- This topic has 0 replies, 1 voice, and was last updated 9 years, 6 months ago by Anonymous.
- August 17, 2011 at 4:27 am #229344AnonymousInactive
I have surprisingly talked to more than a few people recently who basically told their mortgage broker they planned to sell their home, and got the broker to get them pre-approved for new loans that didn’t take their first mortgage into account (i.e. they were pre-approved for the amount they would get if they had the same income and no mortgage payment). * *How on earth are they able to do that?? *I thought they were taking all sorts of precautions against these things because of people doing ‘buy and bail’s.
Is this just because they are going to turn around and sell the loan to a bigger bank? *I mean…I know in the heat of the sub-prime lending days they were giving people loans they couldn’t totally afford, but it seems like a pretty difficult ‘massaging’ of the numbers to just completely disregard a loan applicants current financial obligations. *I definitely don’t hear about any reputable banks doing this… eh…reputable may be the wrong word for any bank these days…
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