Not sure if I spelled his name correctly. He’s mortgage broker, in case you’re not in San Diego. I didn’t hear the whole interview because I was in and out of my car doing errands, but he was surprisingly candid about the dismal market. At the end, though, he said he feels that his industry has been unfairly slammed with most of the blame for the mortgage mess. HE blames consumers and investors (Wall Street, I guess).
Before that, a guy called in and said “My wife and I did the right thing — rented and saved up for a down payment and now that we can afford to buy, we can’t because we’re self-employed and need a stated income loan, which are no longer available.” He blamed that on mortgage brokers spoiling this kind of product for everyone with their loose lending practices.
Hedgecock/Aman got at least one call from a person saying stuff along the lines of “Well, he doesn’t want to state his income because he’s cheating the IRS.”
I have a silly question. Why does a self-employed person NEED a stated income loan? Don’t they pay taxes like everyone else? Or does this couple simply want to commit fraud?
I have a silly question. Why does a self-employed person NEED a stated income loan? Don’t they pay taxes like everyone else? Or does this couple simply want to commit fraud?
I have a silly question. Why does a self-employed person NEED a stated income loan? Don’t they pay taxes like everyone else? Or does this couple simply want to commit fraud?
I have a silly question. Why does a self-employed person NEED a stated income loan? Don’t they pay taxes like everyone else? Or does this couple simply want to commit fraud?
I have a silly question. Why does a self-employed person NEED a stated income loan? Don’t they pay taxes like everyone else? Or does this couple simply want to commit fraud?
The fraud usually is already committed. How many self-employed really report all their income? So in reality they do make more money than they are qualified for based on tax returns.
The fraud usually is already committed. How many self-employed really report all their income? So in reality they do make more money than they are qualified for based on tax returns.
The fraud usually is already committed. How many self-employed really report all their income? So in reality they do make more money than they are qualified for based on tax returns.
The fraud usually is already committed. How many self-employed really report all their income? So in reality they do make more money than they are qualified for based on tax returns.
The fraud usually is already committed. How many self-employed really report all their income? So in reality they do make more money than they are qualified for based on tax returns.
I agree, that’s probably so, but if they’re as responsible as they say they are they should be able to document enough income to purchase the home they want IMO.
I agree, that’s probably so, but if they’re as responsible as they say they are they should be able to document enough income to purchase the home they want IMO.
I agree, that’s probably so, but if they’re as responsible as they say they are they should be able to document enough income to purchase the home they want IMO.
I agree, that’s probably so, but if they’re as responsible as they say they are they should be able to document enough income to purchase the home they want IMO.
