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My Personal Story About Stated Income Loans.

By
Real Estate Agent with The Gasset Group & Get It Done For Me Virtual Services 13253167-SA00

Stated Income LoansThis is a personal story about why I am an advocate of having Stated income and Stated asset loans. Matthew Blum inspired me to write this post based on a comment I made on his “Say Goodbye to my friend Stated post.  My five children and I ran away from their father, my X husband in 1998. I had been planning our escape for 3 years. One of my friends has listed her home with me who knew of my situation. We were under contract but it was a longer than usual closing and my friend had relocated to Georgia so she let my five children and me hide in her home until closing.

 

At the time I had a wonderful elder lady broker in a boutique type brokerage. She was my angel but that is a story for another day! We were quite close. She sold me her home since her husband had recently passed away and she desired to move on with her new life without all the memories in the home. What a blessing this was. God provided for us beyond my wildest expectations. I wanted my kids to have a normal life in a normal town in a normal house.

 

Well, my X husband made sure to ruin my credit as fast as he could. He was keeping the marital home. I was not strong enough to fight him on this. The only way we would get the house was if we moved back in with him and that was not about to happen. I did not qualify for a full doc loan being a single mother of five children and a Real Estate Agent! 

 

I was able to get a stated income loan. My mortgage broker was one that I had referred my clients to for 3 years. I knew him and trusted him. I also knew it was my responsibility to read the documents and to understand my ARM loan. I made enough money to pay my mortgage payment however my tax returns were useless since I like most self employed people had expenses to write off. My net did not look great compared to my gross. I also was moving in a bitter situation and could not use marital assets. My stated income loan was a blessing in my life. I also had my insurance and tax escrows waived so I could have more money for my closing costs. Being in Real Estate I knew that I would be able to take a hunk out of a closing to pay my taxes. I did not lie on my application! I am not a liar and either were any of our clients who also needed to get stated income or asset loans. Bill Roberts wrote a post about this,"Do We Need Stated Loans?"and I was surprised at how there are people who would dare to tell me that I do not deserve to get a piece of the American Dream.

 

We have many clients who needed these stated income loans to get their homes and only one of them has defaulted on their loan and that was because of a divorce situation not that they did not know what they got into! Our mortgage broker made it very clear to each of our clients what kind of loan they were getting. They are not naïve babies who do not understand how or what they are reading. I do not need a babysitter for my decisions or my options and neither does anyone else. What have we stooped to in coddling and enabling excuses and placing blame on real estate agents and mortgage brokers. Be accountable. Most all of the defaulted loans in our county are from wannabe investors who were gambling on flipping houses and got caught in the bubble and could not flip their properties. Well, that was their choice! I counsel people who want to invest in Real Estate to understand that they must be able to cover the expense of that investment.

 

For self employed people, people who have small businesses, bartenders who get tips and many 1099’d people have the money, have the credit but do not have the full documents required by prime lenders. It is a personal choice and I am willing to accept the consequences for my choices. Everyone should have the choice. That is after all what a free country is about. It is not about bailing people out of their own choices and then disallowing the same choices to others.

 

My mother and her family ran away from communism and were able to immigrate to America. I do not need Big Brother to come and tell me what loan I can get or not. Our forefathers signed for our freedom and less government intervention into our lives. After all wasn’t that what our war for independence from Britain was about?

 

Well, that is my personal story about why I needed a Stated Income Loan.

 

Copyright (c) 2007 Katerina Gasset, All Rights Reserved 

 

 

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In real estate we service Utah County, Salt Lake County, Wasatch County, Tooele County. This includes many towns and cities. Some of which are: Provo, Orem, Salt Lake City, Draper, Springville, Spanish Fork, Payson, Lehi, American Fork, Vineyard, Saratoga Springs, Eagle Mountain, Pleasant Grove, and more. 

Katerina Gasset is a real estate agent who is also a digital marketing strategist, website designer and consultant for real estate brokerages, agents, entrepreneurs and small business owners. She is also the owner of Get It Done For Me Virtual Services. 

Katerina is a Certified AI Marketing Specialist. She can help you with ChatGPT, Content at Scale, Neuronwriter, prompting, and many other AI tools. 

She develops products and online courses to empower real estate agents to reach their marketing, SEO, social media and branding goals. Katerina Gasset is a blogger, author, podcaster, and keynote speaker.  

