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Unread 02-20-2009, 09:19 PM   #1
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Default $200,000 Potential or $200,000 in the bank Rant

If you were a loan officer and had to decide between two applicants, what would seem like a better applicant to not default.

SAME $200,000 HOUSE, SAME PRICE and SAME BANK.

Applicant #1.
GREAT 800 FICO SCORE shit give the dude a 100000 FICO for all i care.
Dude puts $40,000 down and wants to finance the $160,00.

or

Applicant #2.
No Credit, -10000 FICO give the dude a -100000000 Fico for all i care,
This dude has $200,000 in his savings, and wants to put $100,000 down and finance $100,000 just to try and roll with the "fico" system.


Do you go with the Potential to pay or the Has done it already to pay?


Disclaimer:
This is just a fantasy question. All monies was aquired LEGALLY. ALL Illegal funds was spend and/or lost about 10 years ago thru stocks and just spending. easy come easy go, hard earn money is much more satisfying.
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Unread 02-20-2009, 09:30 PM   #2
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i figure the bank will go with the first dude since i'm sure they want to make some profit off of the interest the first guy will pay since he will take longer to pay, right?

i mean i am not posrx7 or Wills or anyone else with financial smarts (i know nothing about that), but i don't think the bank is in it for philanthropic purposes, eh? they're in it to make money too right?

why would they choose the guy who gonna pay it off faster and pay them less interest?

correct me where ever but i do not follow your logic here.
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Unread 02-20-2009, 09:38 PM   #3
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Quote:
Originally Posted by lois
i figure the bank will go with the first dude since i'm sure they want to make some profit off of the interest the first guy will pay since he will take longer to pay, right?

i mean i am not posrx7 or Wills or anyone else with financial smarts (i know nothing about that), but i don't think the bank is in it for philanthropic purposes, eh? they're in it to make money too right?

why would they choose the guy who gonna pay it off faster and pay them less interest?

correct me where ever but i do not follow your logic here.
The second person will purchase multiple properties, and eventually work their way up the real estate scale. The second dude would buy 2 properties with $100,000 down , sell or owner finance the property and move to another property again and again and again and again.


I understand the bank is for making money, shttt they rip us off everyday with "holds"on deposits in this day and age of instant transactions thru the internet.


effit... FICO? wat is dat?

PS: a loan officer told me to get a job so i can show $900-$1200 income. I was speechless
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Unread 02-20-2009, 09:50 PM   #4
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Quote:
Originally Posted by jdmhookup
The second person will purchase multiple properties, and eventually work their way up the real estate scale. The second dude would buy 2 properties with $100,000 down , sell or owner finance the property and move to another property again and again and again and again.
well you didn't say that in the first post, you just said which one the bank gonna choose.
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Unread 02-20-2009, 09:52 PM   #5
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Quote:
Originally Posted by lois
well you didn't say that in the first post, you just said which one the bank gonna choose.
Thats true, but i figure the bank would figure the useless dude with money must actually do something to make money. lol.


Believe it or not, the next few months is the best time for people with good credit or cash to make $$$$$$$$ in the next 5-10 years.
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Unread 02-20-2009, 10:30 PM   #6
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if i was a loan officer i would take the applicant that has the best score and who wants to borrow the most money, i would do that time and again... and then i would get a promotion to president for making the bank so much money. ha!
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Unread 02-20-2009, 10:40 PM   #7
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Quote:
Originally Posted by Udrivecrap
if i was a loan officer i would take the applicant that has the best score and who wants to borrow the most money, i would do that time and again... and then i would get a promotion to president for making the bank so much money. ha!
OR.... you would be under investigation like alot of the mortgage companies for "straw" borrowers . Undertable $300-$500 payoffs at the local banks for loan approvals.

hahahhahaha. But its cool. CPB(CPF) stocks are under $5 this week. Looks like they making to "right" choices and if you look at some of my old posts, somebody said "WATCH OUT" a local banks going under....... BUT the no credit guy has no "creds".


