Would you report seller for construction loan fraud?
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Anonymous
| I am close to closing on a house. The HUD settlement form that just came in has a $200k construction loan on the house I bought being paid back. The house isn’t updated at all. Like it’s a total gut job and has termite damage and need a new roof. Clearly some kind of shenanigans happened. Say something? Report the seller? Move on with life? |
Anonymous
| Does it impact your sale? If not I would just move on and not waste my time |
Anonymous
|
OIG? Anonymously? that’s interesting though because lenders started cracking down on that kind of thing.
Maybe they have to repay the construction loans because they never used it |
Anonymous
| Karen, pour yourself your third glass of chardonnay, time to watch 'The View'. |
Anonymous
| Maybe they got the construction loan and then something happened that triggered that project not being possible, so they decided to sell the house. Life got in the way, the loan proceeds weren't close to being enough to fund the needed renovations, etc. etc. Lots of benign explanations. |
Anonymous
| The loan is being paid back. I’m not seeing the issue here. |
Anonymous
| Why would you even consider reporting the seller? How does that benefit you? |
Anonymous
| If it doesn’t affect your end say nothing to anybody!! Obviously. Don’t risk your new house. |
Anonymous
They probably got a HELOC so they’d have a downpayment on their next house. It does not affect you. |
Anonymous
The loan is only being paid back because of a sale. As Trump if loan fraud is no big deal. |
Anonymous
To use construction loan funds you have to show contractor receipts to the bank. You can’t just get the funds released to you. |