El Cajon 1st time homeowner mortgage

[admin]

Wondering if any of the mortgage/lending types have any insight to the following scenario:

My friend, I’ve mentioned him before, bought a 2 bed townhome in El Cajon. He qualified for a program whereby the City of El Cajon put down 30% as a “silent second”. They are basically equity partners on his townhome. He bought at the peak of the bubble – about $275,000. Now they’re going for about $165,000.

As fate would have it, shortly after he bought the place his income tripled and he was sent to Moscow for a couple of years. Both events disqualify him from this particular 1st time home buyer program. He’s back in SD on vacation and has a few letters from the City asking him to verify his income. He doesn’t have his copy of the contract with the City, as it’s in Moscow.

He thinks he will either have to start paying approximately $300 a month to the City on the 2nd, or may just be disqualified from the program entirely. Anyone have any experience with this particular program? How diligent is the City with following up on these loans? I’d be surprised if they put too much pressure on him given the current market conditions. For what it’s worth, he’ll never walk away from the property. He’ll hold onto it and try to rent it out once it pencils out. Thanks so much,

pabloesqobar

[Bugs]

He owes the city $80,000. If he doesn’t need that money I’m sure there’s someone else in El Cajon who does. It sounds like maybe the terms of their loan include periodic checkups on his situation to ensure that he’s still qualified to receive that type of public assistance.

You know how the County sometimes sends investigators out to check up on Welfare recipients? Same thing here.

[Bugs]

He owes the city $80,000. If he doesn’t need that money I’m sure there’s someone else in El Cajon who does. It sounds like maybe the terms of their loan include periodic checkups on his situation to ensure that he’s still qualified to receive that type of public assistance.

You know how the County sometimes sends investigators out to check up on Welfare recipients? Same thing here.

[Bugs]

He owes the city $80,000. If he doesn’t need that money I’m sure there’s someone else in El Cajon who does. It sounds like maybe the terms of their loan include periodic checkups on his situation to ensure that he’s still qualified to receive that type of public assistance.

You know how the County sometimes sends investigators out to check up on Welfare recipients? Same thing here.

[Bugs]

He owes the city $80,000. If he doesn’t need that money I’m sure there’s someone else in El Cajon who does. It sounds like maybe the terms of their loan include periodic checkups on his situation to ensure that he’s still qualified to receive that type of public assistance.

You know how the County sometimes sends investigators out to check up on Welfare recipients? Same thing here.

[Bugs]

He owes the city $80,000. If he doesn’t need that money I’m sure there’s someone else in El Cajon who does. It sounds like maybe the terms of their loan include periodic checkups on his situation to ensure that he’s still qualified to receive that type of public assistance.

You know how the County sometimes sends investigators out to check up on Welfare recipients? Same thing here.

[PCinSD]

Bugs,

It doesn’t sound like there’s anything he can do. Just abide by the terms of the contract he signed. Not a big deal for him. thanks man,

pabloesqobar

[PCinSD]

Bugs,

It doesn’t sound like there’s anything he can do. Just abide by the terms of the contract he signed. Not a big deal for him. thanks man,

pabloesqobar

[PCinSD]

Bugs,

It doesn’t sound like there’s anything he can do. Just abide by the terms of the contract he signed. Not a big deal for him. thanks man,

pabloesqobar

[PCinSD]

Bugs,

It doesn’t sound like there’s anything he can do. Just abide by the terms of the contract he signed. Not a big deal for him. thanks man,

pabloesqobar

[PCinSD]

Bugs,

It doesn’t sound like there’s anything he can do. Just abide by the terms of the contract he signed. Not a big deal for him. thanks man,

pabloesqobar

[patientrenter]

pabloesqobar, you didn’t ask for a moral lesson, just an assessment of how likely it was that your friend could successfully defraud the city. But seeing this sure doesn’t make me want to vote for any new low-income housing assistance from any level of government, i.e. from my pocket.

Patient renter in OC

[patientrenter]

pabloesqobar, you didn’t ask for a moral lesson, just an assessment of how likely it was that your friend could successfully defraud the city. But seeing this sure doesn’t make me want to vote for any new low-income housing assistance from any level of government, i.e. from my pocket.

Patient renter in OC

[patientrenter]

pabloesqobar, you didn’t ask for a moral lesson, just an assessment of how likely it was that your friend could successfully defraud the city. But seeing this sure doesn’t make me want to vote for any new low-income housing assistance from any level of government, i.e. from my pocket.

Patient renter in OC

[patientrenter]

pabloesqobar, you didn’t ask for a moral lesson, just an assessment of how likely it was that your friend could successfully defraud the city. But seeing this sure doesn’t make me want to vote for any new low-income housing assistance from any level of government, i.e. from my pocket.

Patient renter in OC

[Author]

Posts