I'll be watching this blog. Keep up the solid reporting.This bwr had a car payment of almost $800 a month...and only made about $28,000 last year. Wanted to buy a 400k home...but would look at a condo "if they had too". Somehow I don't think that spending 34% of ones gross income on a car payment is the best thing to do...but what do I know. That USED to be the rule when buying a house. Oh how times have changed. There is no way I was going to help this guy get a loan...but I'm sure somebody out there will "state" his income so that he will "qualify". This bwr has all the makings of AFB...but maybe they will be lucky...let's hope so.
Friday, November 18, 2005
New Mortgage Related Blog
Over at Another F*CKED Borrower Blog there is some wonderful information about the mortgage easy credit practices. Here is a great post:
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That's a great blog. Explains everything in a very ... earthy way.
ReplyDeleteAbsolutely astonishing info. The stuff is basic, but I did not know it.
Here's my question, though. I have heard this new bankruptcy law is basically the same as the old bankruptcy law IF you make less than 50% of the median income in area.
1) is this true?
2) does this mean that stupid borrowers who borrowed tons of dough on low incomes will still be able to declare bankruptcy and get out?
3) if so, who ends up losing the money?
Yes, times definitely have changed when it comes to qualifying for home mortgages. There are just too many people looking to get into a home mortgage these days.
ReplyDeleteAlthough a loan does not start out as income to the borrower, it becomes income to the borrower if the borrower is discharged of indebtedness.
ReplyDelete