Wednesday, April 30, 2008

Creative Financing?

OMG. The creative financers are back. Received a purchase offer from a buyer who (1) is upside down in her current mortgage and (2) can't get approved for a new mortgage because her income is "unusual" (i.e. it's from disability insurance and oil stock dividends).

Here's an idea: if you owe more on your current home than it's worth and you can't qualify for a new mortgage loan.... maybe... just maybe.... you shouldn't be out shopping for a new home. I'm jus' sayin.'