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RE: That's hard to do.

Posted on: July 24, 2019 at 15:16:26 CT

Legend MU

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While a huge bank can pass on a deal they don't think passes muster, they have no idea what is presented to another lender. Sure, they can assume it's fishy, but these deals never are presented as outright fraud. I saw countless deals where the dots didn't connect. You explain to the borrower you need a complete financial package to underwrite, and when pressed, the info you request never materializes.

only twice have I encountered blatant fraud. Fake audited financials of a ponzi scheme that got busted. and outright mortgage fraud from a well known st Louisan who went to jail for an outlandish, unrelated crime.

a third super sketchy guy pulled a deal when i found out he was behind it. he committed suicide recently when convicted of a financial crime.

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REPLY

MESSAGE THREAD

Adrian Peterson has a reported net worth of negative 4 mil - TheWildcat STL - 7/24 13:28:53

RE: My uncle predicted this years ago, on deals - Legend MU - 7/24 14:53:30

That is what is actually sad for these guys - meatiger MU - 7/24 15:06:12

RE: That's hard to do. - Legend MU - 7/24 15:16:26

I understand - meatiger MU - 7/24 15:29:00

RE: Gut wrencher of a lunch - Legend MU - 7/24 16:18:40

Thad Castle in real life (nm) - Da_Haze KC - 7/24 14:32:58

I'd rent a camel if I could. He looked sooooo happy in that - dangertim MU

- 7/24 14:06:44

#truth(nm) - SEC_BIG_GAMEHUNTER SEC - 7/24 14:33:53

Maybe Jalen Ramsey can give him a loan..... - bactgr MU

- 7/24 13:57:06

RE: Maybe Jalen Ramsey can give him a loan..... - colonel angus beef KC - 7/24 14:16:18

Maybe he killed JonBenet Ramsey(nm) - Mormad MU - 7/24 14:04:21

i'm just glad it wasn't Keith(nm) - TigerA MU - 7/24 14:06:17

Keith Stone?(nm) - Carlos Rossi KC - 7/24 14:09:33

Don't let the smooth taste fool ya - Mormad MU - 7/24 14:10:35

You give me 1 million, tax free, right now and I can make - Diamond Dave MU

- 7/24 13:45:33

invest in a profit deal. - colonel angus beef KC - 7/24 14:30:07

The Iraqi Dinar. It's going places(nm) - Diamond Dave MU

- 7/24 14:31:27

are they open late? i could use some breakfast. - colonel angus beef KC - 7/24 15:09:14

Seems doable. If you can consistently make a reasonable 8% - Joeboo MU

- 7/24 14:05:18

It is, the low tax rate is icing on the cake. - RHAYWORTH MU - 7/24 14:14:13

Health Ins depends on disposable income. We don't buy - Diamond Dave MU

- 7/24 14:34:44

"wiveS" - colonel angus beef KC - 7/24 14:18:20

I think Insurance and free time are the two big ones - meatiger MU - 7/24 14:16:54

yes, health insurance is the X factor that makes any - Joeboo MU

- 7/24 14:16:19

And my scenario doesn't include Soc Sec and Medicare - Diamond Dave MU

- 7/24 14:24:08

Investable HSA will be my gap - meatiger MU - 7/24 14:18:28

yup- offset those taxes by putting it in an HSA and - dangertim MU

- 7/24 14:22:53

Being a millionaire ain't what it used to be - Mormad MU - 7/24 14:13:42

All depends on debt load and kid expenses, IMO. We wouldn't - Diamond Dave MU

- 7/24 14:12:31

So you were speaking specifically for yourself - meatiger MU - 7/24 14:13:46

Yeah that's why I said - Diamond Dave MU

- 7/24 14:16:01

So you are talking more about retirement - meatiger MU - 7/24 14:09:52

if you're still paying a mortgage, car payment, and kids at - Joeboo MU

- 7/24 14:14:50

Of course, it would certainly help - meatiger MU - 7/24 14:15:45

unless you live in Jackson county and they decide - Joeboo MU

- 7/24 14:27:53

Lifetime in what way? - meatiger MU - 7/24 13:56:42

Only debt is mortgage, but minimal. So pay that off with - Diamond Dave MU

- 7/24 14:10:17

as in he's going to keep working and living off that, - dangertim MU

- 7/24 13:59:45

Without ever touching the principle - meatiger MU - 7/24 14:01:58

$910,000 after house payoff x 3% = $27,300 annually - Diamond Dave MU

- 7/24 14:14:31

and you'd still have to pay taxes on that $50k unless he was - phrejd MU

- 7/24 14:04:02

No, I factored interest income taxes into my post above - Diamond Dave MU

- 7/24 14:22:39

ah, gotcha (nm) - phrejd MU

- 7/24 16:43:22

DD was getting $1M for anything. of course it was fantasy(nm) - TigerA MU - 7/24 14:05:40

it would be a lot harder than you might think - phrejd MU

- 7/24 13:54:38

Maybe he went all out and he's going to off himself now (nm) - Cosmo MU

- 7/24 13:45:27

shocking he didn't learn anything while at OU(nm) - TigerA MU - 7/24 13:41:22

He didn't learn how to stop making babies - Mormad MU - 7/24 13:46:32

If I were making that kind of money and had the ability to - DHighlander NWMSU - 7/24 13:57:15

true. every college athlete needs to take a course in colleg - TigerA MU - 7/24 13:51:43

They really need financial advisros - meatiger MU - 7/24 13:57:47

What they really need is to turn over their money to someone - DHighlander NWMSU - 7/24 13:59:11

8 kids with 6 mommas - MrBlueSky MU - 7/24 13:40:15

cheaper than 6 kids with 8 mommas (nm) - phrejd MU

- 7/24 13:52:54

But not gayer than 8 guys having butt sects with 9 guys.(nm) - Carlos Rossi KC - 7/24 14:29:09

Weird, 'cause he seems a helluva' lot brighter than that(nm) - Diamond Dave MU

- 7/24 13:38:06

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