Author Topic: verified income...?  (Read 2746 times)

lender_john

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verified income...?
« on: September 19, 2013, 10:13:26 AM »

https://www.lendingclub.com/foliofn/loanDetail.action?loan_id=4376230

So I wouldn't buy this for a number of reasons, but I also have some trouble believing the income..

I mean 400k a year for someone at a car dealership...

Now it might be possible that they had a particularly outstanding month, and submitted the totals for that month.
Then the DTI doesn't make sense, at least as far as I can tell.

cnmor54

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Re: verified income...?
« Reply #1 on: September 19, 2013, 11:16:33 AM »
Quote
Q: What are your current monthly expenses (rent, transportation, utilities, phone, insurance, food, etc)?
A: (04/18/2013-13:15) - Right under $11,000/month

I wouldn't even know how to spend that much money a month.

lender_john

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Re: verified income...?
« Reply #2 on: September 19, 2013, 12:16:15 PM »

Thats the other part that doesn't add up.

If they make 33k/month and spend 11k/month.. isn't there quite a bit of difference there.

Sure, they might pay 10k in taxes, but still.

PrimeRisk

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Re: verified income...?
« Reply #3 on: September 19, 2013, 12:30:05 PM »
Quote
Q: What are your current monthly expenses (rent, transportation, utilities, phone, insurance, food, etc)?
A: (04/18/2013-13:15) - Right under $11,000/month

I wouldn't even know how to spend that much money a month.

Probably why they needed the loan.  People get themselves there one step at a time:

$500k Mortgage $3000/month
Utilities on the McMansion $500/month
Loan on the Mercedes $1000/month
Loan on the Lexus $750/month
Loan on the Boat $500/month
Insurance on the house and toys $500/month
Country club dues x2 $500/month
Vail Condo Mortgage $1500/month
Food and Entertainment $2000/month
Walkin-Around Money $750

Heck, $11k/month might be on the low side! :)
Working diverse passive income solutions as the ticket to retirement.

PennySaved

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Re: verified income...?
« Reply #4 on: September 19, 2013, 01:02:05 PM »
I was looking at some note last night where the income was over $760,000 per MONTH.  I think they worked at the LA public library.  Must have been a typo. But it was already 69% funded when I was looking at it.  I passed on it.