Once upon a time in a galaxy far, far away, there was such a thing as a "No Documentation" loan. What? That is not the makings of a good story, but it is one I will tell my children when they are old enough to understand. Unless you have been in the real estate industry or have been financing properties since the early 2000s, you may not understand what I am referring to.
By a "No Doc" loan, I am referring to a loan application for a residential mortgage that required no documentation. Yes, I mean that income and asset documentation were not required. While a social security number was technically on the loan application, a full credit report was not even in the file. A name, address and social security number were enough to get a loan...READ MORE