ABSDOLUTELY STUPID New Rules

[Kansas_Jayhawk]

Tom, you just have no idea of the good things I could tell you --- Suffice it to say Jesus said: "the Ruler Of This World is coming, but he has no hold on me." Wasn't talking about Caesar. Wasn't talking about God.

You're bright, you figure it out.

Amen Enough said!


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[4x4x4]

Yes. I went through the same thing ! They accepted that my father left the poke to me....done .

 

[landman]

Sounds like a scenario designed to deceive the lender. Mortgage fraud is an offense that is taken very serious.

Not at all I'm a real estate broker of 31 years and this is standard practice used by the lenders all the time
to comply with the lenders rules set up by the secondary market that they sell their mortgages.
It's a very simple and standard of practice solution.

 

[Honest Samuel]

You guys, look up the definition of; "Psychological projection"

I did and your name was mention.

 

[Tom_in_CA]

I did and your name was mention.

Well I guess that's good, since I'm of the persuasion that most people are honest and kind

 

[Kace]

With credit cards, there is no need to have a large amount of cash on you, or in your home.

You are in Grave Danger if you believe that! I've had my identity stolen 3 times over the years and one time was PayPal! I also work in a field where cyber crimes are committed at a staggering rate with Credit Cards! I am sooo protected and yet it happened to me and others I know. Someone mentioned Lexus Nexus...Check it out & Also That HDTV & Smart TV's. Fiber Optics: TV,Internet,Phone. F.O.'s are both a transmitter and receiver. You can be watched and listened. Ever see the commercial for Alexa? Like Siri on the IPhone. Alec Baldwin. Garth Brooks, Trisha Yearwood Advertise for a different model I think but it's the same thing. Those 'Helpful' devices pick up everything you say in your home. Just like On Star and any vehicle made after 1997.

Another couple of things. Who thought that the Gov. was being nice for the "Cash For Clunkers" program? It was designed to get Pre 1998 vehicles off the road. The Gun turn in that LE do....that isn't to help the honest public either.

I'm Not Attacking You Samuel...it's just that as someone here has a signature that says something to the effect of If Only One Small Thing Is Taken Away, No One Notices. Well, All of Our Privacy Has Slowly Been Taken Away. It went into the works with the metallic strips on Drivers Licenses, Then The Gov Wanting Companies to Make All Employee Paychecks Direct Deposit. People and companies including ours fought that & won. That was to be reported to Gov. Mandated. Google: Company going to small microchip in hand instead of security key fobs. When does it stop? You can't get health insurance or medical treatment without the chip. I'd bet that 90% of All MD finds have Already Been Taxed by their owners who lost them. Your Time, Your Equipment, Your Vehicle,Your Gas, Batteries, Charge Time on ac. Etc. YOU have already paid tax on. Except time. Not to mention the earnings tax you pay to buy that stuff & pay sales tax. That Boat of ScubaDetector's that he posted a pic of.... There's a luxury tax unless he has it Ported which I doubt given his views. Can you deduct or depreciate ANY of that?

 

[Kace]

How to fix a dilemma. I sold some of my gold to help a daughter buy a house. Actually I am buying it but she is going to pay me back. I have great credit. I gave the mortgage company my last two bank statements. I deposited 2853.00 I got from ARA last month.

This is NOT a JOKE. The mortgage company needs me to PROVE the gold was mine. How the heck do I do that?? I gave them the receipt from ARA but they want proof I owned the gold in the first place.

I gave them my website to show what I do and that is not good enough. I could have stolen all of it. So I found out today there is a chance I won't be able to go through with a mortgage because I cannot prove I owned the gold I had melted to make the deposit.

GRRRRR. Anybody have a suggestion?

This is just an inquiring question I have if you don't wanna tell me that's fine. You are familiar with a business from what I gather and that's to recover objects that people have lost in the water. Would they pay that business an agreed on amount for recovery? If someone would have such a business would they pay taxes on what they were paid by these individuals? Would the individuals report their payment to that business to get a loss deduction? While working, if someone from a business like that found some rings or other jewelry or valuables while contracted for the recovery job why would anyone need to know? And if some entities should know, would it be the business to report it or the individual who contacted the recovery business? Would a business like that charge tax on the agreed recovery price? I'm not sure you know the answers to these questions I'm just curious is all. Thanks Scuba.

 

[Tom_in_CA]

......Check it out & Also That HDTV & Smart TV's. Fiber Optics: TV,Internet,Phone. F.O.'s are both a transmitter and receiver. You can be watched and listened......Those 'Helpful' devices pick up everything you say in your home. Just like On Star and any vehicle made after 1997....

