The Conservative Cave
Current Events => The DUmpster => Topic started by: ScubaGuy on September 08, 2008, 03:07:08 PM
-
Nobody could be this stupid and be able to breathe without assistance.
Utlimate stupid (http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x3949514)
Amy6627 (1000+ posts) Click to send private message to this author Click to add this author to your buddy list Click to add this author to your Ignore list Mon Sep-08-08 02:13 PM
Original message
Anyone trying to do a loan modification due to adj. interest rates?
Advertisements [?]
I just started working with a company to negotiate with my lender to give me a fix rate and reduce my mortgage to what the property is now work. I bought it in Dec. 06 at $257K, now a bigger unit in my complex is selling for $90K.
I was wondering if anyone here has had any success with their lenders in modifying their mortgage.
Thanks, Amy
SAY WHAT? :rotf: :rotf: :rotf:
-
Nobody could be this stupid and be able to breathe without assistance.
Utlimate stupid (http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x3949514)
Amy6627 (1000+ posts) Click to send private message to this author Click to add this author to your buddy list Click to add this author to your Ignore list Mon Sep-08-08 02:13 PM
Original message
Anyone trying to do a loan modification due to adj. interest rates?
Advertisements [?]
I just started working with a company to negotiate with my lender to give me a fix rate and reduce my mortgage to what the property is now work. I bought it in Dec. 06 at $257K, now a bigger unit in my complex is selling for $90K.
I was wondering if anyone here has had any success with their lenders in modifying their mortgage.
Thanks, Amy
SAY WHAT? :rotf: :rotf: :rotf:
Sounds like the ARM is the least of their worries. A $257K principal sounds out of this universe...of course, it was probably a Rethuglikkkan plot, from broker to appraiser, just to get the DUmbass in trouble.
-
Their property is worth almost a third of what it use to be? I don't buy it.
-
author=ScubaGuy link=topic=13233.msg160239#msg160239 date=1220904428]
Nobody could be this stupid and be able to breathe without assistance.
Amy6627 (1000+ posts) Click to send private message to this author Click to add this author to your buddy list Click to add this author to your Ignore list Mon Sep-08-08 02:13 PM
Original message
Anyone trying to do a loan modification due to adj. interest rates?
Advertisements [?]
I just started working with a company to negotiate with my lender to give me a fix rate and reduce my mortgage to what the property is now work. I bought it in Dec. 06 at $257K, now a bigger unit in my complex is selling for $90K.
I was wondering if anyone here has had any success with their lenders in modifying their mortgage.
Thanks, Amy
It is all Bushco's fault. When the Obamessiah takes office, no mortgage balance will be less than market value. Car loans will never be upside down. Most important to the DUmp, credit card debt will be reduced to the eBay value of the crap it purchased. On the big rock candy mountain.
There are three winners in this moron's story: the guy who unloaded this dump in the first place, the shyster mortgage broker and appraiser, and this "company" that is currently in the process of scamming the poor idiot further. The DUmmy and the bank are losers.
-
WTF did this loser buy? I've NEVER heard of ANY property, ANYWHERE, losing over 60 percent value in less than 2 years. 20-25 percent, yes...but not THAT much.
-
It's amazing that anyone who doesn't understand the difference between principal and interest would be able to get a loan for over a quarter million dollars.
:mental:
-
Just some more "I want stuff for free" BS. Everyone else should pay for their mistakes as well as provide everything else for them.
KC
-
Nobody could be this stupid and be able to breathe without assistance.
Utlimate stupid (http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x3949514)
Amy6627 (1000+ posts) Click to send private message to this author Click to add this author to your buddy list Click to add this author to your Ignore list Mon Sep-08-08 02:13 PM
Original message
Anyone trying to do a loan modification due to adj. interest rates?
Advertisements [?]
I just started working with a company to negotiate with my lender to give me a fix rate and reduce my mortgage to what the property is now work. I bought it in Dec. 06 at $257K, now a bigger unit in my complex is selling for $90K.
I was wondering if anyone here has had any success with their lenders in modifying their mortgage.
Thanks, Amy
SAY WHAT? :rotf: :rotf: :rotf:
If it's "listed" for $90K....it's probably a foreclosure. Extremely low....but considering the amount of damage done by some people when they are foreclosed on...it is possible.
Also, it would depend on where she is in the country....the amount of REO's on the market, and how slow the market is.
For the most part, all I sell now are REO's, and sometimes the damage is horrendous. I have one now, that has a note on it for $46K and it isn't worth $10,000. The lot is worth 3k and the two mobile homes on the property - one is inhabitable and the other one is about to fall apart. I'm just hoping to get it sold before it's condemned.
Poster obviously does not understand the concept of mortgage modification.. :loser:
-
WTF did this loser buy? I've NEVER heard of ANY property, ANYWHERE, losing over 60 percent value in less than 2 years. 20-25 percent, yes...but not THAT much.
The stench of BO, Patchouli, marijuana and fear is hard to get out...
-
Their property is worth almost a third of what it use to be? I don't buy it.
