Reply With Quotei did a "stated income" loan because alot of my money is not on the books (i hope irs dosen't see this)
We can argue about a slowdown vs. a correction till we're blue in the face - but when these loans adjust - it's gonna be UGLY.
The majority of cases I'm working now are mortgage fraud, for both insurers and lenders forced to buy back loans (and this is the calm before the storm).
Mathematically impossible..no problem.
500 credit score - so you've had a few problems.
No money down...not a problem.
How can you lose sez the mortgage broker...now just sign on the dotted line do I can get paid. :220v:
Is there going to be any recourse against the brokers? There are many (not all) sleaze balls in the biz who are directly or indirectly responsible for these frauds.
i did a "stated income" loan because alot of my money is not on the books (i hope irs dosen't see this)
Greed is the root of all problems. Stated income loans are a great product...for the right person. Unfortuanately people are sold the wrong products for the wrong reason, however usually both parties are to blame. If you don't understand what you are signing, then don't sign it....do your homework.
Its this kinda deal that is keeping me so busy right now.
Thats the key. We all find a way to make money off of it.I have been fixing up repo's, preforeclosures and distressed properties for years.The wife is a loan officer and a realtor.I have 15 years commercial construction experience. We have had a lot of fun talking with some of the people ,buyers,sellers, lenders and realtors.They all agree.There is an epidemic of greed out there that drives them to continue to hire and use the completely ignorant and stupid in hopes of them bringing in a deal or two.It should always be about whats best for the client,that motto has always brough return clients and referrals for my wife.These times make me hope the herd is thinning alot
I don't see a problem. I just got a 40 year loan on a shed for my garden.
thats a funny story....
I disagree with the contention that (some) people can't afford the bay area home market and have to commit fraud to get them. Thats B.S.
I know these rich fawkers DO have the actual income and they CAN afford those bay area homes. :yuk:
thats a funny story....
I disagree with the contention that (some) people can't afford the bay area home market and have to commit fraud to get them. Thats B.S.
I know these rich fawkers DO have the actual income and they CAN afford those bay area homes. :yuk:
Dave, are you serious or being sarcastic?
These loan arent for everyone.. At the same time,
you should know if you can afford the payment of a home you are buying... stated or not stated
Stated income loans are a great product...for the right person. .
Agreed and very true
Stated loans are great. I have to got stated with the new house in Havasu. (we're moving) I'm not going to get into what I make. But working for your self you take in a lot of cash compared to what's reported. If I went off what's reported alone I might qualify to rent an appartment. No way in the world could I buy a house on what's reported. Going stated with 100% financing is a great idea. Yea, I'll get a 1% rate hike compared to non-stated, but at least we'll have a home to live in. I'm not going to lie to the bank about what I make, if they want to see bank statements they can. But with stated they don't need to. By no means am I'm going to be in the red when it comes to a mortgage payment. Now, that's just stupid. I don't feel sorry for anyone that does that to themselves.
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