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Thread: Real Estate ?

  1. #1
    topless
    How does someone with piss poor credit get an 875,000.00 home? I'm just wondering because there is this guy at work who claims he bought this house but he also says his credit is really bad. I know when he first started working here three months ago, he was on the phone all the time with some guy trying to get the guy to quick claim the house to him. Apparently he did but how does this work? Now he says he owns the home and this transaction took about 3 weeks tops. I'm confused here.

  2. #2
    LhcBrad
    Im guessing lots of lies and some luck.

  3. #3
    Ivan Dan
    Im guessing lots of lies and lots of luck.
    Fixed that for ya!

  4. #4
    topless
    I'm thinking the lies part is what happened because he also claims to havew owned a 900,000.00 dollar home in Vegas and had some kind of killer job but wanted to move here to be closer to his wifes family. He says he found someone out there to take over his house payments. Something smells rotten if ya ask me.

  5. #5
    LhcBrad
    Fixed that for ya!
    Thanks!!!

  6. #6
    LhcBrad
    Pretty easy. Just say you are JBB that might work!!

  7. #7
    dunaholic
    It's pretty easy. If the guy found someone that is in financial trouble and getting ready to foreclose then you have the current owner "Quit" claim the property to you by deed at what is owed on the note. Meaning that the guy took over payments on the house for what was/is owed (subject to the loan secured by a deed of trust). You're going to see a lot more of this going on in the near future as rates adjust more and more. Your cp-worker probably did not pay $800k for the property, he paid what was/is owed on the property. If you get me address I can tell what was/is owed on it. That will tell you what he bought it for.

  8. #8
    topless
    It's pretty easy. If the guy found someone that is in financial trouble and getting ready to foreclose then you have the current owner "Quit" claim the property to you by deed at what is owed on the note. Meaning that the guy took over payments on the house for what was/is owed (subject to the loan secured by a deed of trust). You're going to see a lot more of this going on in the near future as rates adjust more and more. Your cp-worker probably did not pay $800k for the property, he paid what was/is owed on the property. If you get me address I can tell what was/is owed on it. That will tell you what he bought it for.I know it was Quit claimed to him but how the hell is the loan turned over to him with no credit check?

  9. #9
    catman-do
    If the person was quit claimed on and then refinanced into his/her own loan at a low ltv, they can easily get an 850k loan. We have those loan amounts stated down to a 640 fico. However, depending on the lender and the system they use to underwrite the loans, there is a chance the guy can get the loan full doc even if he cant "technically" afford the payment. For example, if the loan was sold to Fannie and run through DU, then DU is a risk based algarithym program. There is NO ONE that knows exactly what DU will approve and deny because its not a set program. However, if they guy has a ton of assets then DU generally will issue some sort of approval, due to the fact that if he cant afford the payments one month, then he has a ton of assets he can resort to in order to make that payment. LP is another program that is risk based, almost identical to DU. Most subprime companies did not use these systems as their uw guidelines were credit based.

  10. #10
    catman-do
    I know it was Quit claimed to him but how the hell is the loan turned over to him with no credit check?
    If there was no credit check then its a strong possiblity that the person was just deeded on title. Generally the scammers will have themselves deeded on, and will give the person with credit problems an option to either sell them the house at the amount secured against the property, OR they will opt to buyback the property from the scammer at a high dollar amount. Essentially they scammer, doesnt have any risk. He/She pays the mtg, so the bank wont come after the property. The person that originally owned it can get the house back for a fee, and if that fee is not paid then the scammer will not deed over the house to them again. If the person decides to let go of the house after the agreed amount of time, then the scammer gets the house to sell.

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