WorldWatcher
Gold Member
- Dec 28, 2010
- 12,487
- 4,647
If the lenders will do that for a $300K home, How did Trump prevent the banks from doing that when he borrowed the millions from them?
Because we aren't talking the appraisal for a home, not the property where the loan was taken out.
We are talking FPOTUS#45's personal guarantee on the loan based on his net worth through 500 shell companies.
In your/our home buyer situation you have two things happening:
- The value of the property itself acting as collateral for the loan. That's why there is typically a down payment so that the collateral value exceeds the payoff value or the loan.
- The second factor is the interest * * RATE * * the lender will demand. In your/our case the lender is going to require things like pay slips, W-2's, X years tax returns, current balances on any financial accounts, etc. And of course the ever popular Credit Score.
But of course many will ignore this difference to rage that FPOTUS#45 is the victim.
WW