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Re: I agree, Kim...

Posted by Dawn on June 06, 2009 at 6:33 AM

In Reply to: I agree, Kim... posted by CC in OC on June 05, 2009 at 2:13 PM

Distressed Homeowners remind me of Mary Lou:

Gomer says to Mary Lou, "Mary Lou, do you mind if I put my
finger in your belly button?" Mary Lou agrees. As time
passes, Mary Lou exclaims, "Why Gomer, that's not my belly
button!" Gee Mary Lou! Gomer excitedly exclaims, "That's
not my finger either!!!"
There you have it. The Lender says, "Home Owner
please put your "qualifying" income into your house payment?!"
The homeowner studders, " That wasn't my true income, I committed
loan fraud."


: ...SOME distressed homeowners don't meet the conditions I described, but MOST of them do. Were that not the case, we wouldn't have catastrophic levels of foreclosures today.



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