In 2006 I bought a home in California based on the siva guidelines
The company that funded the loan advised me to state the income in the application. The loan was processed and approved and funded. The loan has not foreclosed. No one is victimized. Can the federal government prosecute the homeowner? by Cortezarmando4443 from , California. Jan 5th 2014
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
You are fine... The loan was 100% legal. Those loans had (and still have) a place in the lending arena. For many legitimate reasons, some people just don't fit the traditional mold, and needed lower documentation stated income loans. Unfortunately, those type of mortgage loans became highly abused by foolish people trying to beat the system to buy a home they really had no business buying. Pretty much anyone who didn't deserve that type of loan has long since been foreclosed on. Those who did, like you, are successfully making their payments. Today, classic government over reaction (Dodd / Frank) has made those type of loans are no longer available to anyone...
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
Prosecution is reserved for those who have broken the law.. unless there is loan fraud, no one will come knocking on your door.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
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