Lender's Representation That Borrower "Qualified" For Loan Not A Representation Borrower Could "Afford" A Loan
Question: Is a lender's representation to a borrower that the borrower can "qualify" for a mortgage loan a representation that the borrower can also "afford" the loan?
Answer: No, according to the First District Court of Appeal in Perlas v. GMAC Mortgage, LLC (No. A125212), decided August 11, 2010.
