BiStnder1 asked:


Friend of mine just tried to purchase a home. Credit is ok, but stable income is an issue. However, the real estate company (which acts as lending broker and realtor) have given him positive assurances for several weeks. It’s been nearly a month and he keeps being told all is fine. He was told three weeks ago to give notice at his apartment as of the 1st. Twice last week he was told he’d get the final dox and keys in the coming days. Today, (31st) he was told the bank rejected the loan because of the shaky income. Seems to me this means either the broker sat on the paperwork for a couple weeks before submitting it, or the bank rejected it a couple weeks back and the lender’s been looking for alternatives. Long story short, tomorrow’s the 1st and he and his roommate have to be out of the apartment…they can’t extend it. Broker says he’s looking for other lenders (at a now higher rate). Is it likely the bank took a month to decide income was an issue?
One other note: Part of the “plan” with this loan agent was that they deposited money in my friend’s bank account so that when the lender looked at savings accounts, they would see the required assets. I know when I bought my home they told me I had to have the money in my account for a certain length of time to show that it wasn’t a gift, loan from a friend, etc. Is it legal for a real estate company/lending broker to use their funds to demonstrate the required monies are in the buyers account?

Rodney

Mellow Ria asked:


Dear Friends, I am in distressed;physically,emotionally because of financial matters.See, I did my best to struggle,I have done everything until it came to the point that I need to sell some of my personal belongings, even this computer which I consider my only best friend. I, myself is a fighter,I am strong and tough to everything I undertake but it seems that the world is so cruel to me! It came to the point that I have nowhere to place my feet anymore. I tried to owe to some lending organizations many times but I could not meet the requirements,I don’t own any land title or any assets with a higher value or even a house because I am just renting a small apartment.I am sick and can’t handle heavy work,I need to take medicines continously for lifetime,I want to start even a very small business but i don’t have capital,I have so many talents because I’m an artist and designer but I can’t produce even any amount for capital,I want to have handicraft business.please help me how I can..
thanks for your reply,regarding education,my field is arts and designing,I am already 53 years old.My heart is weak and cannot handle heavy work.this is the reason why I faint.In my country only rich people can afford expensive medication,my only aim is to have an income for a living to buy my medicines especially.

Elizabeth