Used Car Underwriting
Used Car Underwriting
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Would this be some kind of fraud? It worries me.?
We are trying to get a mortgage approval underwritten through NY state mortgage assistance. We already had a conventional loan approved by our bank, but the terms aren’t as good – higher interest rate and closing costs, namely.
The conventional loan allows us to take a secure loan against our owned car (we have no car payments currently) as use of downpayment. However, it seems that the NY mortgage does not allow this.
My husband thinks he can just take the loan, give the loan check to his mom, and then have her “gift” it back to us (gifts are acceptable sources of downpayment with the NY mortgage).
It just sounds like fraud to me. I don’t like it. I know I’m taking out that loan to use as a downpayment. It seems like it would be very obvious that we gave it to her and she gave it back to us. I don’t think I want to let him do this. Does anyone know, or have any advice? And does anyone know why I can’t use my secure property as collateral on the unconventional loan? :-/
I’m not quite sure why your husband wants to take this approach by involving his mother. What’s the gain?
You still are going to have a loan against your car and cash in hand either way.
In any case, yes technically it is fraud. A “gift” under the law is not a gift if there are strings attached, such as you are expecting it back.
Will you get caught. I have no idea. But technically it would be fraud of some sort.
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