I’m sure that every loan officer has a favorite credit explanation letter that they will never forget.
I recently posted this question on Facebook and I wanted to share some of them with you from loan officers all over the country. If you have a favorite, please post www.facebook.com/LoanOfficerTraining and we will compile and reprint.
So grab a cup of coffee (and don’t spit it in anyone’s face) as you are laughing your guts out.
• Borrower explains in great detail about a marijuana addiction—but he’s “all better now.”
• “We decided to pay off our credit card debt and stopped making our house payment for a year. The bank is foreclosing and we want to keep our house.”
• “I make all my payments on time—to the collection agencies.”
• “My wife and I were abducted by aliens and implanted with a device...”
• Borrower wrote LOX on a paper plate.
• “I stopped making credit card payments and filed bankruptcy because I didn’t want any debt when I buy a house...I should get approved, right?”
• “I pay late fees every month, so that should give me a better credit rating, right?”
• “My car broke. I stopped making payments. Wanted them to come and get their junk car.”
• Borrower explains late payment of Mobil credit card: “I got bad gas.”
• “The construction workers moved my mailbox and could not find it for three months.”
• “I’ve lived here for 40 years and I don’t have to make payments anymore.”
• “I thought she was payin’ it—she thought I was payin’ it.”
• Borrower said that there was a big sale coming at the store she loved and planned on making payment after the sale.
• “It’s not mine...no, really it isn’t.”
• “I was so far underwater and those *&%$# wouldn’t help me (even though I had good credit) so I wasn’t going to give them any more money.”
• “The bill was always due at a bad time of the month.”
• “I didn’t get the bill in the mail so I didn’t know the payment was due.”
• “I turned my car back in to the finance company so I could buy a new house.”
• Borrower bought a house full of furniture. Loan officer comments that it probably looks good in their apartment.
• “My mom taught me how to sell pot, I got so stoned, it didn’t stop for three months...”
• “I bought a diner because I wanted to make my daughter proud of her daddy, but then I realized that I didn’t know how to cook...and the business went belly up.”
• “The stamp fell off the payment envelope...”
• He didn’t make his payments (mind you it was over three months) because he had been bitten by a spider.
• “I had gout...I didn’t have a good relationship with my daughter because my father had multiple children by multiple women...I was ‘released’ from the military...my fourth wife was the devil, which I should have known because our marriage license number was 666...” All this in one letter of explanation by the same borrower. It was a nine-page letter of explanation.”
• “It wasn’t my pot pipe that started the fire, it was my boyfriend’s. And the stupid landlord made us pay for the damages. Can you believe it? It should have been his responsibility to fix the place. So, we had to stay in a hotel, and fix our apartment, and our bills got behind all because of the stupid landlord.”
• “I was too busy looking for a handsome rich man to take care of me.” From a hilarious USMC career woman.
So, what’s your “borrowers” story?
Karen Deis is the publisher of www.MortgageCurrentcy.com. She is also is president of LoanOfficerTraining.com. To get more information, or to contact her, visit www.facebook.com/loanofficertraining.
