"Does it pay to play by the rules?

Dantheman62 · 12-20-2008, 06:08 PM

Here's my story...two and a half years ago I put my house up for sale in West Palm Beach, FL and decided to move to north Georgia and start a new commercial painting business, which I previously did in Florida for 15 years.

So I came here and found a house and went to the lender and they asked what my income was, I told them that I am new to the area and am starting a new business. They asked what my income is and I said I had none but I expect to make between 60 and 80 thousand a year based on previous experience in the painting business.

He says no problem, sign here and enjoy you're new home and welcome to the area! Now I had no proof of income!, had no job!, still had my house for sale in Florida!, and he says sign here.

Then the economy took a dive and that ended that!, I did sell my house in Florida finally, but now I'm in north Georgia, no job, bad economy, and stuck with a $240,000 dollar house and two months away from bankruptcy and foreclosure!

So am I to blame for signing the paperwork in a still good economy?, or are the lenders to blame for being so lax on their rules?

Oh, and what have I been living on for the last two and a half years?, Well I sold my $130,000 dollar house in Florida for $305,000! so after paying off my credit cards and what not, that's been what I've lived off of. (Also sold all my toys, Motorcycle,Jet Skies,Fast Cars,blah,blah,blah!)

12-20-2008, 06:08 PM	#3
Dantheman62 Avalon Senior Member Join Date: Sep 2008 Location: So. Cal. U.S. Posts: 4,205	Re: "Does it pay to play by the rules? Here's my story...two and a half years ago I put my house up for sale in West Palm Beach, FL and decided to move to north Georgia and start a new commercial painting business, which I previously did in Florida for 15 years. So I came here and found a house and went to the lender and they asked what my income was, I told them that I am new to the area and am starting a new business. They asked what my income is and I said I had none but I expect to make between 60 and 80 thousand a year based on previous experience in the painting business. He says no problem, sign here and enjoy you're new home and welcome to the area! Now I had no proof of income!, had no job!, still had my house for sale in Florida!, and he says sign here. Then the economy took a dive and that ended that!, I did sell my house in Florida finally, but now I'm in north Georgia, no job, bad economy, and stuck with a $240,000 dollar house and two months away from bankruptcy and foreclosure! So am I to blame for signing the paperwork in a still good economy?, or are the lenders to blame for being so lax on their rules? Oh, and what have I been living on for the last two and a half years?, Well I sold my $130,000 dollar house in Florida for $305,000! so after paying off my credit cards and what not, that's been what I've lived off of. (Also sold all my toys, Motorcycle,Jet Skies,Fast Cars,blah,blah,blah!) Last edited by Dantheman62; 12-20-2008 at 06:18 PM.