I was checking rates and my Condo (original price $85K in 1990) was going for $425K 2 years ago and is going for $299 today. Now, I never took a dime of equity, so I am still looking at $200+ equity increase), but the numbers are pretty severe right now. If I was stupid enough to refi at that $425 level (who could possible be that stupid?) then I would be so upside down I could look a sleeping bat in the face.
But I don't care.
Many of you know I am moving to TX next year. I am planning on keeping my condo as a rental (rentals are SOARING) and buying a property in Tx taking advantage of the depressed prices.
I am a one-man market correction.
-
^Yes, but you have a brain and now how to use it.
Sadly, many people treated their homes like piggy banks and are just dumfounded that it's time to pay up as per their signed contract.
I don't even pay my dry cleaners without giving the bill a once over. I can't imagine someone signing for upwards of a half a million dollars (in some cases around here) without really scrutinzing the fine print. I've closed on three homes and I took my sweet time checking the loan papers.
-
Amy6627
I just started working with a company to negotiate with my lender to give me a fix rate and reduce my mortgage to what the property is now work (sic).
Good luck with that. Lenders are just standing in line to reduce the Promissory Note from $285K down to $90K just to give them something to do. :whatever:
.
-
Nobody could be this stupid and be able to breathe without assistance.
Utlimate stupid (http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x3949514)
Amy6627 (1000+ posts) Click to send private message to this author Click to add this author to your buddy list Click to add this author to your Ignore list Mon Sep-08-08 02:13 PM
Original message
Anyone trying to do a loan modification due to adj. interest rates?
Advertisements [?]
I just started working with a company to negotiate with my lender to give me a fix rate and reduce my mortgage to what the property is now work. I bought it in Dec. 06 at $257K, now a bigger unit in my complex is selling for $90K.
I was wondering if anyone here has had any success with their lenders in modifying their mortgage.
Thanks, Amy
SAY WHAT? :rotf: :rotf: :rotf:
If it's "listed" for $90K....it's probably a foreclosure. Extremely low....but considering the amount of damage done by some people when they are foreclosed on...it is possible.
Also, it would depend on where she is in the country....the amount of REO's on the market, and how slow the market is.
For the most part, all I sell now are REO's, and sometimes the damage is horrendous. I have one now, that has a note on it for $46K and it isn't worth $10,000. The lot is worth 3k and the two mobile homes on the property - one is inhabitable and the other one is about to fall apart. I'm just hoping to get it sold before it's condemned.
Poster obviously does not understand the concept of mortgage modification.. :loser:
I used to work for a guy who bought distressed houses and turned them into rentals full time. He was a Navy Commander. He liked to joke that the Navy was rapidly becoming a hobby for him.
-
This DUmmy's loss in property value could be due to smoke damage from when the meth lab caught fire.
-
The whole problem is this DUmmie has convinced itself that this is a GOOD deal for the lender ..... who has already forked over a quarter of a million dollars to the last owner.
DUmmies .... if you truly want to see what is going wrong with the mortgage business right now, look in a fricken mirror. People pulling shit just like this is sinking the mortgage businesses.
Unless GWB called you and asked you do walk away from your mortgage because he knew you were upside down, then YOU are the problem.
KC
-
I imagine the conversation with the bank went something like this:
DUmmy: Hi, I borrowed almost THREE HUNDRED THOUSAND DOLLARS from you, I can't pay it back. Would you change the loan so I only borrowed $100K from you?
Bank Official: *Stunned Silence* Wha? Could you, uh, run that by me again?
DUmmy: I can't afford the loan I promised to pay and want you to fix it, since it is all your fault, you greedy corporate whore mother ****er.
Bank Official (Pressing intercom key) Hazel, could you ask the UNLoan Officer to come in?
Two seconds later the men in white coats shoot the DUmmy full of sedatives and drag him back to the nut house from which he escaped...
-
Damn... wish I knew I could do that. I would have renogotiated my car loan a week after I bought it, since it lost so much of it's value by that point. :whatever:
-
Their property is worth almost a third of what it use to be? I don't buy it.
Many of you know I am moving to TX next year. I am planning on keeping my condo as a rental (rentals are SOARING) and buying a property in Tx taking advantage of the depressed prices.
Real estate prices here in Texas aren't really "depressed" like they are in California. Sure, they've dropped slightly, but we never had that "bubble" like the west coast did. So, a house that sold for $250K before this mess started will go for $230-$235K. Prices here were just reasonable to begin with.
-
Their property is worth almost a third of what it use to be? I don't buy it.
I was checking rates and my Condo (original price $85K in 1990) was going for $425K 2 years ago and is going for $299 today. Now, I never took a dime of equity, so I am still looking at $200+ equity increase), but the numbers are pretty severe right now. If I was stupid enough to refi at that $425 level (who could possible be that stupid?) then I would be so upside down I could look a sleeping bat in the face.
But I don't care.
Many of you know I am moving to TX next year. I am planning on keeping my condo as a rental (rentals are SOARING) and buying a property in Tx taking advantage of the depressed prices.
I am a one-man market correction.
Similar experience as free. We sold our home in AZ when we moved cross country for about 150K(bought at 95K). It went up as high as 310K a couple years ago and now they are going for about 200K. They've corrected, imo, to just a little under where I thought they would have been a decade or so after they were originally built.
