Posted by Star on August 21, 2003 at 22:39:01:
Scott, thank you for writing to my post. I remember years ago I had no problem getting a mtg. with a mtg broker and thats without tax returns or anything else except letters of rents paid to me. I’m going into this deal with 10% down. I have 3 yrs bank receipts for money deposited in the sellers account for the mtg payments, plus a written letter of prompt, up to date payments which the seller gave me for the mtg broker. 3 yrs. don’t go overnight, surely God, this must give me some credability. I have an envelope almost a half inch thick with receipts. Some years ago, 4 to be exact, I lost some homes because I didn’t do my homework, but the lesson was well learned. That was a bad experience, I lost 80k in equity. I did not use my common sense. I paid the price. At present I an training for a very well paying job and the prospects are very promising. Now, mind you Scott, I don’t want to work for anybody else. You know what they say about a person burnt,…they are afraid of the fire. Thats what it’s like for me. This mtg will put me over the top. If I get this mtg. I will be able to resell on a lease option and get a pay out at the end of a few years. I could pull out of the deal altogether, but that would leave seller in an awful bind, as he is not in this country. When I said I was snubbed by mtg brokers, I meant that they did’nt return my call. In my books, that is not courteous. A simple “we can’t do anything for you” phone call would have been better than no call at all. Don’t you agree? And besides, the seller is depending on me to be able to do this, and buy him out. The money I make has already been reported and taxed but just not by me, however, I do pay taxes on everything I purchase, to the tune of 15%, or 15 cents on every dollar I spend and by taking care of seniors, I save the gov’t tens of thousands of dollars a year which they would have to subsidize if these same seniors were out in nursing homes and the like. Believe you me, the Gov’t loves me. If I can’t get a mtg. I’ll have to take in a partner, or get an account/tax consultant to draft me up income verification. Once again thank you Scott. I hope I’ve cleared up some things. Tell me what you think. Tell me how I may qualify and Isn’t a house collateral for a mtg.?
By the way, I got a call from a mtg broker today. He looked over my stuff, I think he’s interested. Will keep you posted so others can learn.