Saturday, February 21, 2009

Local News | $1.5M condo on $20K income? Prospective buyers lose $175K in Bellevue | Seattle Times Newspaper

Local News | $1.5M condo on $20K income? Prospective buyers lose $175K in Bellevue | Seattle Times Newspaper: "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."
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Limo driver. Barely above minimum wage. Prequalified for a $724,000 loan...but sorry, now that we think about it...no. Too bad about that earnest money.

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