You mentioned four different things, let me address the one I know the most about and is the most obvious. You can claim that your house or property is worth as much as you want, how the process works is that you ask for what you want and claim whatever you want, and then the bank does their underwriting and comes to their own determination of value and how much they want to lend. He did nothing wrong t hat I am aware of.
So if you list your house for more than its worth on zillow is that fraud? Who is harmed by claiming you house is worht 600% more (which he didnt actually do but is perfectly fine)?
Obviously, a loan provider is harmed. Interest rates are calculated based on the radio of debt to assets. If you put a 10k mortgage on a 500k asset, you’re paying far less interest than if you take a 450k mortgage on the same.
That’s such a basic question, anyone who is into real estate shouldn’t have to ask this.
So then its fraud to claim or believe that your property is worth more than it is?
I am just explaining how the process works. Its like if I am selling a car and claim its worth $20k, its up to the buyer to agree or disagree, its not fraud for me to claim its worth $20k and the kbb value is $10k.
Look, you obviously haven’t even briefly looked into the case if you’re saying “it’s just someones opinion”, or that might be what fox news is saying.
I buy a Ferrari that can go 400mph and is worth 10 million because of it. But then I have a limiter installed that caps it speed at 90mph. Then I go to an accountant and say “hey, could you value the Ferrari I bought?”, and they say “based on the info you gave us, we say it’s worth 10,120,000”.
Then I go to the bank and say “hey bank, could you loan me a million bucks, and if I don’t pay you back, you can have this car that independent accounts say is worth 10,120,00”. The bank agree, charging you all of 0.5% interest, because you agreed to give them a car worth 10 times the loan.
But because of the limiter you had installed, the actual value is more like 430,000, because it can’t do what you claimed. So you intentionally lied to the accountant, and took that false info to a bank with the express purpose of benefiting financially of off those lies.
And you then repeat this by asking for a valuation of a 30,000 square foot apartment, which is actually only 11,000 square foot, and going to a different bank with another fake valuation.
So the one things you claim he lied about was the size of the apartment, which is misleading because of how you calculate square footage. The value is in the property not the building. But again, the bank verifies what you are saying, they will literally send someone there to look at everything, its part of the underwriting. Can you show me where they bank said they were defrauded?
You mentioned four different things, let me address the one I know the most about and is the most obvious. You can claim that your house or property is worth as much as you want, how the process works is that you ask for what you want and claim whatever you want, and then the bank does their underwriting and comes to their own determination of value and how much they want to lend. He did nothing wrong t hat I am aware of.
No, you can’t. If you knowingly and grossly lie on paperwork that’s called fraud. Why the hell would that be legal?
The fact that most people try to sneak 10% is entirely different from ballooning things by 600% and intentionally lying about the reasons.
So if you list your house for more than its worth on zillow is that fraud? Who is harmed by claiming you house is worht 600% more (which he didnt actually do but is perfectly fine)?
Obviously, a loan provider is harmed. Interest rates are calculated based on the radio of debt to assets. If you put a 10k mortgage on a 500k asset, you’re paying far less interest than if you take a 450k mortgage on the same.
That’s such a basic question, anyone who is into real estate shouldn’t have to ask this.
Are you aware that mortgage companies do their own due diligence to determine the value of the property? Do you know what the underwriting process is?
Just so we’re clear, your excuse for fraud is “but the other party has to check it too?”
Buddy, where do you think half the evidence is from?
You can read the decision for yourself. I don’t need to defend the judge. https://www.scribd.com/document/706231478/452564-2022-People-of-the-State-of-v-People-of-the-State-of-Decision-After-Trial-1688#1fullscreen=1
For the explanation or damages, check the expert witnesses especially.
So then its fraud to claim or believe that your property is worth more than it is?
I am just explaining how the process works. Its like if I am selling a car and claim its worth $20k, its up to the buyer to agree or disagree, its not fraud for me to claim its worth $20k and the kbb value is $10k.
Look, you obviously haven’t even briefly looked into the case if you’re saying “it’s just someones opinion”, or that might be what fox news is saying.
I buy a Ferrari that can go 400mph and is worth 10 million because of it. But then I have a limiter installed that caps it speed at 90mph. Then I go to an accountant and say “hey, could you value the Ferrari I bought?”, and they say “based on the info you gave us, we say it’s worth 10,120,000”.
Then I go to the bank and say “hey bank, could you loan me a million bucks, and if I don’t pay you back, you can have this car that independent accounts say is worth 10,120,00”. The bank agree, charging you all of 0.5% interest, because you agreed to give them a car worth 10 times the loan.
But because of the limiter you had installed, the actual value is more like 430,000, because it can’t do what you claimed. So you intentionally lied to the accountant, and took that false info to a bank with the express purpose of benefiting financially of off those lies.
And you then repeat this by asking for a valuation of a 30,000 square foot apartment, which is actually only 11,000 square foot, and going to a different bank with another fake valuation.
And you just keep doing it, over and over.
So the one things you claim he lied about was the size of the apartment, which is misleading because of how you calculate square footage. The value is in the property not the building. But again, the bank verifies what you are saying, they will literally send someone there to look at everything, its part of the underwriting. Can you show me where they bank said they were defrauded?