my son qualified for a very large mortgage loan because of lies in that his earning were way greater the actual income…well the reaestate person made money when he purchased and sold ( the bank lost money???) now my son has bad credit and will he like many thousands get???
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who knows but you shouldnt always rely or blame the government when you make bad choices
I don’t think any president, whether Bush, Obama, Roosevelt or Nixon…. will be doing the re-fi for him. But the programs in place now might help.
What does Obama have to do with your son improperly disclosing his income and purchasing more home than he could afford? Sorry, but your statement is ridiculous. He signed the loan application didn’t he? He knew what his payments were didn’t he? He knew what his ACTUAL income was didn’t he? Subtract the payments from the income and if it didn’t leave enough to live on, the fault lies 100% with your son. No one forces anyone to take on a mortgage, especially one they cannot afford.
Now to answer your question; NO, there is no additional help for homeowners that short sell, the short sale is the help. Irresponsible borrowers need a slap on the hand and a short sale is that slap. It’s far better than the alternative foreclosure. You son can wait, re-establish his credit and learn his lesson.
Your son and daughter are the ones responsible for their current situations. If there were ‘lies’ on the mortgage application, you son signed that application, indicating that the information was accurate. Of course he didn’t have sufficient income to cover those mortgage payments, and ended up being forced to sell the house. In this market most homes are now worth far less than was paid for them a few years ago, resulting in short sales.
The real estate agent involved has nothing to do with the mortgage. His/her job is to find a buyer for a property. Your son agreed to buy, and was able to fund the purchase price. You can TRY to blame the mortgage broker involved, but that won’t go anywhere, since your son signed the application indicating he had that level of income.
Sorry, but your son has no one to blame but himself, and he will pay the price with ruined credit for several years down the road.
When you say “obama” you are talking about about me and the other honest people. You are really asking “Will the tax payers buy my son a house after his fraud came back at him and he got what he deserved?”
The bank gave your son more money then they were able to recover, so obviously they lost money, you son spent it and refused to repay it. This is obvious, not rocket science.
He will get what he deserves. Maybe he learned a lesson and will deal with honesty and ethics next time. But don’t get it in your head that your son now deserves my money because he screwed a bank, I have no problem with my tax money helping those in NEED, but his problem is not need at all, it is plain and simple GREED.