Rock Financial Rock actually suggested we come up with a phony lease agreement to ensure we would get financing with two mortgages. Novi Michigan
In October 04 my husband and I finally found the home we wanted. It was a little high for us but, we figured if we didn't eat we could swing it as long as we sold our first home. LOng stroy shirt...our 1st home hadn't sold so, Dave Korponic suggested we come up with a phone lease agreement for a phony renter to ensure we would obtain financing. But, of course, there was no renter and we couldn't afford two mortgages. Out first home didn't sell for 5 more long months and in the meantime we went into debt about $8000 on credit cards to keep the two homes going. Oh, I forgot the the other fun occurrence....when we showed up for closing we were expecting a $1400 monthly payment including taxes and insurance. The papers we signed for were for a $1600 monthly payment that did NOT include taxes or insurance. We should've walked away but, unfortunately, it was 4 days before Christmas and I was thinking with my snetimental heart not my brain!!!
Anyone else have similar experiences? This house has ruined our credit which was good before we took the plunge. I think it is hampering my ability to find a new job, too.
Rgilmore
Lambertville, Michigan
U.S.A.
2 Updates & Rebuttals
Flynrider
Phoeix,Arizona,
U.S.A.
Having a hard time sympathizing.
#3Consumer Comment
Mon, October 13, 2008
You comitted fraud in order to obtain the loan. Now you're mad a the mortgage broker? I guess it wasn't a good thing that they suggested the fraud, but you seem to have had no problem doing the deed. The whole point of the application was to determine whether or not you could afford the loan. Bottom line was that you couldn't, so you cheated and now you're in trouble.
I'm most sympathetic with whomever holds the mortgage today. You ripped THEM off. They should be writing a Ripoff Report about you.
Noir
City,Michigan,
U.S.A.
You made a bad decision
#3Consumer Suggestion
Mon, October 13, 2008
...and now you want to point an accusing finger?
Yes, Rock Financial advocated fraud if they suggested this ruse, but you committed the fraud.
Not sure your circumstances would qualify you for FHA assistance, but you might consider contacting them. They have a number of rescue plans now to help homeowners who took on bad mortgages.
Next time leave your sentimental heart at home when you consider entering into a financial contract. It sounds like you knew you were getting into a bad situation but went ahead anyway.