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  • March 17, 2009 at 11:06 AM #15314
    sdrealtor
    Participant

    This one just made my toes curl up. I completed a short sale for a client several months ago. The property/loan was in husband’s name only and they walked on about $200K of debt. It was extraordinarily tough, he was a royal pain, the house was disaster, the deal fell apart 20 times, the house had partially completed construction, financing was impossible and buyer stepped with all cash at last minute to get it done. On closing day we were $400 short and the seller cried poor. He hadnt paid his mortgage in about 15 months but couldnt come up with $400 to get this resolved. I couldnt even bear to listen to his whining and said good bye I’ll take care of it, dont call me again.

    I just bumped into a mutual acquaintance. Guess what? They just closed on a new house last week in her name. How they got a loan is beyond me but for those of you who think this market will proceed in an orderly descent I present this nonsense this to you as evidence it wont.

    March 17, 2009 at 11:19 AM #367778
    PadreBrian
    Participant

    Sounds like they sold the house.

    There’s another thread on here that short sales aren’t damaging credit scores as badly as you would think. I also suspect a large down. lol, easy with the 15 months of no mortgage or rent payments.

    March 17, 2009 at 11:19 AM #368069
    PadreBrian
    Participant

    Sounds like they sold the house.

    There’s another thread on here that short sales aren’t damaging credit scores as badly as you would think. I also suspect a large down. lol, easy with the 15 months of no mortgage or rent payments.

    March 17, 2009 at 11:19 AM #368239
    PadreBrian
    Participant

    Sounds like they sold the house.

    There’s another thread on here that short sales aren’t damaging credit scores as badly as you would think. I also suspect a large down. lol, easy with the 15 months of no mortgage or rent payments.

    March 17, 2009 at 11:19 AM #368275
    PadreBrian
    Participant

    Sounds like they sold the house.

    There’s another thread on here that short sales aren’t damaging credit scores as badly as you would think. I also suspect a large down. lol, easy with the 15 months of no mortgage or rent payments.

    March 17, 2009 at 11:19 AM #368390
    PadreBrian
    Participant

    Sounds like they sold the house.

    There’s another thread on here that short sales aren’t damaging credit scores as badly as you would think. I also suspect a large down. lol, easy with the 15 months of no mortgage or rent payments.

    March 17, 2009 at 11:50 AM #367822
    sdrealtor
    Participant

    I was the one who wrote the stuff about credit not getting damaged by some short sales. This guys was trashed. It had to be an FHA deal. My understanding is that for FHA financing they have to look at the spouses credit even if they arent on the loan. Am I wrong and how the hell did anyone lend these people money?

    March 17, 2009 at 11:50 AM #368114
    sdrealtor
    Participant

    I was the one who wrote the stuff about credit not getting damaged by some short sales. This guys was trashed. It had to be an FHA deal. My understanding is that for FHA financing they have to look at the spouses credit even if they arent on the loan. Am I wrong and how the hell did anyone lend these people money?

    March 17, 2009 at 11:50 AM #368282
    sdrealtor
    Participant

    I was the one who wrote the stuff about credit not getting damaged by some short sales. This guys was trashed. It had to be an FHA deal. My understanding is that for FHA financing they have to look at the spouses credit even if they arent on the loan. Am I wrong and how the hell did anyone lend these people money?

    March 17, 2009 at 11:50 AM #368320
    sdrealtor
    Participant

    I was the one who wrote the stuff about credit not getting damaged by some short sales. This guys was trashed. It had to be an FHA deal. My understanding is that for FHA financing they have to look at the spouses credit even if they arent on the loan. Am I wrong and how the hell did anyone lend these people money?

    March 17, 2009 at 11:50 AM #368434
    sdrealtor
    Participant

    I was the one who wrote the stuff about credit not getting damaged by some short sales. This guys was trashed. It had to be an FHA deal. My understanding is that for FHA financing they have to look at the spouses credit even if they arent on the loan. Am I wrong and how the hell did anyone lend these people money?

    March 17, 2009 at 11:53 AM #367827
    Coronita
    Participant

    i suspect that her husband’s credit was trashed, but his wife’s wasn’t. Perhaps his wife wasn’t on the first home’s loan docs?

    My neighbor (whom I despise and is one example of a person who overleveraged and ATMed the home to death) I think is playing such a game. I saw in the county records that the deed keeps transfering back and forth between husband to wife to relative and back again. I don’t if they are refinancing each time or some sort, and i don’t understand the games being played, but apparently there is some game being played.

    anyone care to elaborate on what sort of games one could play if you are a spouse?

    March 17, 2009 at 11:53 AM #368119
    Coronita
    Participant

    i suspect that her husband’s credit was trashed, but his wife’s wasn’t. Perhaps his wife wasn’t on the first home’s loan docs?

    My neighbor (whom I despise and is one example of a person who overleveraged and ATMed the home to death) I think is playing such a game. I saw in the county records that the deed keeps transfering back and forth between husband to wife to relative and back again. I don’t if they are refinancing each time or some sort, and i don’t understand the games being played, but apparently there is some game being played.

    anyone care to elaborate on what sort of games one could play if you are a spouse?

    March 17, 2009 at 11:53 AM #368287
    Coronita
    Participant

    i suspect that her husband’s credit was trashed, but his wife’s wasn’t. Perhaps his wife wasn’t on the first home’s loan docs?

    My neighbor (whom I despise and is one example of a person who overleveraged and ATMed the home to death) I think is playing such a game. I saw in the county records that the deed keeps transfering back and forth between husband to wife to relative and back again. I don’t if they are refinancing each time or some sort, and i don’t understand the games being played, but apparently there is some game being played.

    anyone care to elaborate on what sort of games one could play if you are a spouse?

    March 17, 2009 at 11:53 AM #368325
    Coronita
    Participant

    i suspect that her husband’s credit was trashed, but his wife’s wasn’t. Perhaps his wife wasn’t on the first home’s loan docs?

    My neighbor (whom I despise and is one example of a person who overleveraged and ATMed the home to death) I think is playing such a game. I saw in the county records that the deed keeps transfering back and forth between husband to wife to relative and back again. I don’t if they are refinancing each time or some sort, and i don’t understand the games being played, but apparently there is some game being played.

    anyone care to elaborate on what sort of games one could play if you are a spouse?

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