Your Boise mortgage resource for first time home buyers.
Everyone needs a little levity from time to time. I would like to compile a few “scary stories” from buyers, agents, Boise loan officers, escrow officers and anyone else who can share their experience with others.
Many of us have come across some Boise home loan transactions that we definitely do not want to relive, but we can laugh about it now.
Please share your experiences that you have had or stories that other people you know have had. Don’t use actual names or places, the idea is not harm reputations or hurt other people’s livelihoods, just look at the lighter side of this sometimes crazy industry we are in.
My “scary story” happened a few years ago, I think 2005. I had a couple come to Boise wanting to purchase an owner occupied Boise home loan using an 80/20 stated income Boise home loan program. They were self employed real estate agents from Southern California. I asked if they were moving to Boise and they said “yes” and we continued the Boise loan process. At that time there was no job seasoning requirements, meaning they could move to Boise with one day on the job and still qualify. One thing I thought was strange was only one of them were going to be on the loan. Which is still ok, many married people do that.
After we completed the mortgage Boise loan application they left my office and we stayed in touch by cell phone because they were heading back out of town. When I called back to ask additional questions, I found out the couple were at another mortgage Boise company in Boise applying for another owner occupied Boise home loan. They were buying the home next door to the home they were purchasing with me. At that point I realized what the couple was doing.
After calling a few title companies, in Boise, I found out the fraudulent couple was buying 3 to 4 homes EACH (all owner occupied) in other markets. The couple was driving from Boise to Vegas to Phoenix to Florida and back to Seattle, all purchasing 3 to 4 home EACH in all of these cities. Talk about scary. Wow! We immediately notified all of the local title companies and canceled their loan.
The kicker was these people were (hopefully not anymore) real estate agents advising their clients to do the same! These people soon experienced their own “mortgage meltdown”.
Please send me your “scary stories” in the comment box and I will post them. Maybe we call all learn from these experiences and become a bit wiser. Thank you.
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