Dear @HillaryClinton & @POTUS,
I have personal experience with “my mistakes” on buying a home I “couldn’t afford”.
Let me tell you how it really goes down…
I was 49 at the time (now 53) & had a good job paying $4k/mo when I decided it was time to own my home.
Because I’m a Navy Veteran I applied to USAA Bank under the VA loan programs for a loan to cover what I thought I could afford & which would put my payments under $1000/mo PITI. That works out to <25% of gross income which was the guideline in 1995 when i last owned a home. I looked at homes which had been foreclosed and were bank owned.
There were several con games played by the banks in this process:
1) I was constantly told point blank by every bank except USAA, real estate agents, and loan brokers that I could actually “afford” around $260,000 (PITI at 50% of Gross Income and Mortgage ONLY at 25% of Gross) when I knew full well from experience that was a flat lie.
2) Each offer (over 2 dozen) I placed was at or slightly above the advertised asking price and each time the bank replied saying they “needed” $10 k to $40 k more than the asking price. This happened on every offer.
3) A frequent condition of sale was that I finance with the bank selling the property even though I was pre Qualified through USAA on a VA loan for $150 k.
The one time I considered this I actually applied to Bank of America and was accepted for a $300 k loan (more than 3x what I could legitimately afford). This approval was used by the negotiator in an attempt to jack up the sale price by 1.5x in much the same way I’ve had used car sales men act.
4) I was told by several different bank negotiating teams (notably BofA, Wells, and Citi) that I was “in competition” with other buyers, even though evidence at the time, and subsequent history show that as a complete lie.
5) With the house I finally settled on this was the process which spanned 5 months while the market was losing value at +8%/month. I started placing offers on this place after I’d watched the asking price go from $269k to $149k over the prior 8 months:
Offer at ask of $149k
Reply asking for $161k
Offer at ask of $130k
Reply asking for $138k
Offer at ask of $ 128k
Reply asking for $149k
Offer at ask of $122k
Reply asking for $125k
Offer at ask of $104 k
Reply asking for $110k
Left to expire.
Does this process seem like the bank was on crack? It sure seemed that way to me!
At this point I got mad and contacted the “negotiator” at BofA by phone asking to speak to her boss. When he called me back I explained that the market was still dropping at 8%/month and this was my final offer above $100k. The next one would be $80 k. I then asked him of he wanted something or nothing for the place & explained that I was very nearly out of patience with the seemingly fraudulent process of dealing with them. I also noted that this entire time I was the only person who’d even looked at the property, much less put an offer in it.
He asked for some time to discuss it with his boss. I replied that the offer of $104k expired at 17:00 that day (as we’d discussed) and my next would be at $80k on Monday.
At 16:54 my agent got a fax accepting the offer.
While I was in the midst of this process it seemed utterly insane that a bank would play such games, but I didn’t get the full picture until a few days later when a friend sent me this via Facebook:
Now their fraud, and the drivers behind it, becomes crystal clear, as does the support for it from $hillary and Obama.
Bottom line: They, in “our” federal government, almost all of them, are NOT working for Citizens, Nation, or Constitution in any way, shape, or form.
Thanks Hillary. Thanks Obummer. Thanks Bush. You all disgust me with your treasons.
My vote will NEVER be yours.