[quote=ocrenter] . . . If this guy is young, he likely invested all of his savings. And will not be able to afford a house for some time to come. We are talking a life changing experience here. This is a huge game changer for him.
This is why this example is so important for all of us here. As a lot of Piggs can probably relate to this guy. Because frankly he is one of us, but somebody gave him the wrong advice and he wasn’t fortunate enough to stumble on this website and others like it.[/quote]
ocrenter, how do we know if, since his 1st TD holder sold only a little short (as per sdr’s records) that this seller didn’t make up this small shortfall to save his credit? He may still have unblemished credit and will be able to purchase again as soon as he can, as long as his 2nd TD holder agreed to sign off and will not later pursue him.
I agree that for a professional businessperson, it is sometimes better to do what it takes to save your credit. They can always get $$ again (esp if young) but it is difficult if not impossible to restore bad credit within 7-10 years. That is a long time, particularly to a young professional that may need a house in the coming years.