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Unread 02-21-2009, 12:56 AM   #8
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wtf is he rambling about today?

fukkin crazy old man!
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Unread 02-21-2009, 05:47 AM   #9
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Quote:
Originally Posted by jdmhookup
Believe it or not, the next few months is the best time for people with good credit or cash to make $$$$$$$$ in the next 5-10 years.
ayup. cash is gonna be king (well, right now it already is, but will become even more so in the near future).

lots of the big investors, including even some of the contrarians, have taken refuge in cash positions.

you KNOW they're gonna be right there snapping up the deals like sharks as soon as they see the time is right... and for the rest of us w/o their resources and experience, if you have the means, that's the time to pull the trigger and move with them.
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Unread 02-21-2009, 05:50 AM   #10
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it's been years since i've talked with commercial bankers, but don't the loan officers have quotas to meet?

might be backwards thinking, interest-wise, but if i had big quotas to meet (one of my friends had a 7-figure quota) i'd got with contestant #2 and go for the sure loan.

if i knew what he was planning to do with the other 100k, i'd taking him out drinking anywhere he wanted to go and we'd talk loans and expansion plans to help him reach his goals sooner. maybe we could both move into the private banking part of the bank for real red-carpet service.
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Unread 02-21-2009, 10:00 AM   #11
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You can fake savings.

They borrow money from relatives or friends and stick it in their bank account. This is pretty common for those who apply for citizenship, relatives loan them cash to show they have a good size bank account.

Or if they run a business, all that cash is not really their's but pending payables.

There are several ways to inflate cash in the bank. But it's harder to fake cash flow, harder still to fake a good history of prompt payment on prior loan obligations.

Banks will loan to those with credible cash flow, and a history of good and prompt payment of prior loans.
---------------
They just had a scam artist do that in Hawaii...some old guy named Wilfred Wong or something. He borrowed money from victims, put it in the bank then use that to "prove" assets to get loans from the bank. He then defrauds both the banks and the original borrowers by transferring all that money out of state to foreign bank accounts.
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Unread 02-21-2009, 11:25 AM   #12
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Quote:
Originally Posted by ChroniC588
You can fake savings.

They borrow money from relatives or friends and stick it in their bank account. This is pretty common for those who apply for citizenship, relatives loan them cash to show they have a good size bank account.

Or if they run a business, all that cash is not really their's but pending payables.

There are several ways to inflate cash in the bank. But it's harder to fake cash flow, harder still to fake a good history of prompt payment on prior loan obligations.

Banks will loan to those with credible cash flow, and a history of good and prompt payment of prior loans.
---------------
They just had a scam artist do that in Hawaii...some old guy named Wilfred Wong or something. He borrowed money from victims, put it in the bank then use that to "prove" assets to get loans from the bank. He then defrauds both the banks and the original borrowers by transferring all that money out of state to foreign bank accounts.

Here is a HAVE done it situation.

In college and after college i had a great credit history and 10+ credit cards with high limits because i used to follow the credit limit raising every 6months and have no balances etc. Focused SO MUCH ON BUILDING CREDIT like everyone says to do(average person).

INSTEAD of focusing on building credit, i should have been focused on building cash wealth instead. If everyone focused on building cash wealth instead of good FICO SCORES the economy would be in better shape.

ALL i did was build a good FICO score and have NICE LOOKING credit cards in may wallet, but i wish people would have taught and told me that no credit and CASH WEALTHY was actually better.


NOTE to think about:

Its always better to have friends and family that can trust you to put $100,000's in your bank account instead of having a good credit score and borrowing from a bank.

If a person has enough credibility for others to put money into a bank account, that is worth way more then a FICO SCORE. If you can put $1,000,000 in control of someone and trust them, they should have a 10000 FICO.

Friends,Family and trust is way more valuable to be successful then a FICO score. Thats what i learned. I guess i trust too many people and too many people trust me.

I just rant at the banks and loan industry, but its all in sarcasm. I understand the banks and loan officers want and have to make money like any other businesses and people without money is what they prey on.(btw, i must be the only dealer that doesnt FINANCE cause i really dont want to prey on people without money,go figure).
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Unread 02-22-2009, 10:13 AM   #13
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Quote:
Originally Posted by ChroniC588
You can fake savings.

