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Is this defrauding the mortgage company?

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JayFin

Junior Member
What is the name of your state (only U.S. law)? Florida

I am a minority share partner with 3 other guys in a business. One of our business assets is a house we rent out. We are considering refinancing our current loan to get a better interest rate. My partners have approached me and are proposing that I sign the mortgage loan alone because we get the best interest rate. But they want the note to be in all our names. (Again... I have less than 25% ownership in this company).

My first question, and the most one I need as soon as possible is: Would this be defrauding the mortgage company?

My second question is: This seems to be an excessive risk on my part and is there any way to protect myself?

Thanks in advance,
Jayfin
 


Zigner

Senior Member, Non-Attorney
I, too, have some property that I'd like you to assume all the risk for, yet me be a part owner :rolleyes:

This is a BAD idea.
 

FlyingRon

Senior Member
I already answered this in the other thread you suggested this.
Please keep all your questions in one thread.
Lying on your mortgage application is FRAUD.
 

JayFin

Junior Member
My apologies to FlyingRon and anyone else that may have noted that.

I wanted to know exactly what you wrote when you wrote "this is fraud". That is exactly what I needed.

I was just concerned you would not be back online to respond before I went into a meeting in a few minutes.
 

HomeGuru

Senior Member
My apologies to FlyingRon and anyone else that may have noted that.

I wanted to know exactly what you wrote when you wrote "this is fraud". That is exactly what I needed.

I was just concerned you would not be back online to respond before I went into a meeting in a few minutes.
**A: use common sense.
 

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