WealthBoy - Latest Comments in Having Trouble Refinancing? Borrow from a Rich Friend or Family Member

Re: Having Trouble Refinancing? Borrow from a Rich Friend or Family Member

WealthBoy — Wed, 11 Mar 2009 07:17:14 -0000

Many banks are just simply unwilling to take on additional risk right now,
even with those that have above average credit.

Re: Having Trouble Refinancing? Borrow from a Rich Friend or Family Member

FHIQ — Wed, 11 Mar 2009 00:02:51 -0000

There are many factors that the bank will take into consideration when assessing your application for a refinance. Sometimes, your application is rejected, even when you feel that your credit and finance profile are pretty good. If that is so, what is the reason that is preventing them from accepting your application?

Re: Having Trouble Refinancing? Borrow from a Rich Friend or Family Member

FHIQ — Mon, 24 Nov 2008 13:59:12 -0000

Refinance options for individuals who find they may be unable to continue to afford mortgage loan payments are available through the Michigan State Housing Development Authority

Re: Having Trouble Refinancing? Borrow from a Rich Friend or Family Member

M Petrone — Thu, 20 Nov 2008 18:00:31 -0000

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Re: Having Trouble Refinancing? Borrow from a Rich Friend or Family Member

BobSmith — Thu, 06 Mar 2008 23:57:54 -0000

This would be insanity... FAR too much risk for the lender. There are so many problems with this, from a purely financial perspective, that there isn't enough space here to cover all of it.

When you add in the relationship factors, it's a terrible idea. This is a great idea for the borrower if he/she can find a family member gullible enough to go for it, but it's a disaster waiting to happen for the lender. A truly bad idea.

Re: Having Trouble Refinancing? Borrow from a Rich Friend or Family Member

Living Off Dividends — Thu, 06 Mar 2008 11:46:30 -0000

never lend to family members in excess of what you can afford to lose.

the last thing you want to do is evict a friend/family member.