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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Stated income loans Posted by JK (the other JK) on November 15, 2008 at 6:44 AM In Reply to: Stated income loans posted by CC in OC on November 15, 2008 at 1:45 AM : ** of course the only homeowners that will be eligible for the mods will be the homeowners who didn't lie about their income, debts and assets ** : Do you even know what you're talking about? What do you mean "lied about their debts?" How does one lie about debt? Are you saying that everyone who used a stated income loan (most if not all entrepreneurs such as real estate investors) lied about their income? Do you know what SIVA and SISA loans are? What does Stated Income Verified Assets vs Stated Income Stated Assets have to do with Alfred's post? Yes, one can easily lie about debt. Take another look at the 1003. It was quite common for borrowers to ONLY report debt that shows up on their credit report. Any debt that does not show up on a credit report can easily be lied about. You do realize that quite a few people get hard money loans, loans from freinds and family and other private entities that do not report to the credit bureaus. You also have many people who bought 4 owner occupied homes using four different banks at the same time, that would also be considered lying about debt. Follow Ups: Re: Stated income loans CC in OC 7:25 AM, 11/15/08 (7) Re: Stated income loans JK (the other JK) 8:05 AM, 11/15/08 (6) Why so hot under the collar CC in OC? Alfred 10:19 AM, 11/15/08 (5) Who's hot under the collar? CC in OC 10:07 PM, 11/15/08 (4) Geesh! Just answer the question. alfred 8:30 AM, 11/16/08 (3) Now that you have actually stated the question... CC in OC 9:43 AM, 11/16/08 (2) To some extent. alfred 10:57 AM, 11/16/08 (1) Bill Gatten's Equity Holding Trust CC in OC 2:11 PM, 11/16/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : : ** of course the only homeowners that will be eligible for the mods will be the homeowners who didn't lie about their income, debts and assets ** : : Do you even know what you're talking about? What do you mean "lied about their debts?" How does one lie about debt? Are you saying that everyone who used a stated income loan (most if not all entrepreneurs such as real estate investors) lied about their income? Do you know what SIVA and SISA loans are? : What does Stated Income Verified Assets vs Stated Income Stated Assets have to do with Alfred's post? Yes, one can easily lie about debt. Take another look at the 1003. It was quite common for borrowers to ONLY report debt that shows up on their credit report. Any debt that does not show up on a credit report can easily be lied about. You do realize that quite a few people get hard money loans, loans from freinds and family and other private entities that do not report to the credit bureaus. You also have many people who bought 4 owner occupied homes using four different banks at the same time, that would also be considered lying about debt. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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