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Every Thing Else Board
Lending question
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<blockquote data-quote="TexasBred" data-source="post: 1413791" data-attributes="member: 6897"><p>DDD lenders can't turn down potential borrowers "just for the he// of it". They have to have a verifiable reason and state that reason in the letter of denial. (That's a federal regulation). I don't know any that will make a 100% loan either. Now you may get a loan for "nothing out of your pocket" but I believe you said you put up another property as additional collateral so you did in fact pledge something of considerable value as collateral. I've never known a bank to turn down money except in the case where a loan was in foreclosure, the final demand letter had been sent and the property was posted for sale, after which they will refuse to take anything short of the total delinquency at best or total payoff of the debt at the worst. </p><p>The best backup plan to approach any lender with a situation that is workable for everyone involved as far as down payments, verifiable income and debts, ability to repay and a credit score well above average and nobody has to make any exceptions to their general policies. The deal will sail through as smooth as silk every time.</p></blockquote><p></p>
[QUOTE="TexasBred, post: 1413791, member: 6897"] DDD lenders can't turn down potential borrowers "just for the he// of it". They have to have a verifiable reason and state that reason in the letter of denial. (That's a federal regulation). I don't know any that will make a 100% loan either. Now you may get a loan for "nothing out of your pocket" but I believe you said you put up another property as additional collateral so you did in fact pledge something of considerable value as collateral. I've never known a bank to turn down money except in the case where a loan was in foreclosure, the final demand letter had been sent and the property was posted for sale, after which they will refuse to take anything short of the total delinquency at best or total payoff of the debt at the worst. The best backup plan to approach any lender with a situation that is workable for everyone involved as far as down payments, verifiable income and debts, ability to repay and a credit score well above average and nobody has to make any exceptions to their general policies. The deal will sail through as smooth as silk every time. [/QUOTE]
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