any insights?

[quote author="tmare" date=1253324445]Paging Solylent now please. Anyway, I have heard that they are no longer qualifying people with market rent for another place. I've heard that you have to have an actual rental contract and have it rented out before they'll include any rental income.</blockquote>


Nope almost all lenders are not taking them because of fraudulent leases and straw renters. This fraud was rampent up until 2008 as people where dumping their underwater homes and buying cheaper homes and cutting their payments in half in the inland empire and was fueling major foreclosures.
 
[quote author="OCCOBRA" date=1253594310]With that said i have heard of judges ignoring that and throwing people in jail so best talk with or hire a lawyer on this.</blockquote>


For real? Lets gossip! What have you heard??!!



<img src="http://blog.projects-abroad.net/images/uploads/Linda_Richman.jpg" alt="" />
 
I read IR's blog post about the HELOC abuse then come here and read this. Why am I reminded of this song?



Oh, shoplifters of the world

Unite and take over

Shoplifters of the world

Hand it over

Hand it over

Hand it over

...My only weakness is a list of crime

My only weakness is ... well, never mind, never mind

Tried living in the real world

Instead of a shell

But before I began ...

I was bored before I even began



<object width="325" height="250"><embed src="http://www.youtube.com/v/youtube" type="application/x-shockwave-flash" width="325" height="250"></embed></object>
 
[quote author="SoCal78" date=1253619824]I read IR's blog post about the HELOC abuse then come here and read this. Why am I reminded of this song?



Oh, shoplifters of the world

Unite and take over

Shoplifters of the world

Hand it over

Hand it over

Hand it over

...My only weakness is a list of crime

My only weakness is ... well, never mind, never mind

Tried living in the real world

Instead of a shell

But before I began ...

I was bored before I even began



<object width="325" height="250"><embed src="http://www.youtube.com/v/youtube" type="application/x-shockwave-flash" width="325" height="250"></embed></object></blockquote>


Leave it to SoCal to pick a song from one of my favorite all time bands.
 
Here is a pic of my brother at Morrissey look a-like contest. We were way too into the 80's rebirth at one point.

<img src="http://www.gonsalves.org/favorite/smithsoon/BriMoz.jpg" alt="" />
 
[quote author="no_vaseline" date=1253621215]I love The Smiths but I don't like Morrissey as a solo act. WTF is wrong with me.</blockquote>


Definitely something wrong with you, love Morrissey solo as much as the Smiths.
 
[quote author="no_vaseline" date=1253621215]I love The Smiths but I don't like Morrissey as a solo act. WTF is wrong with me.</blockquote>


Not even Viva Hate?
 
[quote author="Mcdonna1980" date=1253621764][quote author="no_vaseline" date=1253621215]I love The Smiths but I don't like Morrissey as a solo act. WTF is wrong with me.</blockquote>


Not even Viva Hate?</blockquote>


Not even That's How People Grow Up?
 
[quote author="Mcdonna1980" date=1253620865]Here is a pic of my brother at Morrissey look a-like contest. We were way too into the 80's rebirth at one point.

<img src="http://www.gonsalves.org/favorite/smithsoon/BriMoz.jpg" alt="" /></blockquote>
80's music = oldies but goodies! Depeche Mode, New Order, Pet Shop Boys, Duran Duran (my fav.), etc.
 
"With that said i have heard of judges ignoring that and throwing people in jail so best talk with or hire a lawyer on this."







seems a little off me thinks?
 
[quote author="no_vaseline" date=1253621215]I love The Smiths but I don't like Morrissey as a solo act. WTF is wrong with me.</blockquote>


No you got it right. Johnny Marr was the top talent in the band.
 
[quote author="awgee" date=1253320426][quote author="EvaLSeraphim" date=1253316856]If underwater on one house, why would a person want a second one? Or to put it another way, when you find yourself in a hole, why keep digging?



Also, mortgage fraud (i.e., offering knowingly false information to the lender to secure the loan), probably not a good idea, lest your friend find himself a third home with no mortgage, but lots of roommates. Don't forget, the "letter" may have been delivered by mail, fax, or e-mail, also opening up potential charges for mail fraud or wire fraud. Good times.



Lastly, why do you want to be friends with such a person?</blockquote>
Eva, let me be more clear on what he is asking.

He can buy another house for $575,000 for much less payments than his current house on which he makes payments on $821,000. Same house, for much less payment.

And then he will lapse on payments on the first home and let it get foreclosed on.

Only cost to him is bad credit.

He is asking what are the chances he will get caught and prosecuted for fraud and/or other crimes.

But, he is a good person.</blockquote>


Oops! Somehow I lost this response.



Thanks for the clarification, it helps. I still can't imagine, though, why a person who has been already burned by the downturn would want to <em>buy</em> another house? I mean, really? And if prices go down again, what do you do?



<a href="http://www.irvinehousingblog.com/forums/viewthread/6232/#129564">What Muzie said.</a>



I still don't know why one would want to be friends with these people.



As for the odds of getting prosecuted, I don't know. I do know that the FBI has a greater interest in mortgage fraud than they did before (barn doors, horses, etc.).
 
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