What's the Worst Mortgage History You've Ever Seen?

Quixote · Joined: 28 Jan 2005 Posts: 60 Location: Southern California

I saw a credit report recently that showed 21x90 on the second mortgage. Rolling. No kidding. Looking for a laugh, I went into my VP's office and said, "Hey! Do we have a program for 21 times 90?" He says, "We sure do. It's called Chapter 7."

nikko3 · Joined: 20 Jan 2005 Posts: 246 Location: acton, ca

On the bright side if your lender only looks at the past 12 months then you only have 12 x 90.

That sounds way better ... not!

samsid · Joined: 10 Feb 2005 Posts: 19 Location: San Antonio, TX

well that's the worst I've heard of...but on a related note when I was an UW (now AE) I saw a CA borr who had the most cc debt I've ever heard of...$497K! Just in cc not to metion auto and mtg. His monthly minimum monthly payments were like $3500. I don't know how the guy slept at night...probably with a bottle of JD :wink:

AMP LOAN · Joined: 10 Feb 2005 Posts: 21

I had a lady that wanted a loan. She kept spending and spending and spending money on upgrading the house, buying the kids stuff. The husband worked for a large company and made $174,000 per year. They had 4X90 on the first 7X120 on the 2nd, $198K in CC debt and four cars (but only those two drove) and they couldn't make the monthly mortgage payment. He had a 519 FICO and I managed 80% LTV with that deal. I get a call from the lender that they haven't made the first payment and they said he would start an iinvestigation in fraud stating it was because they had no intention to pay the mortgage. I got in my car and went to their house @ 10 pm and made them go with me to FedEx Kinko's and overnight the check.

PPL are stupid!

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

22x90 on the first. 18x90 on the second. 8x90 on the 3rd, and 21x90 on an investment.

Do I win a cookie?

Quixote · Joined: 28 Jan 2005 Posts: 60 Location: Southern California

I'd say we have a winner. :)

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

I put a sticky note on the credit and placed it on my subprime partners chair asking if he could get a 6% rate. When he got back he gave me a look like I was totally nuts and I was gonna get smacked. Sometimes it's hard to get humor across in a post it...

Quixote · Joined: 28 Jan 2005 Posts: 60 Location: Southern California

You, of course, mentioned on the sticky that is should be Stated I/O, right?

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

Hahahaha no, but i should have! That would have been classic!

chow · Posted: Fri Feb 18, 2005 7:06 pm Post subject:

I just threw 21 pages of a credit report across the office and asked anyone if they could make a silk purse out of the "pig's ear" I was asked to look at. :roll:

I like how those pages of paper just go everywhere.

The boss just said, "I guess you need to send out a Turn Down?"

BTW I like the Tigger picture Quixote.

I know the whole "Tigger" thing.

http://disney.go.com/disneyvideos/animatedfilms/pooh/

Since you know Tigger is spelled- T-I double "GER"

and you bounce, and trounce and bop and tromp.......

ahhhhhhhhhhhhhhhhhhh, maybe we should just leave it at that..... :wink:

E.T. Home Loan · Joined: 19 Feb 2005 Posts: 73 Location: OUTER FREAKIN SPACE

Worst I have ever seen was foreclosure.