If you signed a 4506-T when you got your home loan

**hypedough** · 11-20-2008, 05:29 PM

Good to know.

**EscortBiz** · 11-20-2008, 05:31 PM

some of you with amex cards might of gotten a letter to sign a 4506 within the past 24 months, they knew whats about to happen, they did not run it at the time on those with current payments

**Sosa** · 11-20-2008, 06:10 PM

I pay all my monthly bills with my tushycash money

**Barefootsies** · 11-20-2008, 06:41 PM

Originally posted by EscortBiz

And you are now not paying expect them to utilize that form now to see if you lied on your loan app, its a criminal offense and banks are now planning to use that to go after those who dont want to pay.

You are correct fine sire.

That is why you get your loan (like I did) through your credit union, or bank vs. mortgage broker. You have double the forms, and a lot of them FHA/HUD/government such as that going through brokers instead of a conventional through bank/CU..

I had heard that from realtors, and friends prior to shopping for a house. However, I went to my CU for many reasons. Not just including less paperwork. Higher amount given, less grief, better interest rate and terms. So on, and so on.

Nice to see those who lied on their papers will get due justice.

**DaddyHalbucks** · 11-20-2008, 07:06 PM

Some people are gonna do time for fraud.

**Barefootsies** · 11-20-2008, 07:11 PM

Originally posted by DaddyHalbucks

Some people are gonna do time for fraud.

aka sweet justice and...
a lot of people

**crockett** · 11-20-2008, 07:28 PM

Originally posted by DaddyHalbucks

Some people are gonna do time for fraud.

I wonder if any of the mortgage agents will do time.. I remember a friend of mine whom bought a house 2 years ago, told me his mortgage agent told him to lie on his income to get approved for the house and said the guy told him everyone was doing it.

**WiredGuy** · 11-20-2008, 07:31 PM

What does that form give the lender the ability to do (for those of us not familiar with US laws...).
WG

**EscortBiz** · 11-20-2008, 07:41 PM

Originally posted by WiredGuy

What does that form give the lender the ability to do (for those of us not familiar with US laws...).
WG

Most home loans back in the day always required you to submit W2's / 1099's / Bank Statements or whatever to prove what you have an income, then they started the stated income loans, that means that the bank says we will charge you a extra precent or two but you dont have to give us any proof of how much you make, then once they saw people lied since defaults started showing up they started slipping in a form that most people didnt even notice they signed called a 4506-T, its one page that gives the bank permission to contact the IRS and get your past 2 or 3 year tax returns, there are companies like http://www.veri-tax.com/ banks would send the form to and within a few days have the real info on what you reported to the IRS, now must banks did not run it just keep it on file with the intent to run it if you default, and now they are starting to run some and its obvious people lied and that is a a serious crime.

**WiredGuy** · 11-20-2008, 07:49 PM

Originally posted by EscortBiz

Most home loans back in the day always required you to submit W2's / 1099's / Bank Statements or whatever to prove what you have an income, then they started the stated income loans, that means that the bank says we will charge you a extra precent or two but you dont have to give us any proof of how much you make, then once they saw people lied since defaults started showing up they started slipping in a form that most people didnt even notice they signed called a 4506-T, its one page that gives the bank permission to contact the IRS and get your past 2 or 3 year tax returns, there are companies like http://www.veri-tax.com/ banks would send the form to and within a few days have the real info on what you reported to the IRS, now must banks did not run it just keep it on file with the intent to run it if you default, and now they are starting to run some and its obvious people lied and that is a a serious crime.

What's the penalty for purgery on that form should the bank see that you lied on the form?
WG

**KillerK** · 11-20-2008, 07:51 PM

The banks knew people couldn't afford the loans, sorry but not many black people can pay a $3000 a month mortgage plus all the bills that go along with it.

**EscortBiz** · 11-20-2008, 07:54 PM

Originally posted by WiredGuy

What's the penalty for purgery on that form should the bank see that you lied on the form?
WG

if the banks decide to make an example from a few people these people will land in jail for at least 2 years

**WiredGuy** · 11-20-2008, 07:55 PM

Originally posted by EscortBiz

if the banks decide to make an example from a few people these people will land in jail for at least 2 years

I can see banks threatening clients with that possibility, but I can't see a judge actually doing it, especially when people are losing their houses left and right.
WG

**EscortBiz** · 11-20-2008, 07:59 PM

Originally posted by WiredGuy

I can see banks threatening clients with that possibility, but I can't see a judge actually doing it, especially when people are losing their houses left and right.
WG

the threat will be enough to get people up to date and yes they will find a judge that will sentence people who can afford that decided to fuck the bank

If you signed a 4506-T when you got your home loan

If you signed a 4506-T when you got your home loan

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