15 Sep 08 
Buy and Bail: Making The Rule Work For You. Part II
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If you missed Part I of this post you should read it because this rant may not mean too much to you without it.
Sometimes the housing market can be a bit much for people and they get frustrated. Let’s see one persons opinion and let me know if you share her thoughts.
HI Brent
I find the whole situation just backward.
Banks loaned money to people they KNEW could not afford a 800,000 house….all hell breaks loose and now those of us who had and still have excellent credit will not be able to get a house unless we jump through hoops to get it….we still have credit scores in the 800’s….YES…I said 800’s……
we have bought and sold 5 houses in the last few years (we moved a lot) and ALWAYS came out great after each sell….but we have NEVER had 20% to put down…we always did around 10 to 15% then got an 80/20 for the remaining amount….
we made 60,000 on our last sell and then moved back to V. and paid 382,000 for our current townhouse…put 30,000 down, and then put 10,000 in remodeling, and we still have 20,000 in the bank….but now unless we come up with the full 20% a bank will not loan to us?????? i just don’t get it…..
we are just staying here for another year and scratching the money aside so that if we do find a REO Home we really like we can try to jump on it….there is no way we make enough money to cover two loans…..so that option is out for us….
i am just sick of this whole thing…..but thank you for getting back to me….
C.
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It’s interesting, I appreciate the email and I can see how frustrating this whole situation can be. You may not be the person who is committing fraud but there is no way for us to convince the bank otherwise!
Keep your head down and focus because there will come that moment when this all goes away and those paying the most attention will reap the biggest financial rewards.
Brent Lane
The Lane Group
www.thelanegroup.blogspot.com
Tags: bank loan, brent lane, buy and bail, credit crunch, credit score, down payment, fha, home loan information, housing market, mortgage loan, real estate owned, reo, the lane group