Text Katerina with your name + number to work with her:

 561-502-1577 

 

 

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Comments (78)

Tchaka Owen
Galleria International Realty - Hollywood, FL

Katerina, I do not believe your post is politically incorrect.  It's matter-of-fact and if anything, uplifting.  Leaving aside your escape and starting of a new life, you've also provided one of many great stories in support of Stated Income loans.  Not every SISA/SIVA is a "liar loan" and it's good to hear positive scenarios.  Thank you.

- Tchaka

Aug 11, 2007 03:52 AM
Katerina Gasset
The Gasset Group & Get It Done For Me Virtual Services - Provo, UT
Amplify Your Real Estate & Life Dreams!

Tchaka Owen

Tchaka- Thank You So Much for your positive feedback and another comment. I got tired of all the posts and news media saying how the stated income loans are to blame and that we should not be allowed to get them anymore. I truly believe in free will and agency. Ben Franklin was an advocate of less government not more. I wanted the powers that be to know that there are good people who do not lie that need these loans. And I am so glad that people came and posted their comments about how they needed to have a stated loan and how grateful they are to own their home! Thank you again for your kind words and support! Katerina 

Aug 11, 2007 06:36 AM
Dan Forbes
Bradenton, FL

Well written, as always.  Good job.

I like your Bliget!

Aug 11, 2007 07:34 AM
Janie Coffey
First Coast Sotheby’s International Realty - Ponte Vedra, FL
Uniting Extraordinary Homes w/ Extraordinary Lives
Katerina, I am so glad you shared your story with us and pointed out that there are many many circumstances out there and solutions for many of us which still stay within the legal, ethical and open lines.  I am so glad you got things sorted out, met a great life partner and started chapter 2 of your life as you did!
Aug 11, 2007 08:51 AM
Marc Vitorillo
Florida Team Realty - Tampa, FL

Wow, that was an inspirational story.  Thanks for sharing that with us. 

Like you, I bought my primary condo residence with a stated income loan.  I also have clients that are doctors and lawyers that use these kind of loans so their financial matters are kept private.

Aug 11, 2007 09:07 AM
Katerina Gasset
The Gasset Group & Get It Done For Me Virtual Services - Provo, UT
Amplify Your Real Estate & Life Dreams!

Dan Forbes - Bradenton Real Estate

Thank you Dan! And thanks for your help with the blidget. I want to do one with our listings next. Katerina 

Aug 11, 2007 10:11 AM
Katerina Gasset
The Gasset Group & Get It Done For Me Virtual Services - Provo, UT
Amplify Your Real Estate & Life Dreams!

Janie Coffey - Equestrian Real Estate

Thank you Janie for your lovely comment. I felt with all the bad press someone needs to tell the other side of the story. Chapter 2 is wonderful however I would never have known that without Chapter 1.  

Aug 11, 2007 10:14 AM
Katerina Gasset
The Gasset Group & Get It Done For Me Virtual Services - Provo, UT
Amplify Your Real Estate & Life Dreams!

Marc Vitorillo

So you see that there is a place for stated loans and that there are good and honest people who need these loans. Thank you for telling me your story. This is very important to get out there! Thank you for your comment. Katerina 

Aug 11, 2007 10:16 AM
Suburban Chicago Illinois Real Estate
Suburban Village Realty - Barrington, IL
Great post and a great example of the reason why stated income loans can be so important and the true reason why they should be used. So often, the media has it so wrong and automatically assumes that everybody using stated income loans had bad credit...
Aug 11, 2007 06:39 PM
Katerina Gasset
The Gasset Group & Get It Done For Me Virtual Services - Provo, UT
Amplify Your Real Estate & Life Dreams!

Paul & Michelle Francis,Brokers, ABR,CRS - Barrington IL Real Estate

Yes, the media does have it wrong, however, they are in the business of selling news and getting ratings so I really question their competence in being fair and balanced. Thank you for your comment and support. It is important to hear about all the good people who need and deserve the stated loans. Katerina 

Aug 12, 2007 12:49 AM
Thomas Weiss
Thomas R. Weiss - West Palm Beach, FL

 

Exellent post!!!!

Tom Weiss

Aug 12, 2007 02:31 AM
Katerina Gasset
The Gasset Group & Get It Done For Me Virtual Services - Provo, UT
Amplify Your Real Estate & Life Dreams!

