For the last 10 years or so it has been the number one goal of banks, mortgage companies and even the government to help everyone own a home. With this type of goal set for the country, a large number of different guidelines had to be developed. Guidelines that would allow for even the least fortunate of us to qualify for a lifetime of debt and certain bankruptcy.
Intelligence and common sense have gone out the window and caused the banking institutions to begin claiming foul. Bankers are blaming the consumers, consumers are blaming the banks and everyone is blaming the government, when the real culprit is common sense. There are currently more than 65,000 current variations of loan programs available to the consumer.
If you are not careful you will fall into one of these 65,000 variations and find yourself owning a home. Whether you like it or not! You certainly don’t want to find yourself dealing with san diego bankruptcy attorney because you’ve got nasty problems of home mortgages. You should be careful and wise with your actions. If necessary, seek for advice and support from your network.
By following the five simple steps listed below you can keep yourself out of trouble.
Make sure you don’t work! If you do work for cash only or work for yourself and write off everything on your taxes making sure you show only losses. By not working or hiding your income you make it hard even for a liberal banker or mortgage company to take you seriously. If you must work change jobs every couple of months and make sure that you don’t work in the same profession for more than a year or two. But beware. There are many companies that will still consider you a prime candidate for home ownership just based on your ability to breathe.
Always pay your bills late or better yet don’t pay them at all. If you continue the responsible habit of paying your bills regularly and on time then it becomes much easier for you to be trapped into getting a mortgage. By not paying for anything, eventually credit companies and bill collectors will stop bothering you and you will not have to worry about dealing with them.
Apply for every credit card that you can. Just allowing all those companies to pull your credit report will show that you are actively looking to go into debt. Now, initially this may cause you to be a better candidate but after 25 or 30 times of having your credit pulled (inside 90 days), they will look at you differently. This is the time that you can relax a little. You do have to go thru this process every 3 months to keep current but just fill out forms on the internet and let the credit boys waste their money pulling your credit file. You will actually be helping the economy as every time they pull your credit they have to spend money and that will keep someone in a job.
Buy or lease a big ticket item whenever you need it. Don’t worries about the long term costs; just go for the places that offer quick and easy financing to everyone. Use it for the time you want and then just quit paying and let them repossess the item or take it back.
Please don’t save any money. At least not in a bank or credit union. Use the backyard, a mattress or let your brother-in-law hold it for you. The more money and assets you have put away the bigger the target that you become.
Now just doing one of these items does not insure that you will not qualify for a home loan. To be really sure that you will never qualify it takes a massive effort and a combination of the above items. So to be really sure you need to accomplish at least two of these things and then follow up on them every couple of months just to make sure.
Having completed a really tongue and cheek poke at the lending industry, the items I have listed above are the most common reasons people are denied a mortgage. You must control these areas in order to be a good candidate for home ownership. You must also make sure that you have the help of a qualified professional who will guide you through the process so that it makes good financial sense for you and your family.