Have a friend with excellent credit, 20% down payment, 100k+ in the bank, turned down for mortgage [View all]
b/c she started her own biz a year ago after being laid off from a job she had for 17 years, and although she is making money it is not deemed enough by the banks -
The things they are holding against her are ridiculous for instance she co-signed on her nephew's college loans although he graduated years ago and she has never had to pay any of it.
She lives in Palm Springs and has 4 dogs so that pretty much takes her out of the condo market. A small house in PS is at least $300,000.
It's just weird to me that a few years back these same banks were pushing EVERYONE to "be in the ownership society" and buy homes whether they could afford them or not; now it seems like the standards go against people who can totally afford to buy!
Wondering if there is anything between B of A and Tony Sorprano that could help her out? Her parents have passed away and she doesn't feel like she wants to ask anybody else to co-sign as a business proposition but seems to me if someone had the capital, she would be a great prospect to co-sign, if she defaults they get the property. Are there such businesses or do they fall into Sorprano category?
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