@Anonymous wrote:
I am a musician...LOL
I got really into these boards when we were house shopping 2 years ago and became addicted. Then I just have a tendancy to absorb info so when I see something I can comment on I will. I always defer to the actual mortgage people when anything is in question.
AS far as the honesty part, this does not seem like the place for sugarcoating when people's lifes and money are involved. Alot of people here will tell you about how they got through a situation that seemed impossible (and that is great that they did), but what people generally need to hear is the likely situation, not what someone eeked out, got approved 5 years ago, or just plain got lucky (which is often due to slight of hand by eithe poster or LO to get approval). That is why even when I am being somewhat blunt, I still wish people luck in the process, but try to give them real advice. In the OP case for example, I can see why they would want to do what they are trying. But, statistics show that the likely chance is that no one will give them a loan unless it is some sort of bad loan product. They also show that someone who needs to roll 20K in CC debt into a mortgage (or use home sales to pay off 40K in debt as in this case), is likely to rerun up the credit bills and in 5 years will be in the same shape, but this time with no equity and a larger mortgage. Does that mean this will happen to the OP, of course not... But if 5 people went through this situation 3-4 of them would end up back in the same shape. Whereas a year of serious cost cutting, aggresve debt paydown, etc prior to buying would yield tremendous results in their long term financial shape.
Anyways, as alwasy, I wish the OP best luck in whatever they do.
A musician, huh!!! That's funny!!!!
Yeah. Honesty is the only way to go!! I am sure that all here who have benefitted from your comments/advice appreciate it....as I do!! :-)
