Finally after six months seasoning, I found this loan officer who said he can do the stated income refi loan for a REO we bought cash using equity and credit cards. It is difficult to have stated income loan now because we're self employed. After we got in escrow, signed the docs, the lender is Country wide, many of you may say, not country wide again... it is supposed to close in just three days, but it has been two weeks the bank still hasn't funded yet. The loan approval was done in Jan 2009! Everyday the loan officer said they're going to fund it today, or tomorrow, or next Monday... At the same time, we run of cash to pay bills. We never regret to buy this REO, because it was a really good deal and rental cashflows about $400 every monthly net, equity $90,000 after all the costs.
I started searching other loan officers now and have two working on this refi, it is going.
Just feel at the very bottom of my life now, I really don't want to borrow more from credit cards again. Anyone who wants to use the same strategy, be careful and should work on multiple channels.