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Real Estate
Reply to "New House Query"
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[quote=Anonymous][quote=Anonymous]This is the very reason interest rates are higher if you plan to rent the house. If the renter suddenly stops paying (and hopefully moves out), you sister may not be able to afford the extra mortgage payment and she goes into default and the bank has to foreclose. Lenders need the extra mortgage profit to cover the higher chance that the landlord defaults. [/quote] Yes this is the primary reason that mortgage fraud hurts everyone. But also it is true that if a bank extends loans out to people who lie to them - then there is less $ to extend loans to others who may not look so great on paper as well. While I can see why OP’s sister had the innate desire to help someone she cared about, putting herself out there where she is intentionally breaking the law is insane. If the friend had persevered she could have found a place on her own.[/quote]
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