mortgage co requires no documentation?

[maryks]

What is the name of your state? KS

I am financing a new home. I already own one home, and will be using one or the other as an investment property.

About the financing, though... the house is a repo, and the mortgagor wants to still hold the mortgage. I thought all this was ok, at first. Now I'm discovering that they are not going to ask for any documentation of wages, employment, or net worth. They do say they are doing a credit report, but that doesn't seem like enough. This seems fishy to me... and its not the first thing I've wondered about with this company.

Am I being over suspicious? How can I check this place's history? What should I watch for?

 

[seniorjudge]

This sounds like a fishy bunch.

Don't sign anything unless you fullly understand it.

And do not rely on verbal assurances.

If it ain't in writing, then it didn't happen.

If it is in writing, then that is the way it happened.

 

[freespeech]

Look up No Doc loans and you will see this is a perfectly legitimate way of making certain loans. HOWEVER know what you are doing before you sign one single thing. Also you will be signing a document stating you will live in the home OR you will commit fraud to get a lower interest rate. Investment property carries a higher rate of interest.

 

[maryks]

Yeah, I already ran across the high/low interest rate depending on if you live there thing. Don't like it, but have decided that part is ok. Besides, this is a fixer-upper, so I will have to live there for a while to do the repairs anyway. I'll make sure and read every word, and will drive them crazy with questions, I'm sure. I used to work for an atty. I want everything in writing, signed in blood (theirs, that is ).

Thanks for the info, and the term to look up. That helps alot!