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Old 08-12-2013, 12:50 PM
 
4,787 posts, read 8,754,839 times
Reputation: 12592

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OP - you are conveniently twisting things in your mind. Your problem with the two banks was not paying cash. No one would have cared if you bought in cash in your name.

Your problem was two fold 1) buying a house in someone else's name for no discernible reason that made any sense. Then # 2, when you wanted to pull cash out of the house, putting it in your name and immediately slapping a line of credit on the place.

Those were the red flags to a lender, not a cash sale. And please, no one is envious of you- my home has been paid off for many,many years. You haven't cornered the market on savings. Although your free and clear house is no more because you just took out a loan on it, while still carrying a variety of other debt. Sorry- nothing about you to envy.
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Old 08-12-2013, 02:30 PM
 
Location: State of Superior
8,575 posts, read 13,458,134 times
Reputation: 2707
Quote:
Originally Posted by willow wind View Post
OP - you are conveniently twisting things in your mind. Your problem with the two banks was not paying cash. No one would have cared if you bought in cash in your name.

Your problem was two fold 1) buying a house in someone else's name for no discernible reason that made any sense. Then # 2, when you wanted to pull cash out of the house, putting it in your name and immediately slapping a line of credit on the place.

Those were the red flags to a lender, not a cash sale. And please, no one is envious of you- my home has been paid off for many,many years. You haven't cornered the market on savings. Although your free and clear house is no more because you just took out a loan on it, while still carrying a variety of other debt. Sorry- nothing about you to envy.
In my case I am Glad NOW, that I could not get a construction loan ( thats how the revolving door opens ) as today I have a Reverse Mortgage, no debt, no payments, a brand new retirement dream house w/a million dollar view and a ready tax free pool of cash waiting for me when ever I need it.

I can feel for the OP considering I went thru a similar mess for several years before the dust settled. I had mistakenly thought that when I first came to town six years ago, the local Banks would take notice when I plopped down a 200,000 cashiers check to open my checking account. How wrong I was ! The second 200,000 was a tough road being retired ( I had contractors and vendors to pay ) but I survived with almost the same amount of white hair on my head as when I started by doing a lot of the interior and landscaping myself.
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Old 08-12-2013, 03:47 PM
 
11 posts, read 44,005 times
Reputation: 10
Usually if a hay customer is employed, it can be to prevent a new penalty or take advantage of some thing the real customer cannot.
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Old 08-12-2013, 05:47 PM
 
Location: Jacksonville, Fl
1,280 posts, read 1,366,973 times
Reputation: 2495
Quote:
Originally Posted by willow wind View Post
OP - you are conveniently twisting things in your mind. Your problem with the two banks was not paying cash. No one would have cared if you bought in cash in your name.

Your problem was two fold 1) buying a house in someone else's name for no discernible reason that made any sense. Then # 2, when you wanted to pull cash out of the house, putting it in your name and immediately slapping a line of credit on the place.

Those were the red flags to a lender, not a cash sale. And please, no one is envious of you- my home has been paid off for many,many years. You haven't cornered the market on savings. Although your free and clear house is no more because you just took out a loan on it, while still carrying a variety of other debt. Sorry- nothing about you to envy.
Lol, the hypocrisy here is quite amazing! Where in any post did I create or imply any sense of "envy"
I think you're the one "twisting" things, don't ya think?
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Old 08-12-2013, 06:30 PM
 
Location: State of Superior
8,575 posts, read 13,458,134 times
Reputation: 2707
Quote:
Originally Posted by andrewmatt View Post
Usually if a hay customer is employed, it can be to prevent a new penalty or take advantage of some thing the real customer cannot.
What is a " hay" customer ?
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Old 08-12-2013, 06:34 PM
 
Location: Jacksonville, Fl
1,280 posts, read 1,366,973 times
Reputation: 2495
Quote:
Originally Posted by darstar View Post
What is a " hay" customer ?
I think he meant "straw" which implies someone who uses another person to make a purchase, usually to hide something, avoid a penalty etc etc. sometimes illegally, sometimes perfectly legal. However, the term "straw buyer" is most often associated with an illegal activity, even though most often it's not actual.

Neither was the case with my situation. There was no gain or loss avoided, no penalty avoided etc. as unorthodox as it seems to some here, it was LEGAL and for my own noble reasons and intentions.
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Old 08-12-2013, 06:59 PM
 
Location: State of Superior
8,575 posts, read 13,458,134 times
Reputation: 2707
Quote:
Originally Posted by alaskaboy View Post
Lol, the hypocrisy here is quite amazing! Where in any post did I create or imply any sense of "envy"
I think you're the one "twisting" things, don't ya think?
I am on your side here, and if for no reason other than you did not follow the " norm". Big Banks like Wells Fargo exited my loan in the middle of the game, they paid for a title research , history, of the property , confirmed all was in order, even went so far as to get proper sigs. And a release on a previous sales 25 years ago.They made the history clean , then stopped calling me back, my loan specialist quit., I could see I needed to try another bank, and soon. There are plenty of us out there that still would like to know what went wrong with our loan/ line of credit , etc and never got a satisfied answer. I truly think it all has to do with who you know, even for a national Bank like WF.connections count along with anything different untill you have established some real history with the bank, in my case it took five years, along with running ten million through the business account.
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Old 08-12-2013, 08:04 PM
 
4,787 posts, read 8,754,839 times
Reputation: 12592
Quote:
I understand given the times we live in, some of the responses provided here, but seriously it's rediculous that buying a home in a less then orthodox manor, but perfectly legal, causes so much scrutiny, envy and suspicion!
[/quote]

See above- you're the one who brought up the word " envy ". in your post from this AM- I was just replying to you.
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Old 08-12-2013, 09:13 PM
 
Location: MID ATLANTIC
7,598 posts, read 17,623,584 times
Reputation: 8078
Quote:
Originally Posted by andrewmatt View Post
Usually if a hay customer is employed, it can be to prevent a new penalty or take advantage of some thing the real customer cannot.

Exactly.
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Old 03-11-2017, 03:54 AM
 
1 posts, read 370 times
Reputation: 15
The person at the bank when you originally did your purchase should have recognized your special and specific needs for a "Living Trust" that way you could have completed the original home purchase in the name of the "Trust" gone on with your travels hassle and worry free if anything should have happened to you or your co-trustee (spouse) then the trust would defer to your beneficiaries (daughter) then or whenever you need to apply for a loan or He loc, the property would have already been in the name of the trust with all three of you listed in the trust,
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