So let me guess: My microwave oven and television set, ... made after 1997 .... are "picking up everything I say" and "watching me through reverse cameras". Right ?

Thus there are shady character dressed in black trench-coats who stand around in dark rooms. Smoking cigarettes, watching computer monitors of what everyone else is doing in the world. Right ? And they ride black helicopters to and from work each day. Right ? Well they are going to be pretty bored watching me in my house each day ! (durned I shouldn't have walked around in my underwear yesterday while scratching my nuts).

Kace: Do you think ......... maybe .... for a moment, that you are getting wrapped up in conspiracy theory nonsense ? Do you REALLY think that any sits around in shadowy rooms watching you feed your goldfish, watch TV, mow your lawn, scratch your nuts, etc.... ?

 

[Kace]

So let me guess: My microwave oven and television set, ... made after 1997 .... are "picking up everything I say" and "watching me through reverse cameras". Right ?

Thus there are shady character dressed in black trench-coats who stand around in dark rooms. Smoking cigarettes, watching computer monitors of what everyone else is doing in the world. Right ? And they ride black helicopters to and from work each day. Right ? Well they are going to be pretty bored watching me in my house each day ! (durned I shouldn't have walked around in my underwear yesterday while scratching my nuts).

Kace: Do you think ......... maybe .... for a moment, that you are getting wrapped up in conspiracy theory nonsense ? Do you REALLY think that any sits around in shadowy rooms watching you feed your goldfish, watch TV, mow your lawn, scratch your nuts, etc.... ?

No Tom I don't think most of the things you said. I would talk to you about my work where I have first hand knowledge on what I POSTED. I Said Vehicles after 1997. Google admitted publicly in a small blurb that yes they can watch people on laptop cameras. Smart Phones, IPhones for example send meta-data with each email,photo,text,video. As far as scratching My Nuts, unless you mean Pecans...I Don't Have Any. You Do Not Have To Believe Me. I Only State What I Have First Hand Knowledge Of and That Does Not Include Conspiracy Theories.

 

[Mzjavert]

The mortgage laws today are freaking insane. A year ago a relative was selling their house and buying a new one. First the Credit Union wanted one explanation for a $400 blip on their credit record. The explanation was accepted. Then a month later they wanted the "accepted" reason retracted.

I would not finance a house in this environment if you paid me.

 

[trdking]

You also cannot put cash down on a house e.g. Pay for the down in cash? It has to be "seasoned" in the bank for at least 2 months. Todays Mortgage laws are insane. My nephew owns a house outright worth 500K He wanted to buy a house 30 miles closer to town so his kids could get to school easier. He had 60K in cash squirreled away and they would not accept it as a down. He had to give me the cash and I had to give him a cashiers check for it and call it a "gift" Dumb Dumb dumb. But it is our Big brother tracking everything we do. Its not the America I grew up in for sure.

 

[trdking]

You also cannot put cash down on a house e.g. Pay for the down in cash? It has to be "seasoned" in the bank for at least 2 months. Todays Mortgage laws are insane. My nephew owns a house outright worth 500K He wanted to buy a house 30 miles closer to town so his kids could get to school easier. He had 60K in cash squirreled away and they would not accept it as a down. He had to give me the cash and I had to give him a cashiers check for it and call it a "gift" Dumb Dumb dumb. But it is our Big brother tracking everything we do. Its not the America I grew up in for sure.

....and I had to show that I had that much cash in the bank prior. They wanted to know where I got my money. I had to show them my bank statements that went back 6 months to prove that he had not seasoned me. MAJOR BS. It still took him over 4 months to close on a house that he could easily afford. NOT RIGHT!!!!!

 

[Tom_in_CA]

..... But it is our Big brother tracking everything we do....

... MAJOR BS. ....

Strangely, the alternative gripe was on everyone's lips back when the banks were giving out mortgages too easily. When lots of folks eventually couldn't afford to pay back the loans the banks were under fire for not asking enough questions and not seeking proofs of ability to repay.

So ... sheesk .... it seems the banks loose either way:

A) Asking too many questions and requiring too much proofs, or

B) Not asking enough questions and not requiring enough proofs.

Anyone else seeing the irony /contradictions here ??

