Would you think it would be possible if it’s “the last 7 or 8 or 9 years” instead of “the last 6 years”? Would you care to share why you think such a scenario is not possible?[/quote]
Because I deal with loans, lenders, guidelines, regulations & underwriters on a daily basis and don’t just make up scenarios based on what I think I know.
It makes for creative writing and the possibility of developing a movie ‘based on a true story’ though….
Nobody was getting a new loan for a few years after a bankruptcy, foreclosure or short sale.
Certain programs have loosened up a bit if hardship in the past can be well documented.
Credit scores were affected and are a factor in getting a new loan.
Although not impossible, there were some creative things happening on both sides of the fence…
BUT to assume that this was widespread because of stories in the media and internet is silly.
Based on the OP, it was not implied that ‘these people’ ever had any cash as you suggest, but all done with borrowed money.
