Loose Lending Is Back (MAYBE)

[Shawn Dandridge]

Since I bought my primary home about a year and a half ago, I get no less than 5-7 mailers a week from mortgage brokers, banks, ect. that are attempting to get me to refi. I finally called one of them to inquire about a cash out refi on my rental duplex I have in Memphis. So me and rep were going thru the normal info and then he asks me what I think it's worth. I said 20-25k maybe. He types the address in his computer and he says I got 51k so we can give you 80% of that in cash. I basically told the guy I think he was insane and if he could get me an appraisal for $51k I would tell everybody I know about him and his company. I will keep the forum posted on what actually happens. I HIGHLY doubt he can pull a trick like this out of his bag.