Quote Originally Posted by bailey View Post

p.s quick question, how did you get qualified for the second mortgage if you can not afford the second mortgage payment?
That's a good question. Somehow I have amazing credit, like top 10% credit. And maybe maybe maybe if I ate ramen noodles, quit smoking and never traveled ever again I might have a teensy-tiny outside chance of carrying both, but I have no desire to be house poor. It would be far more than the recommended 25% of take home. I think the new lender was considering potential rental income from property #1 as real income. Or some other form of gypsy magic like that. I came across an interesting quote this weekend about that. "Sharks don't care if the shark that made the original kill gets to eat."