[cr]

[quote=Noob]I have a plan for this.

Arrange a no-fault divorce. Have one spouse hold the house and assume the mortgage. The other spouse can then go purchase a new place at sometime in the future. The spouse holding the condo can then “Walk” on their mortgage and remarry the other who is now holding a fresh new mortgage.[/quote]

Uh, yeah…pretty sure that’s called fraud.

jimmyle, I think you hit it already, the best advice is to try and rework the loan. The fact is your coworker bought a house he shouldn’t have, at nearly a 6-1 debt to income ratio w/ no money down.

A hit to his credit might be worth the lesson if the bank won’t work with him.

[cr]

[quote=Noob]I have a plan for this.

Arrange a no-fault divorce. Have one spouse hold the house and assume the mortgage. The other spouse can then go purchase a new place at sometime in the future. The spouse holding the condo can then “Walk” on their mortgage and remarry the other who is now holding a fresh new mortgage.[/quote]

Uh, yeah…pretty sure that’s called fraud.

jimmyle, I think you hit it already, the best advice is to try and rework the loan. The fact is your coworker bought a house he shouldn’t have, at nearly a 6-1 debt to income ratio w/ no money down.

A hit to his credit might be worth the lesson if the bank won’t work with him.

[cr]

[quote=Noob]I have a plan for this.

Arrange a no-fault divorce. Have one spouse hold the house and assume the mortgage. The other spouse can then go purchase a new place at sometime in the future. The spouse holding the condo can then “Walk” on their mortgage and remarry the other who is now holding a fresh new mortgage.[/quote]

Uh, yeah…pretty sure that’s called fraud.

jimmyle, I think you hit it already, the best advice is to try and rework the loan. The fact is your coworker bought a house he shouldn’t have, at nearly a 6-1 debt to income ratio w/ no money down.

A hit to his credit might be worth the lesson if the bank won’t work with him.

[cr]

[quote=Noob]I have a plan for this.

Arrange a no-fault divorce. Have one spouse hold the house and assume the mortgage. The other spouse can then go purchase a new place at sometime in the future. The spouse holding the condo can then “Walk” on their mortgage and remarry the other who is now holding a fresh new mortgage.[/quote]

Uh, yeah…pretty sure that’s called fraud.

jimmyle, I think you hit it already, the best advice is to try and rework the loan. The fact is your coworker bought a house he shouldn’t have, at nearly a 6-1 debt to income ratio w/ no money down.

A hit to his credit might be worth the lesson if the bank won’t work with him.

[cr]

[quote=Noob]I have a plan for this.

Arrange a no-fault divorce. Have one spouse hold the house and assume the mortgage. The other spouse can then go purchase a new place at sometime in the future. The spouse holding the condo can then “Walk” on their mortgage and remarry the other who is now holding a fresh new mortgage.[/quote]

Uh, yeah…pretty sure that’s called fraud.

jimmyle, I think you hit it already, the best advice is to try and rework the loan. The fact is your coworker bought a house he shouldn’t have, at nearly a 6-1 debt to income ratio w/ no money down.

A hit to his credit might be worth the lesson if the bank won’t work with him.

[cr]

As to why you can’t get a loan – I’m sure this was said, and in skimming the replies I didn’t notice if anyone said the secondary market for Jumbos is gone.

Lending was great when you could slice loans up to sell to some “investor” reaping all the profits up front before a single payment was made, but not anymore.

All I can say is be patient. If you’re 30 yrs old, debt free, and making $250+/yr you should be able to put more than 10% down. Heck, you should be able to buy the house outright in 5yrs or less.

[cr]

As to why you can’t get a loan – I’m sure this was said, and in skimming the replies I didn’t notice if anyone said the secondary market for Jumbos is gone.

Lending was great when you could slice loans up to sell to some “investor” reaping all the profits up front before a single payment was made, but not anymore.

All I can say is be patient. If you’re 30 yrs old, debt free, and making $250+/yr you should be able to put more than 10% down. Heck, you should be able to buy the house outright in 5yrs or less.

[cr]

As to why you can’t get a loan – I’m sure this was said, and in skimming the replies I didn’t notice if anyone said the secondary market for Jumbos is gone.

Lending was great when you could slice loans up to sell to some “investor” reaping all the profits up front before a single payment was made, but not anymore.

All I can say is be patient. If you’re 30 yrs old, debt free, and making $250+/yr you should be able to put more than 10% down. Heck, you should be able to buy the house outright in 5yrs or less.

[cr]

As to why you can’t get a loan – I’m sure this was said, and in skimming the replies I didn’t notice if anyone said the secondary market for Jumbos is gone.

Lending was great when you could slice loans up to sell to some “investor” reaping all the profits up front before a single payment was made, but not anymore.

All I can say is be patient. If you’re 30 yrs old, debt free, and making $250+/yr you should be able to put more than 10% down. Heck, you should be able to buy the house outright in 5yrs or less.

[cr]

As to why you can’t get a loan – I’m sure this was said, and in skimming the replies I didn’t notice if anyone said the secondary market for Jumbos is gone.

Lending was great when you could slice loans up to sell to some “investor” reaping all the profits up front before a single payment was made, but not anymore.

All I can say is be patient. If you’re 30 yrs old, debt free, and making $250+/yr you should be able to put more than 10% down. Heck, you should be able to buy the house outright in 5yrs or less.

[cr]

Correct me if I’m wrong, but the $7500 has to be paid back over 15 years. http://www.federalhousingtaxcredit.com/glance.php

It’s basically saying, look you lazy Americans we know you can’t save for a down payment so here’s a loan for one. A Government subsidized 2nd, and another form of the original problem.

Anything to avoid a little discipline and delayed gratification.

I’ll just wait for the house I want to drop another $10,000.

[cr]

Correct me if I’m wrong, but the $7500 has to be paid back over 15 years. http://www.federalhousingtaxcredit.com/glance.php

It’s basically saying, look you lazy Americans we know you can’t save for a down payment so here’s a loan for one. A Government subsidized 2nd, and another form of the original problem.

Anything to avoid a little discipline and delayed gratification.

I’ll just wait for the house I want to drop another $10,000.

[cr]

Correct me if I’m wrong, but the $7500 has to be paid back over 15 years. http://www.federalhousingtaxcredit.com/glance.php

It’s basically saying, look you lazy Americans we know you can’t save for a down payment so here’s a loan for one. A Government subsidized 2nd, and another form of the original problem.

Anything to avoid a little discipline and delayed gratification.

I’ll just wait for the house I want to drop another $10,000.

[cr]

Correct me if I’m wrong, but the $7500 has to be paid back over 15 years. http://www.federalhousingtaxcredit.com/glance.php

It’s basically saying, look you lazy Americans we know you can’t save for a down payment so here’s a loan for one. A Government subsidized 2nd, and another form of the original problem.

Anything to avoid a little discipline and delayed gratification.

I’ll just wait for the house I want to drop another $10,000.

[cr]

Correct me if I’m wrong, but the $7500 has to be paid back over 15 years. http://www.federalhousingtaxcredit.com/glance.php

It’s basically saying, look you lazy Americans we know you can’t save for a down payment so here’s a loan for one. A Government subsidized 2nd, and another form of the original problem.

Anything to avoid a little discipline and delayed gratification.

I’ll just wait for the house I want to drop another $10,000.

[Author]

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