BiggerPockets

Whatever happen to No Doc Loans, Stated Income?

Friday, December 18

As we prepare to close out the year,I cannot help but wonder how many people are out there in the streets of an ECONOMICALLY DESTROYED CITY CALLED FLINT, MICHIGAN (home of Heisman Trophy Winner, Mark Ingram).

Many are currently out there driving crazy, standing in long lines, and becoming madder by the second, while they spend MILLIONS of dollars that they don't even have.JUST, to make someone else feel like they LOVE them!

Once the day is gone, so is the memory!

What we need is a good old fashion loan feast, to make this holiday the festive event it should be. Lets see, it use to be that we could all call our local bank, tell them " Hey Mr. Banker, I am planning a big party this holiday. I am going to need some cash, so set me up one of those interest-free equity loans on my houses available equity. Next, I am going to take a trip to the Islands, (not just Hawaii, but all of them). We'll be gone for a month! (After talking to some of my neighbor's) They decide they want to go to. Because Bob's credit is shot because he owns a seasonal landscaping company(hes down for 3-months of the year )he can't get a equity loan, because their is none in his house! So he decides to refinance it. Bob knows he has no income, but he also knows that he can call Dan, (his personal mortgage guy), and he will get that loan through! Whatever happen to those days? When are we going to bet back to them? NO DOC LOANS made this country what it is! STATED INCOME LOANS are a national tradition, UNTIL EVERYBODY STARTED DOING THEM! This loophole, this goalmine opportunity, has caused all of the pain you see on CNN, on your local news, and in your own homes! When it comes again, (I do think it will) greed will be its cause! In a country where anyone can become an overnight success, OVER-SPENDING WILL BE OUR RUIN! Thats my take on it, and I stand by it!  

While it may seem that I am expressing nothing but doom,and gloom. It is far from my intention. I honestly belief that we are going to learn from our mistakes of the past (some of us anyway). I believe that the wise will come to understand that God never intended for us to not own property, but to be wise also with our substance! It is a powerful thing to own land, it is the only thing that we last long after we are gone from this world! Lets leave it for our children to manage wiser than those before them!! Property ownership can provide amazing opportunity for financial security. WHAT ARE YOU GOING TO DO ABOUT YOUR OPPORTUNITY? 

HAPPY HOLIDAYS TO ALL!