Fraud Story

It's still happening! Even after all the news about fraud, loan originators are still willing to "bend" the guidelines.

I won't say who, but I am helping a couple of friends understand the process of obtaining a loan - as they go through it. We'll call the first one Jack. Jack owns his home free and clear. He has no provable income so he needed a co-borrower/co-signer. A friend of ours, we'll call her Paula (she does not live at Jack's house) agreed to co-sign on a home equity loan.

Let's get a bit of history first.