How is this possible?

patooyee · Jan 26, 2013

I know someone who works for a mortgage brokerage that his parents own. He is my age.

He has been foreclosed on 3 times in the past 5 years.

He has declared bankruptcy once in the same time period.

Last year he bought one of the most expensive condos out on the beach. NEVER ONCE MADE A PAYMENT ON IT! He lived there a year before they foreclosed on him for his 4th foreclosure.

He is now building a 3700 sq ft square-shaped home in the ritziest part of town. In the center of the home is this huge outdoor courtyard with a ****ing fountain in it.

He and his wife decided they wanted to visit NYC on Wed. They got pair of last-minute plane tickets and are staying in a $1000/night room as I type.

How is this possible and how can I **** up so regularly and live this lifestyle??? I'm not complaining, I am genuinely asking how it is possible?

UABYJ94 · Jan 26, 2013

Subscribed for this knowledge!!!!!!!!!!!!!1 ???

mikepotts · Jan 26, 2013

if you find out... LMK too!

Cole · Jan 26, 2013

patooyee said:
I know someone who works for a mortgage brokerage that his parents own.

Here is your answer

5BrothersFabrication · Jan 26, 2013

Or he's :afro: . Ever see how many drive around in brand new Focus/Malibu/Avenger/>insert 3-year-throwaway here<? They go in, credt score is a 14, all of a sudden- "DATS RACISS!" Here ya go sir, keys to your new Focus...

patooyee · Jan 26, 2013

Re: Re: How is this possible?

What can a broker do to negate 4 foreclosures and a bankruptcy though?

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ibrokeit · Jan 26, 2013

Cole said:
Here is your answer

Ive got a good friend who has been a mortgage broker for 15+ years and he couldn't ever pull something like that off.

Cole · Jan 26, 2013

Re: Re: How is this possible?

patooyee said:
What can a broker do to negate 4 foreclosures and a bankruptcy though?

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His parents own it right? they are probably well off correct? Im sure they can make things happen that most can't since they own the business. Who really knows though. Hell if he is a friend ask him.

patooyee · Jan 26, 2013

Re: Re: How is this possible?

Cole said:
His parents own it right? they are probably well off correct? Im sure they can make things happen that most can't since they own the business. Who really knows though. Hell if he is a friend ask him.

He's not a close friend which is why I don't just ask him directly. He is the husband of my wife's friend. Everyone who knows him kind of wonders the same.

Yes, his parents are well off. Yes, I'm sure they pull as many strings for him as possible. But somewhere along the way someone takes the hit and I don't think its his parents.

Jduck · Jan 26, 2013

He secretly a drug smuggler

doctordick · Jan 26, 2013

Jduck said:
He secretly a drug smuggler

Nah, drug smugglers pay cash for their ****, he probably has some pretty amazing pictures :cougar:

of some bank president.

ridered3 · Jan 26, 2013

doctordick said:
Nah, drug smugglers pay cash for their ****, he probably has some pretty amazing pictures of some bank president.

Probably this or he lives by a completely different moral code(democratic-live off the government til they find out my plans then try again) than the rest of us do.

Also possibly name changes each time?

tledbetter · Jan 26, 2013

POS !!!!!! White :afro: :****:

patooyee · Jan 26, 2013

The guy is not a low-class person. He is very nice, polite, hob-nobs with the highest class of society, has a good personality, etc. I've had dinner with him a few times and have enjoyed his company on every occasion. I just wish I knew what he knows to take advantage of the system to such great extent.

Draco · Jan 26, 2013

Most all of it is paperwork....He know loop holes etc. that you and I never will. Slide a little money under the table to push it through....Done.

Jduck · Jan 26, 2013

Are you just jealous he takes a 2hr lunch everyday :flipoff1:

Honestly I have no idea how they do it, I have a couple buddies the same way, they just know how to manipulate lenders and credit card companies to keep them going. It will catch up one day Im sure but until then they are living the high life

patooyee · Jan 26, 2013

Jduck said:
Are you just jealous he takes a 2hr lunch everyday Honestly I have no idea how they do it, I have a couple buddies the same way, they just know how to manipulate lenders and credit card companies to keep them going. It will catch up one day Im sure but until then they are living the high life

I'm not jealous AT ALL. I'm mad at myself for not being as smart as he apparently is.

FM5332FF · Jan 26, 2013

Maybe his parents broker some high grade cocaine. The big ones dont have to touch it, just shell the funds and let the little guys do the work.

Juan_Hong_Loe · Jan 27, 2013

Probably not exactly your friends case but a guy that I know here has been spending money like you talk about but he actually would pay for most of his stuff. I can't remember the correct term for it but recently the FBI got involved with him because he was just using different lenders to pay off the other lenders. And I'm talking into the tens of millions of dollars kind of debt. He would go to someone and pitch idea and make them money for a bit then get all greedy and spend too much then have to pay off with another lender/investor. Also helps when you know someone at the bank high up that gets kickbacks.

Lil ugly · Jan 28, 2013

Our credit system is set up to reward those with bad credit. They pay higher percentages and banks get paid their interest on the front end. On the back end they get to claim the resulting loss on their books and the Fed protects them against too much loss. That is one of the reasons that banks are slow in declaring peoples loans as foreclosed. They can only have so many on the books before it affects their rating, which in turn would hurt their ability to loan money and get money from the feds. The whole economy crashed because the banks had so much bad credit out there during the housing boom that they were bundling it up into packages and then selling it as currency. When it all went south, the public had to pay for it and still are.

The guy you are talking about probably just understands this, due to working in the system and does not feel bad about sticking it to the banks. Unfortunately banks just pass it on. You will know if he is really smart if he ends up retiring early because he put all of those mortgage payments into interest bearing accounts.