Low-Doc Assumption
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Regarding the “low-documentation” loans in “From the Mailbag: A Potpourri of Tidbits, Trivia and Factoids” by David W. Myers (Jan. 6), I would like to point out the following:
I was forced to pursue a low-documentation loan. This was my only alternative. As a first-time buyer, I had no previous loan/credit history, I had a short escrow and had to qualify quickly. I am self-employed and cannot show a “steady” income.
According to your article, these loans “are popular with borrowers who can’t get a conventional mortgage because they’ve lied about their income on tax returns.”
I resent your assumption that all people who use these loans are fraudulent. There are countless reasons people use this type of loan and their reasons are valid and honest.
ABRA GRUPP
North Hollywood
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