They borrow money from relatives or friends and stick it in their bank account. This is pretty common for those who apply for citizenship, relatives loan them cash to show they have a good size bank account.

Or if they run a business, all that cash is not really their's but pending payables.

There are several ways to inflate cash in the bank. But it's harder to fake cash flow, harder still to fake a good history of prompt payment on prior loan obligations.

Banks will loan to those with credible cash flow, and a history of good and prompt payment of prior loans.

so very true..especially these import/export buisnesess
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Unread 02-22-2009, 12:02 PM   #14
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pretty interesting how peoples minds think.

But on the other side of "thinkin". What about the guys that have way more money then shown on paper. THEY HAVE CASH AND OWN ALOT OF THINGS and dont show it.


I wonder what category i fall in? 1- BS and putting money in my account thats not my money
or 2- the dude with no credit cause he never shows money and actually has alot.


I know what some of you are wishing. That sucks.
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Unread 02-22-2009, 02:08 PM   #15
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Quote:
Originally Posted by jdmhookup
pretty interesting how peoples minds think.

But on the other side of "thinkin". What about the guys that have way more money then shown on paper. THEY HAVE CASH AND OWN ALOT OF THINGS and dont show it.


I wonder what category i fall in? 1- BS and putting money in my account thats not my money
or 2- the dude with no credit cause he never shows money and actually has alot.


I know what some of you are wishing. That sucks.
I also think you need some kind of credit score( just not a bad one) because with the cash down you will get the rate you want. I would rather not borrow the money from family then find away to pay any loan I make but rather have the cash already since cash is king. Building your cash worth is the best to me. The credit rating will fall in place since you need credit cards for certain things like when you go on trips or buying things over the internet. Other forms of credit would be your cable, water, electricity, cel phone and such. Getting 10+ credit cards is just idiotic especially with all the reward programs out there IMO. A visa or mastercard and an amex(both with mileage packages should suffice). One for everyday use and the other for internet use.
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Unread 02-22-2009, 02:11 PM   #16
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There are alot of people cash rich right now....almost 9 trillion in cash money held on the sidelines (I'm not sure how valid this figure is...but it keeps getting thrown about all over right now).

http://news.mobile.msn.com/en-us/art...8370967&afid=1

Quote:
After a year of devastating losses, the stock market has the makings of a recovery in 2009: Nearly $9 trillion in cash on the sidelines, waiting to be invested.
No one will argue with you JDM...everyone would rather have millions in cash money, than millions in loans or debt guarantees. But fewer than 1% of American will ever see that happen in their lifetime...most of us will always need debt to finance our life and hope for the best that we can at least break even before we hit 65.
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Unread 02-22-2009, 02:35 PM   #17
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Quote:
Originally Posted by ChroniC588
There are alot of people cash rich right now....almost 9 trillion in cash money held on the sidelines (I'm not sure how valid this figure is...but it keeps getting thrown about all over right now).

http://news.mobile.msn.com/en-us/art...8370967&afid=1



No one will argue with you JDM...everyone would rather have millions in cash money, than millions in loans or debt guarantees. But fewer than 1% of American will ever see that happen in their lifetime...most of us will always need debt to finance our life and hope for the best that we can at least break even before we hit 65.
Most americans try to keep up with the jones and live beyond their means never accumilating cash in a large amount. The more they make the more they spend.
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Unread 02-22-2009, 03:45 PM   #18
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Quote:
Originally Posted by hrnytrtlsgsxr
Most americans try to keep up with the jones and live beyond their means never accumilating cash in a large amount. The more they make the more they spend.
That's true for 99% of Americans. The other 1% are the Joneses that we all wish we could be like.

Its sad when Paris Hilton will have more money in a year than majority of people in this country will see in several lifetimes.



The closest I will get to an SLR and a Ferrari is if I stand in front of a dealership...that's about as close as I will get.

