- This topic has 71 replies, 9 voices, and was last updated 16 years, 7 months ago by
sandiego.
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April 15, 2008 at 4:44 PM #187856April 15, 2008 at 4:44 PM #187862
jpinpb
ParticipantI can’t give you names or addresses of the buying of new homes before foreclosing, but there was a thread w/links to the realtor advocating it and a blog of comments about it.
April 15, 2008 at 7:05 PM #187929HLS
ParticipantMost people that are in trouble can barely qualify for the loan that they have. With a DTI of 50% +/- it is VERY unlikely that most people can buy another house with their current mortgage debt on their credit report.
Even if they want to lie and claim that it will be a rental, they have no rental income to offset the additional PITI debt, and will have to qualify for ALL of the debt on both houses.
You would have to have substantial full doc income to pull it off. It’s not impossible, but not likely for most.
If the loan gets qualified for by somebody else who doesn’t already have mortgage debt, that’s a different story. Could be a spouse or other family member etc, who isn’t on the current loan. They would still need to qualify.
April 15, 2008 at 7:05 PM #187974ParticipantMost people that are in trouble can barely qualify for the loan that they have. With a DTI of 50% +/- it is VERY unlikely that most people can buy another house with their current mortgage debt on their credit report.
Even if they want to lie and claim that it will be a rental, they have no rental income to offset the additional PITI debt, and will have to qualify for ALL of the debt on both houses.
You would have to have substantial full doc income to pull it off. It’s not impossible, but not likely for most.
If the loan gets qualified for by somebody else who doesn’t already have mortgage debt, that’s a different story. Could be a spouse or other family member etc, who isn’t on the current loan. They would still need to qualify.
April 15, 2008 at 7:05 PM #187972ParticipantMost people that are in trouble can barely qualify for the loan that they have. With a DTI of 50% +/- it is VERY unlikely that most people can buy another house with their current mortgage debt on their credit report.
Even if they want to lie and claim that it will be a rental, they have no rental income to offset the additional PITI debt, and will have to qualify for ALL of the debt on both houses.
You would have to have substantial full doc income to pull it off. It’s not impossible, but not likely for most.
If the loan gets qualified for by somebody else who doesn’t already have mortgage debt, that’s a different story. Could be a spouse or other family member etc, who isn’t on the current loan. They would still need to qualify.
April 15, 2008 at 7:05 PM #187959ParticipantMost people that are in trouble can barely qualify for the loan that they have. With a DTI of 50% +/- it is VERY unlikely that most people can buy another house with their current mortgage debt on their credit report.
Even if they want to lie and claim that it will be a rental, they have no rental income to offset the additional PITI debt, and will have to qualify for ALL of the debt on both houses.
You would have to have substantial full doc income to pull it off. It’s not impossible, but not likely for most.
If the loan gets qualified for by somebody else who doesn’t already have mortgage debt, that’s a different story. Could be a spouse or other family member etc, who isn’t on the current loan. They would still need to qualify.
April 15, 2008 at 7:05 PM #187908ParticipantMost people that are in trouble can barely qualify for the loan that they have. With a DTI of 50% +/- it is VERY unlikely that most people can buy another house with their current mortgage debt on their credit report.
Even if they want to lie and claim that it will be a rental, they have no rental income to offset the additional PITI debt, and will have to qualify for ALL of the debt on both houses.
You would have to have substantial full doc income to pull it off. It’s not impossible, but not likely for most.
If the loan gets qualified for by somebody else who doesn’t already have mortgage debt, that’s a different story. Could be a spouse or other family member etc, who isn’t on the current loan. They would still need to qualify.
April 15, 2008 at 10:05 PM #188033sandiego
ParticipantExactly my point.
If they are clever enough to pull it off and the lender is too stupid to verify the application, more power to them.
Fool me once shame on you, fool me twice, shame on me.
April 15, 2008 at 10:05 PM #188057ParticipantExactly my point.
If they are clever enough to pull it off and the lender is too stupid to verify the application, more power to them.
Fool me once shame on you, fool me twice, shame on me.
April 15, 2008 at 10:05 PM #188084ParticipantExactly my point.
If they are clever enough to pull it off and the lender is too stupid to verify the application, more power to them.
Fool me once shame on you, fool me twice, shame on me.
April 15, 2008 at 10:05 PM #188094ParticipantExactly my point.
If they are clever enough to pull it off and the lender is too stupid to verify the application, more power to them.
Fool me once shame on you, fool me twice, shame on me.
April 15, 2008 at 10:05 PM #188100ParticipantExactly my point.
If they are clever enough to pull it off and the lender is too stupid to verify the application, more power to them.
Fool me once shame on you, fool me twice, shame on me.
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