Need Financing with Bad credit

[bearishgurl]

SK, are you implying here that the mortgage applications you reviewed were signed by borrowers PRIOR to being typed in with fictitious information by mortgage brokers?

And, are you stating that the loan applicants you interviewed told you that they, in essence, signed a “blank document” for a mortgage to purchase real property after which they were told by their broker that everything was okay and they would get the loan??

[SK in CV]

[quote=bearishgurl]SK, are you implying here that the mortgage applications you reviewed were signed by borrowers PRIOR to being typed in with fictitious information by mortgage brokers?

And, are you stating that the loan applicants you interviewed told you that they, in essence, signed a “blank document” for a mortgage to purchase real property after which they were told by their broker that everything was okay and they would get the loan??[/quote]

No, that’s not what I’m saying.

[SK in CV]

[quote=bearishgurl][quote=SK in CV]…In many cases (particularly in the instances you describe), those income figures were provided by someone other than the borrower.[/quote]

SK, those “income figures” had to be listed on the application somewhere. Then the applicants SIGNED the application, in essence, stating that they were declaring that the number represented on that document as their income was, in fact, true.

[/quote]

You’ve bought property before BG. I’ll get back to that.

You’re a smart woman. Not because of what you know, but because you’re curious. You always want to know what you don’t know. Contrary to what some might think, I know you don’t come here to impart what you know on everyone else, you read here to learn what you don’t know. Everyone isn’t like us. Some, maybe even most people are perfectly content not knowing shit, and they rely on others. People paid me a lot of money because they didn’t want to know that I know, they relied on me to either know or figure out what they needed.

I’m not giving anyone a pass for signing their names on documents and not knowing what they’re signing. But you’ve been through the process. That endless stack of paper that home buyers sign the day before escrow closes. It’s intimidating. And an awful lot of people rely on professionals to tell them what to do. And I’m telling you that a whole lot of people signed loan documents having no idea what they were signing, and in some cases didn’t have the capacity to understand what it was they were signing. In many cases they, they signed documents that were in languages they couldn’t even understand. If it makes you feel better thinking that every buyer knew exactly what they were doing, hold on to that. I’m telling you it’s not necessarily true.

[bearishgurl]

[quote=SK in CV] … If it makes you feel better thinking that every buyer knew exactly what they were doing, hold on to that. I’m telling you it’s not necessarily true.[/quote] SK, I KNOW that many borrowers had/have language barriers and didn’t/don’t know what they are signing and have tried to help a couple of them after the fact (unsuccessfully). There is SUPPOSED to be someone in each closing (usually the notary) who explains everything to the buyers in their language. However, this is not the law in CA.

When a prospective borrower applies for a purchase-money mortgage, it is usually before even making an offer on a property. At this point, they’re trying to find out how much they qualify for and also get a pre-approval letter enabling them to make stronger offers. They sign THIS document (the loan application – by itself) LONG before closing. Buyers who don’t understand English well usually use mortgage brokers/banks who speak their language … or have personnel in the office who do.

In the case of the prospective borrower in this thread, he/she apparently had no problem qualifying for a mortgage and was well-qualified for his mtg before, during and after their “strategic default.” They defaulted ONLY because they couldn’t sell and “move up” (to a “better” area) after a relatively short period of homeownership (part of that time encompassing the downturn).

The OP here NEVER STATED that he “didn’t know what he was signing” or “got ripped off by his mtg banker/broker.” He only stated he didn’t want to own his house anymore and so “strategic default” was his perceived way out of it.

[luxuryglow]

The question was:

Any lender recommendations?

[spdrun]

Sorry, no sympathy for people who signed something in a language they didn’t understand without reading it. If I were buying property in Mexico and didn’t read Spanish well (I actually don’t), I’d either hire a local attorney who speaks a language that I do understand, or bring a trusted friend who knows the language better than I.

This isn’t a question of language barrier, but of laziness and trust in entities who are out to enrich themselves, not you.

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