infinite_jim Posted February 20, 2009 Share Posted February 20, 2009 Six immigrants who were prequalified for huge mortgages are suing Bellevue Towers and JP Morgan Chase Bank after they lost a combined $174,050 in earnest money. They allege the preferred lender put down false numbers for their income, which made it possible to prequalify but not to qualify for the actual loan, resulting in the loss of their earnest money.By Nancy Bartley Seattle Times staff reporter http://seattletimes.nwsource.com/html/loca...etowers20m.html REALLY? ... REALLY? Link to comment Share on other sites More sharing options...
Original Timmy Chan's Posted February 20, 2009 Share Posted February 20, 2009 Both sides should be publicly flogged.The prospective buyer ought to know better, but the brokers and lenders REALLY ought to know better...it's what they do for a living! Link to comment Share on other sites More sharing options...
Geoff8201 Posted February 21, 2009 Share Posted February 21, 2009 Sweet Jesus, REALLY is right!If everything had gone as planned to Mr. Kasimov, his mortgage would have been $7,000+ a month! Doesn't add up when it makes you 12 months to make just $20,000 and forget about car notes, cell phone, electricity, water, groceries, gas, entertainment expenses, and of course taxes.A foreigner who came to America to live a better life, whom just got overly excited is no excuse. Simple math goes a long way to EVERYONE. But in the end I hope he, and the other people get their Earnest money back. They were ignorant, but the Developers and Lender were at the greatest fault.Is it any wonder the economy is screwed up with things like this happening? Link to comment Share on other sites More sharing options...
jerryartic2112 Posted March 20, 2009 Share Posted March 20, 2009 My question is how could either side be so stupid? We need some financial training in this country for about 95% of people. Link to comment Share on other sites More sharing options...
sevfiv Posted March 20, 2009 Share Posted March 20, 2009 Two years ago, a real-estate agent suggested he consider purchasing a condominium at the luxurious Bellevue Towers, and he picked one on the 32nd floor. About the same time, he also started the purchase of a house in Bellevue and another in Redmond.Delighted that he prequalified for the $1.5 million Bellevue Towers condo on his $20,000-a-year income, he put down more than $75,000 in earnest money he borrowed from a friend. We're not hearing something (surprise), but still - he sounds a little...slow? Link to comment Share on other sites More sharing options...
Mark F. Barnes Posted March 20, 2009 Share Posted March 20, 2009 Two years ago they would have gotten away with it, no more.......... Link to comment Share on other sites More sharing options...
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