 

[trdking]

The lenders were giving too much money. They were lending to people who could not afford to pay it back. They weren't just giving 95% loans either. They were lending with little or no down (good faith) and lending on an interest only basis. SO they were not only lending more than they could afford but were maxing them out in interest only, leaving them no hope of ever being able to reduce their principles. This is entirely different than Demanding to know where money comes from and proving that you own the money when you have excellent credit and an obvious ability to repay. Two completely different things.
When I say Big brother is watching I mean The Banks are our government these days. Since the creation of the Federal Reserve BANK our government has no money. It is all kept by the banks. He who has the Gold Runs the show. Goes without saying that the rich have the money and they are the banks. Thanks Woodrow Wilson!

 

[Tom_in_CA]

.... This is entirely different than Demanding to know where money comes from and proving that you own the money when you have excellent credit and an obvious ability to repay. Two completely different things.
....

No, not really. Because otherwise consider the following scenario: The downpayment on a house is $20k for example. And let's say the loan amount is going to be $130k. For a total house cost of $150k. And the borrower's current job income allows them to statistically be able to pay a certain amount of their income to housing. (So that they can safely pay their other living expenses). The bank therefore has formulas of likely ability to pay monthly payments, so it BEHOOVES them to know what other debts the person ALSO has. (Car payments, credit card debt, and so forth). Right ? I think we agree so far, right ?

But here's where the devil is in the details: WAY TOO MANY PEOPLE didn't have the $20k in the above scenario. So they would borrow it from a different source (or family and friends, etc....). And since the 2 loans are being created at the same time (eg.: you're borrowing from Uncle Bob on the same day), then the bank is not "seeing" that $20k loan. Naturally the borrower fibs and says he has it in savings (thus not a "debt"), right ?

This was an all too common scenario, where instead of the home debt being 80/20 ratio, it was a 100% debt, since both the down and remaining principle effectively became 100% loan. See ? So in your above quote, the"excellent credit" & "ability to repay" lines ARE MOST DEFINITELY connected to the bank's ability to ascertain that no side-loans had occurred. They have to put safeguards in place. Can you blame them ? So if that $20k appears quickly out of nowhere into their bank account it SMELLS of a loan from somewhere else.

This is simply a case where honest people (who truly had the $$ under their mattress, so-to-speak, as the OP here) are caught up in the same safeguards as the "fib" people.

 

[Tom_in_CA]

I was one of the people who, back before the housing/mortgage meltdown here in CA, got a loan from my father in law to finance the downpayment. When the bank had asked "where is the downpayment coming from?" I was scripted to say "just cash lying around". No questions were asked, and the loan was rubber stamped. We did not default, as I have ability to pay both loans. And that house continued to appreciate (since thank God I didn't buy at the height of the market, doh!). But later on, when the banks came under fire after the melt-down, I could recall first-hand NOT being scrutinized, and easily being able to buy a house @ 100% debt-load.

Hence now, when I see all these people railing against banks, I can see how the banks are in a catch-22 situation of gripes.

 

[pepperj]

Banks want to know everything to cover the possibility of the borrower not being able to cover the payments for the next 25yrs. So if a person has a certain credit score it counts for or against them. Every credit card, every line of credit, any source of credit that a person has will and can be used to diminish the score. They look at it this way, if a person can max out any or all sources then it will be credit that will have to be paid back. At one time a person could "KITE" accounts to make things look credible, then with electronic banking it became obvious that a person was robbing Peter to pay Paul. Having found monies doesn't hold credence with the financial centres today. Self employed have a hard time gaining financial loans for property or any other assets. Backed by PPSA's banks write loans basically thinking a default will get 10 cent on the dollar return. Bank foreclosures are still happening around my area, houses are going for 45-50K as the mortgages on the homes were 85-90K. It's easy for the person to default on the mortgage then repurchase the home at a reduced rate than what was owing on the home.

 

[Tom_in_CA]

.... Having found monies doesn't hold credence with the financial centres today. .....

This may seem unfair for people like in the OP's situation here . Where he HAD in fact "found" the $$. But I can put myself in the bank's shoes and envision a scenario where ANYONE who wishes to hid the fact he's borrowing the $ "from uncle Bob" could merely say "I found it". Yeah, that's the ticket.

And sure, there's come-back options like showing the receipt from Midwest or Ara. But ... again ... putting yourself in the Bank's shoes, I wonder how many people could photo-shop a receipt from some supposed entity like that ? Or the other scenarios of "perhaps uncle bob 'loaned' you the 50 rings that just got sent to the smelter" ? People will be VERY creative to get the banks to approve their loans (for the American dream of owning versus renting). So you can hardly blame the banks for being cautious.