Thomas Weiss

Thank You Tom for your comment and for reading my story. Katerina 

Aug 12, 2007 04:13 AM
John Occhi
AZ Veteran Notary Services - Marana, AZ
Mobile Notary Public/Certified Loan Signing Agent
Katerina,

Thank you for directing my attention to your post and compelling story.  I agree, there is a need in our society for this product and fortunately you have a loan officer who does his job explaining the product.  Maybe it is the life in the fast lane of So Cal but not everyone really understood what they were getting - which is why there are so many short sales today in my market.

Just about everyone I ever talked to who got one of those loans, the plan was always to build the credit and refinance - unfortunately, just like my Pastor case study, it does not always work out the way we plan it.

Now Have a Blessed Day,

by John Occhi, Hemet REALTOR®  
Mission Grove Realty  
Preforeclosure Specialist
Aug 12, 2007 04:17 AM
Katerina Gasset
The Gasset Group & Get It Done For Me Virtual Services - Provo, UT
Amplify Your Real Estate & Life Dreams!

John Occhi Hemet CA Real Estate

Since my original purchase of my home I met and married Nestor. I have always used the ARM programs since they first came out in buying homes because I always knew my time in one place was never going to be over 5 years. We now have refinanced into another ARM a couple of years ago, of course, stated because we both work in Real Estate and just opened our own brokerage. My credit has improved a lot since the divorce. If you understand and know what your ARM is being tied to, not stay in the house more than 3 to 5 years, have a plan to refinance as soon as the prepayment penalty phase is over, and build your credit you will be fine. But like you said, things happen. But that is the beauty of the freedom to make choices. Thank you for sharing your

Pastor case study   It was very thought provoking. Katerina 

Aug 12, 2007 04:25 AM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

I have a stated also :)  LV needs stated products to survive because we are top heavy with some of the professions you mentioned. 

Stated products will return but right now the risk is too high for investors.  It will hurt in the meantime! 

Aug 12, 2007 06:31 AM
Katerina Gasset
The Gasset Group & Get It Done For Me Virtual Services - Provo, UT
Amplify Your Real Estate & Life Dreams!

Renee Burrows - NV Real Estate

You are probably too young to remember. The same problem happened in the 80's with the lenders tightening up big time. Then it went the other way. They will find a happy medium I am sure. I just want the powers that be to know that there are good people who need these loans! Thank you for your comment. Katerina 

Aug 12, 2007 07:38 AM
Tchaka Owen
Galleria International Realty - Hollywood, FL
Hehehe....despite Renee's great beauty and very youthful looks, she's actually near to my age.  So she probably remembers the 80s.  But I'm sure she appreciates the compliment.  :-)
Aug 12, 2007 10:06 AM
Katerina Gasset
The Gasset Group & Get It Done For Me Virtual Services - Provo, UT
Amplify Your Real Estate & Life Dreams!

Tchaka Owen

Tchaka- Thanks for setting me straight :) 

Aug 12, 2007 10:51 AM
Debbie Cook
Long & Foster Real Estate, Inc - Silver Spring, MD
Silver Spring and Takoma Park Maryland Real Estate

Katerina,

Good for you, and thanks so much for sharing your story.

I also needed a stated income loan for my cash out refinance recently.  No way did I qualify (on paper), with my tax returns as a Real Estate Agent.  I have had no problem paying my mortgage payments.  Even though it was a refinance - the loan was delayed 2 weeks, then I closed on the loan and it was not funded!  Had to do a 2nd settlement, because at the first closing a signature page had not included my maiden name!! SO IT WAS REJECTED!  
This was a refinance of less than 1/2 the appraised value of the house, and all 3 fico scores close to 700, so I can imagine that it would be very difficult ,if not immposible, to get a loan like this to purchase right now.

Aug 13, 2007 05:23 AM
Katerina Gasset
The Gasset Group & Get It Done For Me Virtual Services - Provo, UT
Amplify Your Real Estate & Life Dreams!

Debbie Cook

I am so glad you got your Refi through! It is tough right now! There are horror stories out there right now with lenders renigging at the closing table! After everyone is moved! I know they have to come up with  a solution. There are too many people like you and I that need these loans. Thank you so much for sharing your story. I hope someone up there on Capital Hill reads these stories! Katerina

Aug 13, 2007 06:01 AM