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Combo Loan Program Disaster !!

By Lauren Corna

Real Estate Agent with Archway Realty, LLC

January 02, 2007 01:42 PM

I was just in Sanibel, Florida last week....Great Place !!!

While in Sanibel, I saw a TV commercial for a Combo loan alternative offered by a huge well known lender....

The combo loan that was advertised combines your first mortgage, your second mortgage and your auto loan into one loan !! Why would anyone want to include an auto loan into their Home Loans ?? Let's just think about this for a moment...

A person buys a car that depreciates in value and will most likely be traded in, sold, or destroyed within 5 years.... But is on the hook to pay on this car for the next 30 years !!!

I think we call this dumb !!!

The last huricane to hit Sanibel was Huricane Wilma.....I think that we need to call this program Huricane Suicide.....

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Rich Kruse

Gryphon USA, Ltd. - Columbus, OH

Hold on a minute. You can buy MORE CAR if you amortize over 30 years. Then you file CH7 and discharge the debt. Only after the car is fully depreciated, of course. It is a brilliant plan.

Jan 02, 2007 02:02 PM

Lauren Corna

Archway Realty, LLC - Southlake, TX

Broker

Rich- Do you mean I can get the Aston Martin that I've always wanted ?? I like your thinking !!

Jan 02, 2007 02:09 PM

Here is what you do. This is gururiffic.

Buy one rental property at a dsicount and then refinance at an inflated value. Take some, not all, of the spread and buy another property. After doing this about 3-4 times, buy your Aston Martin. Leverage the living hell out of all of it with your Huricane Loan. Don't make any reapairs, not matter how many times the tenants call. Get tenants that pay cash and put the money in your husbands, cousins, best friends, sisters safe. Sell the car to that person for about 50% of value using the cash you "saved up". File bankruptcy and turn over the cash to the trustee. Rent the car for $1 per month until the bankruptcy is discharged and then have the sisters cousins best freinds uncle transfer the car back to you in exchange for keeping the balance of the cash.

Or you can just work hard and drive a Buick like everyone else that follows the law.

Jan 02, 2007 02:20 PM

The Buick is lookin pretty good right now....

While in Sanibel I also learned that it's not a good thing to drink alcoholic beverages prior to doing the treadmill while watching others that have never worked out a day in their life on the treadmill next to you wearing flip flops sandels, a skirt and not knowing how to turn on the equipment...I really am a people person...really....I tried to help her out....I did the best I could without laughing... I'm not even a drinker...I tried a couple sunrise drinks with the orange juice...I thought it was sort of a healthy drink at the time.

Actually after a couple sunrise drinks the Buick looks just like the Aston Martin !!

Jan 02, 2007 02:59 PM

It is a healthy drink. Better than choking down a bunch of scotch, sitting on the sideline and betting on how long it would take her to get the thing figured out. That's what I would have done. Now that I think about it, I am going on a cruise next week. That might be just the thing to do.

Jan 02, 2007 03:04 PM

Fred Griffin Florida Real Estate

Fred Griffin Real Estate - Tallahassee, FL

Licensed Florida Real Estate Broker

We invite you back to ActiveRain. Much has changed since your last blog post. We would welcome your return!

Aug 07, 2017 06:26 PM

Combo Loan Program Disaster !!

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Lauren Corna

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