does a loan Officer usually have to focus on regarding Borrowers documentation?

I'm a Mortgage Banker.

Documentation is determined by the Program of the loan. Loan Type, Ratios, and who is underwriting.

I request 2 years taxes, most recent month worth pay stubs, 3 months bank statements, home owners insurance policy, preferred Title company, and a check for the appraisal.

Most LO's are paid on Commission.

Put a bid on a house , loan officer told us to go ahead does that mean we are for sure approved ??

we got a pre approval letter on a home loan FHA , and our mortgage company told us as soon as we find a house to let her know , so we did and then she talk to under writer , gave all are info w2 ,ss# check stubs , bank Info . Then she call us back after talking to her underwriter , and told us to go ahead and make a bid ,so we did and he excepted the bid , So now are Loan officer said she will let FHA inspector tomorrow know he has to inspect the house , we got Closing Date ,

So my Question is to all you Loan people out there does this sound correct and is there anyway we will not get This loan , we do have poor credit due to medical Issues , but our Loan lady Said we got approve for a loan . so what do you think ??? Any info on this procedure will be helpful !

Put a bid on a house , loan officer told us to go ahead does that mean we are for sure approved ??

Nothing is set in stone until you have signed the loan document. Just because you are pre-approved for a certain amount doesn't mean they will come through - especially nowadays with banks going out of business due to foreclosures. I recommend you check with a sub-prime mortgage broker, and have a back-up plan just in case. The great thing about mortgage brokers is they get paid a commission for getting a loan approved, and not until. They also work with more than one banks on the same credit report, so you don't have to have your credit pulled multiple times.

Put a bid on a house , loan officer told us to go ahead does that mean we are for sure approved ??

Dont worry, youre fine. Youre already pre-approved with FHA. FHA helps everyone from first time home buyers, people with low income, people with low or no credit and so on. FHA just has to inspect the deal to make sure that what theyre getting into with you isn't a high risk for them. Now the seller does not have to accept your offer. Sellers pay more closing costs with an FHA loan. It's not your fault if they dont accept. You would just keep shopping for another home.

Ask your loan officer anything you have questions about. It's their job to inform you about everything. If they're unreachable or don't give you the attention you need, it's time to find a new loan officer.

Put a bid on a house , loan officer told us to go ahead does that mean we are for sure approved ??

i just went through my first home buying experience and it was hell but i was dealing with a horrible mortgage company, i have learned that nothing is final till you sign the papers but i really think you have it if everything is going smooth and you already have a closeing date

Put a bid on a house , loan officer told us to go ahead does that mean we are for sure approved ??

Nothing is final until your name is recorded on Title and even then, things can happen.

Put a bid on a house , loan officer told us to go ahead does that mean we are for sure approved ??

Relax, your doing fine! FHA is required to do a home inspection to make sure the property does not need repairs, and this is in your favor. The fact that the seller has agreed to the asking price is in your favor and that the home inspection is going through. Plus the fact that you have a closing date is more to your advantage. Best Wishes and Happy Home Buying!

Getting the most out of a home loan?

My husband will be stationed on a carrier that is moving from a local shipyard in Newport News VA, to about an hour south of us in Norfolk VA. We just purchased our first home in Williamsburg VA with a Countrywide VA (veterans) loan of $230,000. We want to keep this house and rent it out to a family, and purchase a condo or townhouse closer to the shipyard in Norfolk, to live in while he is stationed there. I have heard that lenders don't include rent money paid to us when calculating our debt-to-income ratio. Is it true? and is there any other way to convince a bank to lend us more money for a second property?

Getting the most out of a home loan?

a lender may lend you money for the 2nd property if you meet the lender requirements...but VA doesnt allow you to rent the property within 1yr of owning it.

if you report 'rent' on it....well you know the rest.

Getting the most out of a home loan?

The bank I work for will count it if you can verify it. If you haven't had any yet, you can't really count it because you can't verify it.

Getting the most out of a home loan?

