Quote:
Originally Posted by Cecil Terwilliger
Well if you knew anything about how the industry works, you’d know that the scenarios you described and firebox described have nothing to do with the article. But you’re talking out your ass so I’m not surprised.
Oh it’s a scheme to falsely inflate the purchase price, no wait it’s an income fraud scheme, no wait it’s an assignment of sale scheme.
Just throwing out a bunch of words you don’t understand doesn’t make you right.
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I don't recall stating that assignment is fraud (nor did anyone). The uber driver also doesn't have a mortgage at this point. Go back to your statement.
Quote:
Originally Posted by Cecil Terwilliger
The guy in this story is just a straight up moron or a liar. No one is getting a $1.5 or whatever million mortgage on $80k year not matter what rates are.
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Your words. No one is not getting a 1.5 million mortgage on 80k no matter what.
So what option does that person have?
First option: they never planned on holding the house and wanted to sell on assignment and cash in on the appreciating value. This is certainly a get rich scheme, but totally legal today. Assignment may or may not be allowed by this developer and may not even be an option.
His other option, is falsifying income where you aren't getting a 1.5 million mortgage on 80k but getting one on 200-300K income on paper. That is the scenario that was unearthed as mortgage fraud and rampant particularly in Brampton and likely to be one of the scenario based on the story provided.
Care to enlighten us and share other scenarios this uber driver could legitimately buy a 2 million dollar house, regardless of rates that doesn't involve a scheme or fraud? Because he clearly was doing one of these two.