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BECCA9892003
Joined: 20 Jan 2005
Posts: 400
Location: Altoona, PA
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| Posted: Thu Jan 27, 2005 6:22 pm Post subject: Is this a myth?? |
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I have a client who owes back child support...As far as i know it has to be brought current to do his loan..Which he can't pay it in full at this time....My question is this....I have heard in some cases of lenders allowing proof to be shown arrears are being paid on and have been paid on and allowing the loan to continue..
any thoughts of comments on this??? |
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nikko3
Joined: 20 Jan 2005
Posts: 246
Location: acton, ca
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| Posted: Thu Jan 27, 2005 6:33 pm Post subject: |
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| Is there a lien on title or a judgement on the credit report? |
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BECCA9892003
Joined: 20 Jan 2005
Posts: 400
Location: Altoona, PA
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| Posted: Thu Jan 27, 2005 6:46 pm Post subject: |
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| 2 of them are collections the other is stateing on credit for child support obligation....now being a single mom myself i would normally tell him to pay it up or forget it..but he has 2 years of proof another 25 a pay is added to his payment to catch up on these arrears...so hes trying |
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nikko3
Joined: 20 Jan 2005
Posts: 246
Location: acton, ca
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| Posted: Thu Jan 27, 2005 6:54 pm Post subject: |
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| Is it a purchase or a refi? |
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BECCA9892003
Joined: 20 Jan 2005
Posts: 400
Location: Altoona, PA
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| Posted: Thu Jan 27, 2005 7:08 pm Post subject: |
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| purchase...i have some calls into our lenders....see what they think to |
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Gray Goose
Joined: 25 Jan 2005
Posts: 32
Location: Edmond, OK
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| Posted: Thu Jan 27, 2005 7:45 pm Post subject: |
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You probably don't care to hear this but .....
My principles are more important than making a loan. I always make them pay child support. If they refuse, I decline the loan.
Call me stupid.
It takes time to search for a new investor to accomodate the morally bankrupt borrower. It takes more time to set-up with the one-time-transaction investor. 3-4-5-6 hours? Not worth it. I'd move on.
Let's not call it principles. Call it time management. Call me smart? |
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BECCA9892003
Joined: 20 Jan 2005
Posts: 400
Location: Altoona, PA
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| Posted: Thu Jan 27, 2005 7:58 pm Post subject: |
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| yes very smart and as i said before i myself am a single mother of 2....but to at least see someone making an effort and continue to do so for 2 years is not to be frowned on...thats like telling the newly divorced becasue your spouse is an idiot and ruined your credit i dont care to help you......i try to help anyone i can..not just the easy ones...and were not talking alot of arrears but more then he could pay in a lump sum.. |
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Nikko
Joined: 20 Jan 2005
Posts: 536
Location: Northern CA
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| Posted: Thu Jan 27, 2005 8:03 pm Post subject: |
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God, look at those legs.
Sorry, off topic LOL |
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Gray Goose
Joined: 25 Jan 2005
Posts: 32
Location: Edmond, OK
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| Posted: Thu Jan 27, 2005 8:24 pm Post subject: |
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Men that owe child support ALLWAYS have a reason. Not good enough!
28 years ago, my best ski buddy got married and had two beautiful daughters. He went off the deep end with cocaine and wild women and abandoned his wife. No money, no support, in and out of jail.
From the time the girls were infants, she struggled to keep them fed, avoid foreclosure, keep gas in the car to get to two jobs.
His wife remains me and my wife's best friend.
As for my x-buddy: He could die and nobody would miss him. Yet, he has plenty of excuses.
This is not an isolated case. We are friends with several single moms in the same situation.
And I've seen lots of those types of bastards in our business. Hell will freeze over before they get any help from me. |
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Nikko
Joined: 20 Jan 2005
Posts: 536
Location: Northern CA
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| Posted: Thu Jan 27, 2005 8:29 pm Post subject: |
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| How about those who don't file/pay their taxes? I see them all the time, and I always refuse to help them. |
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BECCA9892003
Joined: 20 Jan 2005
Posts: 400
Location: Altoona, PA
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| Posted: Thu Jan 27, 2005 8:45 pm Post subject: |
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| this guy has been remarried for almost 8 years with a child with her also..he has good work history and is trying to provide..i guess i should forget about helping all those people with collections then also.... |
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Gray Goose
Joined: 25 Jan 2005
Posts: 32
Location: Edmond, OK
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| Posted: Thu Jan 27, 2005 8:57 pm Post subject: |
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I didn't say that.
Just stating my personal opinion and where I draw the line.
I'm not critical of you for having a different "line".
You could do all the single moms a favor. Make the loan; charge him an extra point then spend it on your kids. |
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Quixote
Joined: 28 Jan 2005
Posts: 60
Location: Southern California
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| Posted: Sat Jan 29, 2005 12:26 am Post subject: |
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Gray Goose wrote:
You could do all the single moms a favor. Make the loan; charge him an extra point then spend it on your kids. That suggestion I like.
Oh, and ditto re the legs. 8) |
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chow
Joined: 22 Jan 2005
Posts: 2350
Location: Cornfield County, Indiana
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| Posted: Sat Jan 29, 2005 12:51 am Post subject: |
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Since I've been known to pay a few support payments for my hubby when he became unemployed (for a whopping few months) years ago....
I say you charge max points and fee's and do some cash out on the refi's and make up an invoice to pay the back child support and have the borrower sign it. Or better yet, some fake invoice for the initial child support on the purchase....
If you see the lips curl-You know you got a wolf in sheep's clothing.
Welcome to the Evile Twin's World.......
People get behind, but only the LO knows what is really "behind." |
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