If you have a signed lease agreement for the property, lenders will consider this and not count the payment on this mortgage against you. Feel free to email me if you have any additional questions.

Getting the most out of a home loan?

They can lend on a 2nd property. People do it all the time, but they want to see rents paid or a lease signed %26amp; ready to take action when you move into the new house. Depends on your credit, people have multiple mortgages all the time for rentals.

What about all the property mangers of private duplexes and such that only do that for a living? It has to count!

Getting the most out of a home loan?

In order to get credit for the rent you're being paid, you need a signed lease, lasting one year or more. If the tenants are not yet in possession, you also need a copy - front and back - of the check for the deposit and/or first months rent (depending upon your state law - I don't work in Virginia).

They will only allow 75% of the rent, assuming a 25% vacancy factor (very high - where I am it hasn't been over 5% in at least 25 years), and they will deduct the full amount you're paying on the loan, pro-rated property taxes and insurance, HOA fees (if any), etcetera.

It is routine to buy another property and get another mortgage (even VA so long as their sum amount isn't over the current VA loan limit), so long as your debt to income ratio still falls within guidelines. That's pretty much what the vast majority of real estate investors does.

Here's an article about debt to income ratio in case you don't know what it is:

http://www.danmelson.com/2007/05/loan_qu...

Put a bid on a house , loan officer told us to go ahead does that mean we are for sure approved ??

we got a pre approval letter on a home loan FHA , and our mortgage company told us as soon as we find a house to let her know , so we did and then she talk to under writer , gave all are info w2 ,ss# check stubs , bank Info . Then she call us back after talking to her underwriter , and told us to go ahead and make a bid ,so we did and he excepted the bid , So now are Loan officer said she will let FHA inspector tomorrow know he has to inspect the house , we got Closing Date ,

So my Question is to all you Loan people out there does this sound correct and is there anyway we will not get This loan , we do have poor credit due to medical Issues , but our Loan lady Said we got approve for a loan . so what do you think ??? Any info on this procedure will be helpful !

Put a bid on a house , loan officer told us to go ahead does that mean we are for sure approved ??

Nothing is set in stone until you have signed the loan document. Just because you are pre-approved for a certain amount doesn't mean they will come through - especially nowadays with banks going out of business due to foreclosures. I recommend you check with a sub-prime mortgage broker, and have a back-up plan just in case. The great thing about mortgage brokers is they get paid a commission for getting a loan approved, and not until. They also work with more than one banks on the same credit report, so you don't have to have your credit pulled multiple times.

Put a bid on a house , loan officer told us to go ahead does that mean we are for sure approved ??

Dont worry, youre fine. Youre already pre-approved with FHA. FHA helps everyone from first time home buyers, people with low income, people with low or no credit and so on. FHA just has to inspect the deal to make sure that what theyre getting into with you isn't a high risk for them. Now the seller does not have to accept your offer. Sellers pay more closing costs with an FHA loan. It's not your fault if they dont accept. You would just keep shopping for another home.

Ask your loan officer anything you have questions about. It's their job to inform you about everything. If they're unreachable or don't give you the attention you need, it's time to find a new loan officer.

Put a bid on a house , loan officer told us to go ahead does that mean we are for sure approved ??

i just went through my first home buying experience and it was hell but i was dealing with a horrible mortgage company, i have learned that nothing is final till you sign the papers but i really think you have it if everything is going smooth and you already have a closeing date

Put a bid on a house , loan officer told us to go ahead does that mean we are for sure approved ??

Nothing is final until your name is recorded on Title and even then, things can happen.

Put a bid on a house , loan officer told us to go ahead does that mean we are for sure approved ??

Relax, your doing fine! FHA is required to do a home inspection to make sure the property does not need repairs, and this is in your favor. The fact that the seller has agreed to the asking price is in your favor and that the home inspection is going through. Plus the fact that you have a closing date is more to your advantage. Best Wishes and Happy Home Buying!