Mortgage company commiting fraud?

[max_power]

What is the name of your state? Indiana

A mortgage company is falsifying our income on our loan application. It has been sent through underwriting two times and our income numbers are still off. About $15000 that we do not have in our checking and $52000 in stock that should be $0. They keep saying sign it, so they can approve us. They have already started building the house, so they really want us approved. Our real estate lawyer says we will have to go to arbitration. How can we be held to buy a home if we are not approved? This was a condition on our purchase agreement. If we are not approved within 45 days they MAY terminate the agreement and refund the earnest $.
Who could we contact to let them know that this VERY large mortgage company is trying to get us to sign something that is incorrect?

[John Se]

do you want the house or not?

[max_power]

Originally Posted by John Se

do you want the house or not?

No. We were also not approved by three other lenders, one of which is our own bank.

[John Se]

You know what the payments will be, you must of known that when you bought the house. So you dont want it now??? You could be borderline qualifiers. Why does not being approved make you not want the house any longer???.....doesnt make sense to me.

[Kansas4me]

Makes perfect sense to me. When they first signed they might not have been aware of some credit issues that made the interest rate higher, so they could no longer afford the house.

At any rate, what the mortgage company is doing is illegal, and they don't want to be any part of that.

Originally Posted by max_power

What is the name of your state? Indiana

A mortgage company is falsifying our income on our loan application. It has been sent through underwriting two times and our income numbers are still off. About $15000 that we do not have in our checking and $52000 in stock that should be $0. They keep saying sign it, so they can approve us. They have already started building the house, so they really want us approved. Our real estate lawyer says we will have to go to arbitration. How can we be held to buy a home if we are not approved? This was a condition on our purchase agreement. If we are not approved within 45 days they MAY terminate the agreement and refund the earnest $.
Who could we contact to let them know that this VERY large mortgage company is trying to get us to sign something that is incorrect?

The mortgage company is asking you to commit fraud.