Lenders Using Facebook To Investigate Borrowers
REAL ESTATE PRACTICE, TIPS FOR BUYERS
March 31st, 2011
I received an email from a client I sold a house to recently alerting me of an interesting call he received from his lender. A representative of the lender visited and read comments on his Facebook page about trials and tribulations he encountered while revamping a rental property he owns here in the north state after it was vacated by indoor pot growers. He resides in SoCal but is in the process of selling his home there to relocate to the Redding area.
His lender, like most lenders, plans to sell his loan in the secondary market (think Fannie Mae or Freddie Mac). Most lenders try to sell their loans to recover their capital since most of their profits come from the upfront fees, not waiting years and years for the borrower to repay their loan in monthly installments. In his case, they were preparing to sell the loan and wanted to verify the home was in fact going to be used as his primary residence as stated on his loan application. After reading his comments on Facebook, the lender suspected he fraudulently purchased the home to be used as a rental with an owner-occupied loan, which offer more favorable terms than non-owner occupied home loans.
My client possessed moving van receipts and documentation proving he listed his SoCal home for sale. I believe this satisfied the lender concerning his true intention to move to Redding. This story certainly makes a point that one should be careful what is posted on social media sites because you never know who might be reading!
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL LIVING REAL ESTATE PROFESSIONALS
CORNER OF COURT AND PLACER IN DOWNTOWN REDDING
NEARLY 30 YEARS LOCAL REAL ESTATE EXPERIENCE
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