Quote:
Originally Posted by smax
so?
You dont make a rent payment you get evicted and your place is cleaned and rented out in less then 2 weeks. You miss enough mortgage payments, you get evicted and the bank is sitting on real estate it does not want with a good chance of taking a loss on it.
Considering the the financial mess we are in is tied directly to the mortgage business leaves me baffled how some can complain about the underwriting process
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've been paying rent for 10 years and have never been late. However the past couple of years I have been investing heavily into my business so on paper, so my income on paper doesn't look great. I doubt I would get a mortgage for 300k (which is what I want) yet my payment would only be a few hundred more a month than I am currently paying for rent and have been for the past 6 years without a single issue. I'm sure this is never taken into consideration yet should be in some cases.