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TheClosingKing
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xx *Need Good Advice*
« Thread started on: Jun 12th, 2009, 8:16pm »

Ok here goes... I am 19 yrs old and I am a Mortgage Broker, I got into the business August of last year after my first year of college. When September came i decided to take a year off school to focus on the business. During that time I teamed up with who is now my partner who I shall call "donkey". We teamed up with a few other young guys who besides Donkey were no older than 25 while Donkey was reaching his late 30's They had all been in the business alot longer than I had and had made ALOT of money. We got the ball rolling at our new office and started closing alot of loans and were making sick amounts of money... For about 2 months.

As some of you may know during that time the country was hitting the rock bottom of the housing market and it was getting harder and harder to close loans. Before we knew it 98% Loan to value and 60/100 Debt ratios were a thing of myth. We buckled down and did our best to close the loans that could get done. We were the kind of company that never screwed our borrowers so we had alot of referral business. But then things got bad- our relationship with many of the banks we brokered too were ruined when another Loan officer outside our circle submitted shady and fraudulent loans through us. We left that office and moved to another-

Then things got worse- at our new bank the owner had no intention of going out of business as other banks had and its became nearly impossible to close a loan because of his strict policies. Things such as running a prospects credit which would normally take 2 seconds became a week or more ! Donkey became fed up with it and decided to leave again. many of the loans that were denied by the owner were from close friends of his and he HAD to get them done as he promised. Any way we moved to a new place but after a week moved again because Donkey did not trust owners. We moved to where we are now but here is my main problem.... Things have not changed at ALL. Every time we were moving we would all be optimistic that our bad run was over. But it was just getting worse. Alot of our guys started leaving because they weren't making any money and couldn't pay their bills. Two of our guys stayed at a previous bank because they felt Donkey was being too impatient and hasty.

Now it is only me and Donkey. I haven't made any money in months and I have school in less than 3 months and I haven't made any household contributions in a long time- When things started going bad I would get 800$ every 2 weeks or something to hold me over but now im lucky if I get 50 bucks- That's how bad it has gotten. Now at the new place it seems like we are the only ones who are having problems, the last guy that left the team stayed there and hes starting to make money again while we are struggling. Now i barely have cash to get to the office and donkey is talking about moving AGAIN. he had to sell his hummer and now there's a tow van stalking the Maserati.

Also you should know Donkey is going through a very rough time with his wife and kid and step son and all the in between and he comes in to the office pissed off and frustrated. and hes the kind of guy that listens to alot of Motivation tapes and self help stuff- but if he does come in a good mood it doesn't last long because something goes wrong with one of our loans and he looses it. Because I am the only one left I get the butt of his stress. Everyday hes either back together with his wife or getting divorced and even the long time friends he had at the office have become fed up with him and are ready to dump him.

Ok My questions is WHAT SHOULD I DO huh I now have not a dollar to my name and neither does he generally even though he has 25k a month in bills. I work 10am to 8-9 and because its a 2 and a half hour commute each way I am up alot longer- 6 days a week and I am still getting calls and emails when Im off. I have been telling my parents "things will turn around" or " im getting paid next week" for what seems like forever. Donkey has been a guy who has ALWAYS made money and alot of it- I don't want to leave the business but I cant really afford to stay. School starts soon, Donkey is a really good guy and we are like brothers but we my parents down on me and with his attitude for 95% of the work week i don't know how much longer I can take this- I cant see myself becoming a sales associate a Macys especially when at any moment we can start making alot of money again.

Any advice anyone has would be much a appreciated because I really do not know what to do anymore...

Thanks
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gakki
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xx Re: *Need Good Advice*
« Reply #1 on: Apr 8th, 2010, 12:38am »

well, I think you guys need a lawyer who specialized in this field. You are too young to take all these.
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Mingram89
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xx Re: *Need Good Advice*
« Reply #2 on: Apr 19th, 2010, 11:22am »

you cannot see yourself putting yourself out there in a risky situation. therefore it frightens you. but if you were not frightened would u try again? when you guys made ridiculous amounts of money did u not believe in yourselves? what happened when u started making a lot of money? for you got greedy and missed things on the books therefore leading to your companies downfall. for if u fail try try and try again. learn from your mistakes and move forward.
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liferocks
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xx Re: *Need Good Advice*
« Reply #3 on: Oct 15th, 2010, 05:47am »

@the close king-- i think that u shoul not involve urself in such a risky things, making decisions on this matter alone can be quite dangerous for u... take the help of some expertise who can help u in a right way and can give a wise decision...all the best to u...may ur case gets resolved in a perfect manner..
good luck!!!!
LIFE
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xx Re: *Need Good Advice*
« Reply #4 on: Dec 27th, 2011, 09:27am »

Take some expert advice it will work great for you, good time is over bad time has come and it will also not last forever and good time will come again. Be brave and face this situation strongly and take it as a lesson in your life. Only bad time gives you best experience.
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iwillhelpu
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xx Re: *Need Good Advice*
« Reply #5 on: Mar 24th, 2012, 02:45am »

Macha, tension madkolbeda. Life alli ivella aagathe.
Nod magane, ninge frendship mukya no athwa dhud mukya no, 1st adhan decide maadu. undecided

P.S: Madharchodh
« Last Edit: Mar 24th, 2012, 03:00am by iwillhelpu » User IP Logged

luckymadon
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xx Re: *Need Good Advice*
« Reply #6 on: Oct 1st, 2012, 11:46pm »

The only thing I can suggest for you to do is to ditch the donkey. Sounds like he is only thinking of himself. If you stick with him you will be 'running away' from your problems more than finding a solution to it. Don't let his bad business sense ruin your credit and respect with your investors. You are young and have your whole life ahead of you. You don't want to threaten your future as a reputable and respectable businessman by continuing to be dragged through the mud by donkey's bad reputation for business. Break free while you still have time to build your own reputation. I wish you the best.
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xx Re: *Need Good Advice*
« Reply #7 on: Jul 9th, 2017, 11:27pm »

Thank you for the information!
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xx Re: *Need Good Advice*
« Reply #8 on: Sep 21st, 2017, 9:24pm »

Hire a good lawyer. That's my advice!
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