Those loans made perfect sense when prices were rising 20% a year.......
Since home prices have started dropping....now the loans are predatory.....LOL. Some of the brokers we do rehabs for have 60 listings....ALL of them foreclosures and mostly due to "overpurchasing" and using creative lending packages. :yuk:
I went with a stated income program, but it's a 30yr fixed, none of that option ARM balloon crap. I am self employed, and on paper my business barely breaks even. I was told how much income I needed to state to cover my payment, and I stated it. I also knew what my house payment was going to be before I even signed the offer to purchase, let alone the closing docs. How is it possible to get all the way to closing without knowing what you are getting into?
READ every thing you sign!
In All my transactions its mandatory for Buyers to look at the
" truth in lending Statement", State Law.
Yes I do Sell Real Estate, Yes I know some "Questionable" Lenders.
bottom line is read YOUR loan papers, DOCS,
after all, thats your name on the loan???
You loan guys crack me up.
I have never tried to hide income. I pay my fair share of taxes and use the available "loop holes if you will" that are legal and proper. I really hate to hear about the income not being decalred. Is it just me?
come on guys its the "American Dream"...live large at someone else's expense!
Posting Permissions
Reply With Quote