I have the emails from the bank he forwarded me...is the bank doing whatever on behalf if FHA? The payment was going to be that high because the property taxes were $4800 and they were selling him mortgage insurance too..
Here; you think I'm making this up? He was asking my advice! And yes Toyota did pull a usury stunt on him because he was desperate for a car, I saw the loan paperwork...he did finish paying it off with making double payments almost a year and a half ago.
"I have received a conditional loan approval for your purchase loan application, and we do need to address several conditions and provide updated documentation to underwriting before we will be able to obtain the clear to close.....(conditions)
....Your appraisal has come in and the purchase price is supported in the valuation. There is a minor repair that is needed (peeling paint to be fixed) to be up to FHA standards before we will be able to close. If you have any questions on the conditions list above, please do not hesitate to contact X or myself."
The other bank would probably settle for under $80,000 .... They were asking $109,000 ... His realtor said offer them $104,000. My friend still lives at home at 43, he drinks 6-10 beers a night to put himself to sleep....he's not real bright, he is a neo-con, and his family has told him to "move on"
My point; seems like "they're" still taking risks...whomever....trying to dump properties, catch up on loans gone bad, and get some property taxes paid again....