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Goodness, what a sad story. Couples need to be more familiar with each other before they get married and find out too late.
Ouch!! I can not imagine NOT having had this discussion prior to marriage!!! yikes!!!
Gene, I had a couple who each bought a home every time they separated and then again when they'd get back together. They said their marital issues (money) kept me in business. I did feel a bit like a marriage counselor I must admit...
Team Honeycutt (Alan Tate): Most definitely! Look at the havoc that was caused by this couple not taking the time to do so. Very sad ...
Deborah: I think some people think that the love they are feeling and the other half of the couple will somehow make everything better and fix all. Not true, unfortunately. The talk is definitely needed ...
Kate: I suppose that's the alternative situation. I think I'll pass on that kind of business tho ... the drama kills me ...
Gene
I've had couples in tears when credit checks were run--one had debts the other had no idea about--but no divorces. In fact, the credit report became the vehicle for open discusssion at long last. Too sad when people think they can hide things from one another.
Lottie: I can't even imagine the internal pressure the "guilty" party is feeling during the time they are hiding the facts about their finances. How horrible it must be! And yes, it's very sad that this couple came to this end. A little honesty and communication may have changed things for them ...
Good to see you Lottie ... always ...
Gene
Gene - Like Lottie, I too have seen the pulling of the credit report bring on some really surprised reactions from couples. I think the one that surprised me the most was the time where one of them had delinquent child support payments that the other one didn't know about. SERIOUSLY???
That poor schmuck probably got a royal @$$ chewing.
Donne: I have to admit ... even after all these years in the business, I still get amazed at some of the stories I hear. It's a case of "can you top this"??? I've always heard that true life is stranger than fiction and I definitely believe it. You couldn't write this stuff ...
I'm sure there's a #1 New York Times Best Seller worth of stories between us ...
Gene
Gene - Oh boy, could we tell some stories; you more than me with your 30+yrs of vast experience in this biz. Heck, you were doing loans even before credit reports - right? With only eight yrs in the biz, there are days when I think I've heard of everything and then someone comes along and blows me away.
Even your recent post about the parking tickets! Good grief! What next? That's what I like about the rain, I can learn so much here from the people who have been around longer than me. This is my first down market and I need to learn from people like you who have been in a down market and survived. However, I keep getting told that this down market isn't like any other. Is that true?
Donne: Yes, it's true. Although the 80's downturn was bad and the interest rates were unbelievably high ... this is just a different animal. Definitely more fear concerned with it and wider spread. We'll survive ... and I personally don't think going back to tighter measures is a bad thing. Some of the craziness that goes with it is ... but stricter lending in and of itself?? No.
Admittedly, things were done differently when I started in this business ... but there was never a time that credit reports weren't involved in processing. At least where I worked. If you had less than 20% down they looked at you rather askew ... lol ... and the Board of Directors at the S&L did the loan approvals. Direct control. The gentleman that mentored me ... I thought he was too conservative at the time. Now? I see his wisdom in many things. If he had been in control during the last few years ... this never would have happened!! Let me tell you!
And the info about parking tickets was great ... and I appreciated Alan May passing that info on to all of us. Just one more thing to be aware of ... but better to be aware before the problem ... then after it occurs, right? Just proves the monetary crunch the municipalities are in that they are pursuing non-payment of tickets like this. Also proves that we can't get away with much ... so we need to all stay on our toes!!
The 8 years you have been doing business is probably equal to about double that in reality. You had to learn .. and learn faster than ever before! Don't underestimate that ...
We'll keep comparing notes. I agree with you ... we all can learn from each other's experiences ...
Gene
Gene,
A financial health check should be required and this could be another business line for you: Pre-Marriage Approvals.
LOL ... perhaps! Never thought of it ... maybe we're on to something, heh?
Gene
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