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sd_matt.
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December 10, 2009 at 7:40 PM #493685December 10, 2009 at 7:43 PM #492817
sdrealtor
ParticipantJust because a loan is low/no doc that does not mean it is doomed. I had one on an investment property that i flipped a few years back and it was paid off when I sold a few years ago. I have a friend that bought 5 investment properties and has sold all of them off already. I know self-employed people with OA that just cant document income so they used them. I dont pretend to know what percentage of the OA’s are legitimate and what are “liar loans” but they cant all be bad. Based upon what I see the liars were the weakest hands and most likely to walk quickly when underwater. I dont think its a stetch to think that a high percentage (how high I dont know) have already gone bad.
December 10, 2009 at 7:43 PM #492979sdrealtor
ParticipantJust because a loan is low/no doc that does not mean it is doomed. I had one on an investment property that i flipped a few years back and it was paid off when I sold a few years ago. I have a friend that bought 5 investment properties and has sold all of them off already. I know self-employed people with OA that just cant document income so they used them. I dont pretend to know what percentage of the OA’s are legitimate and what are “liar loans” but they cant all be bad. Based upon what I see the liars were the weakest hands and most likely to walk quickly when underwater. I dont think its a stetch to think that a high percentage (how high I dont know) have already gone bad.
December 10, 2009 at 7:43 PM #493364sdrealtor
ParticipantJust because a loan is low/no doc that does not mean it is doomed. I had one on an investment property that i flipped a few years back and it was paid off when I sold a few years ago. I have a friend that bought 5 investment properties and has sold all of them off already. I know self-employed people with OA that just cant document income so they used them. I dont pretend to know what percentage of the OA’s are legitimate and what are “liar loans” but they cant all be bad. Based upon what I see the liars were the weakest hands and most likely to walk quickly when underwater. I dont think its a stetch to think that a high percentage (how high I dont know) have already gone bad.
December 10, 2009 at 7:43 PM #493453sdrealtor
ParticipantJust because a loan is low/no doc that does not mean it is doomed. I had one on an investment property that i flipped a few years back and it was paid off when I sold a few years ago. I have a friend that bought 5 investment properties and has sold all of them off already. I know self-employed people with OA that just cant document income so they used them. I dont pretend to know what percentage of the OA’s are legitimate and what are “liar loans” but they cant all be bad. Based upon what I see the liars were the weakest hands and most likely to walk quickly when underwater. I dont think its a stetch to think that a high percentage (how high I dont know) have already gone bad.
December 10, 2009 at 7:43 PM #493690sdrealtor
ParticipantJust because a loan is low/no doc that does not mean it is doomed. I had one on an investment property that i flipped a few years back and it was paid off when I sold a few years ago. I have a friend that bought 5 investment properties and has sold all of them off already. I know self-employed people with OA that just cant document income so they used them. I dont pretend to know what percentage of the OA’s are legitimate and what are “liar loans” but they cant all be bad. Based upon what I see the liars were the weakest hands and most likely to walk quickly when underwater. I dont think its a stetch to think that a high percentage (how high I dont know) have already gone bad.
December 10, 2009 at 7:49 PM #492822patientrenter
Participant[quote=sdrealtor]…..I know self-employed people with OA that just cant document income so they used them….[/quote]
It’s fascinating to me how many ‘respectable’ pillars of society accept obvious income tax fraud as perfectly normal.
December 10, 2009 at 7:49 PM #492984patientrenter
Participant[quote=sdrealtor]…..I know self-employed people with OA that just cant document income so they used them….[/quote]
It’s fascinating to me how many ‘respectable’ pillars of society accept obvious income tax fraud as perfectly normal.
December 10, 2009 at 7:49 PM #493369patientrenter
Participant[quote=sdrealtor]…..I know self-employed people with OA that just cant document income so they used them….[/quote]
It’s fascinating to me how many ‘respectable’ pillars of society accept obvious income tax fraud as perfectly normal.
December 10, 2009 at 7:49 PM #493458patientrenter
Participant[quote=sdrealtor]…..I know self-employed people with OA that just cant document income so they used them….[/quote]
It’s fascinating to me how many ‘respectable’ pillars of society accept obvious income tax fraud as perfectly normal.
December 10, 2009 at 7:49 PM #493695patientrenter
Participant[quote=sdrealtor]…..I know self-employed people with OA that just cant document income so they used them….[/quote]
It’s fascinating to me how many ‘respectable’ pillars of society accept obvious income tax fraud as perfectly normal.
December 10, 2009 at 8:05 PM #492827sdrealtor
ParticipantI would also tend to beleive that 50% or more of the OA’s originated during or prior to 2006 are already gone.
FYI, Its not always tax fraud but rather savy tax planning using corporations and agressive interpretation (but not fraudulent) of tax codes.
Another example. My 80 yr old uncle will show about $20K on his tax return this year. He and my aunt are in assisted living and everything is paid for by long term care insurance. There are no minimum distributions on his IRA’s this year which would be well into 6 figures. He would have a hard time getting a $200K loan for a condo. He could pay cash for the whole complex.
December 10, 2009 at 8:05 PM #492989sdrealtor
ParticipantI would also tend to beleive that 50% or more of the OA’s originated during or prior to 2006 are already gone.
FYI, Its not always tax fraud but rather savy tax planning using corporations and agressive interpretation (but not fraudulent) of tax codes.
Another example. My 80 yr old uncle will show about $20K on his tax return this year. He and my aunt are in assisted living and everything is paid for by long term care insurance. There are no minimum distributions on his IRA’s this year which would be well into 6 figures. He would have a hard time getting a $200K loan for a condo. He could pay cash for the whole complex.
December 10, 2009 at 8:05 PM #493374sdrealtor
ParticipantI would also tend to beleive that 50% or more of the OA’s originated during or prior to 2006 are already gone.
FYI, Its not always tax fraud but rather savy tax planning using corporations and agressive interpretation (but not fraudulent) of tax codes.
Another example. My 80 yr old uncle will show about $20K on his tax return this year. He and my aunt are in assisted living and everything is paid for by long term care insurance. There are no minimum distributions on his IRA’s this year which would be well into 6 figures. He would have a hard time getting a $200K loan for a condo. He could pay cash for the whole complex.
December 10, 2009 at 8:05 PM #493463sdrealtor
ParticipantI would also tend to beleive that 50% or more of the OA’s originated during or prior to 2006 are already gone.
FYI, Its not always tax fraud but rather savy tax planning using corporations and agressive interpretation (but not fraudulent) of tax codes.
Another example. My 80 yr old uncle will show about $20K on his tax return this year. He and my aunt are in assisted living and everything is paid for by long term care insurance. There are no minimum distributions on his IRA’s this year which would be well into 6 figures. He would have a hard time getting a $200K loan for a condo. He could pay cash for the whole complex.
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