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Unread 02-22-2009, 04:39 PM   #19
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Quote:
Originally Posted by hrnytrtlsgsxr
I also think you need some kind of credit score( just not a bad one) because with the cash down you will get the rate you want. I would rather not borrow the money from family then find away to pay any loan I make but rather have the cash already since cash is king. Building your cash worth is the best to me. The credit rating will fall in place since you need credit cards for certain things like when you go on trips or buying things over the internet. Other forms of credit would be your cable, water, electricity, cel phone and such. Getting 10+ credit cards is just idiotic especially with all the reward programs out there IMO. A visa or mastercard and an amex(both with mileage packages should suffice). One for everyday use and the other for internet use.

I am buying cash outright. Then finance 2 years later. I cannot wait to establish credit.
putting in the offers this week thru summer.

- I just will do owner finance or flip the houses to get cash flow without loans.

Me the no credit guy, according to the banks.
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Unread 02-22-2009, 05:39 PM   #20
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Quote:
Originally Posted by jdmhookup
I am buying cash outright. Then finance 2 years later. I cannot wait to establish credit.
putting in the offers this week thru summer.

- I just will do owner finance or flip the houses to get cash flow without loans.

Me the no credit guy, according to the banks.
Cash is king and financing do you mean equity loan of the property you have to buy others. that would definitely buy you credit because of the asset of the property being collateral.
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Unread 02-22-2009, 06:09 PM   #21
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Quote:
Originally Posted by hrnytrtlsgsxr
Cash is king and financing do you mean equity loan of the property you have to buy others. that would definitely buy you credit because of the asset of the property being collateral.
At this point i have to act fast. Will just buy the first properties Cash and try and get loans after. Right now banks are taking the CASH offers over pre-qualified "papers" cause loans now days can get "pulled" with the daily changing loan guidelines created by the gov and banks. Really a mess the government is creating.
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Unread 02-23-2009, 12:08 AM   #22
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Quote:
Originally Posted by jdmhookup
The second person will purchase multiple properties, and eventually work their way up the real estate scale. The second dude would buy 2 properties with $100,000 down , sell or owner finance the property and move to another property again and again and again and again.


I understand the bank is for making money, shttt they rip us off everyday with "holds"on deposits in this day and age of instant transactions thru the internet.


effit... FICO? wat is dat?

PS: a loan officer told me to get a job so i can show $900-$1200 income. I was speechless
1 - You clearly don't understand risk from a lenders position.
2 - Not all lenders have similar investment goals with their mortgage portfolios
3 - The original question has two options... neither of which reflect the "option" your trying to communicacate... (ur question = fail)
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Unread 02-23-2009, 12:13 AM   #23
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Quote:
Originally Posted by jdmhookup
Applicant #1.
Dude puts $40,000 down and wants to finance the $160,000

Applicant #2.
wants to put $100,000 down and finance $100,000
this makes my eyes bleed for so many reasons
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Unread 02-23-2009, 12:27 AM   #24
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Quote:
Originally Posted by JugglinMunkey
1 - You clearly don't understand risk from a lenders position.
2 - Not all lenders have similar investment goals with their mortgage portfolios
3 - The original question has two options... neither of which reflect the "option" your trying to communicacate... (ur question = fail)
didnt read the thread but agrees with juggomunk
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Unread 02-23-2009, 12:38 PM   #25
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Quote:
Originally Posted by JugglinMunkey
1 - You clearly don't understand risk from a lenders position.
2 - Not all lenders have similar investment goals with their mortgage portfolios
3 - The original question has two options... neither of which reflect the "option" your trying to communicacate... (ur question = fail)

Guess who is buying and who is in trouble. People that had good FICO and jobs are getting hammered. Everyone is effected by the economy, everone. But the less dependent income or source of income is more likely to adjust to the bad economy. People that tend to have good FICO are reliant on a EMPLOYER. If the EMPLOYER goes under then they are SCREWED.

But i guess the wallstreet and mortgage companies know what is best and we all are in a great situation now cause they knew best.

I AM A TOTAL LOSER! no credit, every bank doesnt want to finance me cause i have no employment income.

Next subject.
With all this people with great FICO and still unable to get loans, do you think its a good idea to do Owner financing to these people? I am thinking of going that route to get some better cash flow and take advantage of the strict loan requirements.
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