meadandale,
Thats the question. It seems they can get finiancing since the lender really doesn’t care. The problem is that they cannot make the payment. What lender is that reckless to still sign over a contract if the borrower bluntly admits that the new interest rate hike has put them in a position to not make payments. If anything the lender would then tell the builder that this person is not a good candidate and the builder would give back the deposit and sort of tell the buyer to f*ck off and don’t come back. I just don’t see this happeneing. I see the lender getting all tricky with loans to get this person in and then have them foreclose in a couple of months. I also see the builder being pricks about giving that deposit back.