-
Their property is worth almost a third of what it use to be? I don't buy it.
I was checking rates and my Condo (original price $85K in 1990) was going for $425K 2 years ago and is going for $299 today. Now, I never took a dime of equity, so I am still looking at $200+ equity increase), but the numbers are pretty severe right now. If I was stupid enough to refi at that $425 level (who could possible be that stupid?) then I would be so upside down I could look a sleeping bat in the face.
But I don't care.
Many of you know I am moving to TX next year. I am planning on keeping my condo as a rental (rentals are SOARING) and buying a property in Tx taking advantage of the depressed prices.
I am a one-man market correction.
Here in Texas we didn't have the huge surge in home prices that the east and west coast had. Prices have come down a little though and you will love what you can get for your money here. You would have loved it even before the market took a down turn.
-
Their property is worth almost a third of what it use to be? I don't buy it.
Many of you know I am moving to TX next year. I am planning on keeping my condo as a rental (rentals are SOARING) and buying a property in Tx taking advantage of the depressed prices.
Real estate prices here in Texas aren't really "depressed" like they are in California. Sure, they've dropped slightly, but we never had that "bubble" like the west coast did. So, a house that sold for $250K before this mess started will go for $230-$235K. Prices here were just reasonable to begin with.
Should have read your post first. ;)
-
Their property is worth almost a third of what it use to be? I don't buy it.
Many of you know I am moving to TX next year. I am planning on keeping my condo as a rental (rentals are SOARING) and buying a property in Tx taking advantage of the depressed prices.
Real estate prices here in Texas aren't really "depressed" like they are in California. Sure, they've dropped slightly, but we never had that "bubble" like the west coast did. So, a house that sold for $250K before this mess started will go for $230-$235K. Prices here were just reasonable to begin with.
"Depressed" was probably a bad word -- but I have been tracking prices and it looks like a buyers market everywhere, even the Dallas area. But, as has been pointed out, not as much as on the coasts.
-
The current value of homes is very dependent on their location.
Not the "location, location, location" phrase you hear from Realtors all the time.
But the location in reference to the amount of foreclosures, pre-foreclosures and bankruptcies in the area.
For example....as I have mentioned I do "drive-by shootings" on a daily basis. I also do "interior shoots". What these are is I am contacted to do either an exterior or interior inspection on a particular property for either a mortgage company or a bank, who ever holds the entire lien or part of a lien on a property. Often it is the secondary lien holder ....a home equity loan or 2nd, 3rd, etc mortgages...who are requesting the inspection.
If an exterior...I take pictures of the front, the house number for verification, the street view for note of surroundings, and sometimes the street sign for verification.
For an interior....I take the same as for an exterior, but also a picture of each room for verification of room count, note of any improvement or damage.
This all goes on a report that when printed out is anywhere from 5-15 pages depending on the requesting company.
It also has 3 currently listed properties and 3 solds within a certain time frame....at most within 180 days, least 30 days. There are specific items of comparison: age, style, size, lot size, garage, room count, specific on bedrooms and baths, list price and sold prices.
Most importantly is whether or not the property is compared with an owner resale or a foreclosure, and that the comparables are within a certain distance range, perferrably within 1 mile.
If an area has a high percentage of REO's(foreclosures) then it makes sense that some of the comps are also REO's. If there are very few, then there usually isn't an REO included in the comps.
Some orders will specifically state to use REO's. Some will specifically say not to use them. Others will request at least one REO list and one REO sold.
The amount of REO's in a specific area will greatly determine the value of a property. Not because the property has actually lost value, but because the surrounding properties have lost value due to either foreclosures, forced sales, short sales, or deterioration to the properties. In the case of FL, we are seeing it happen ever since the hurricane season of 2005....Charlie, Katrina, Rita and Wilma all in one season....caused homeowner's insurance to skyrocket ...in many cases forcing people to sell or lose their homes because they can't afford the insurance. Mortgage companies require a homeowner to have insurance.
Las Vegas is being hit horrendously on homeowner values. We were contemplating moving there a year ago, and I have access to part of their multiple listing service. I have watched houses drop several hundred thousand dollars...both owner resales and foreclosures. But judging from the pictures of the interiors, many were grossly overpriced to begin with. That market will eventually stabilize. Florida and California have had similar issues, though I don't think, from industry articles that I have read, that it has been as extreme except for waterfront/resort/country club properties.
From everything I have read....again from various real estate sources, ie National Association of Realtors, my state and local associations.....no one is expecting to see much, if any, stabilization in the market before the last half of 2009 if then. There are still too many ARM's out there that are due to adjust in the next 2 years.
More info than anyone wanted huh? :uhsure:
-
Their property is worth almost a third of what it use to be? I don't buy it.
Many of you know I am moving to TX next year. I am planning on keeping my condo as a rental (rentals are SOARING) and buying a property in Tx taking advantage of the depressed prices.
Real estate prices here in Texas aren't really "depressed" like they are in California. Sure, they've dropped slightly, but we never had that "bubble" like the west coast did. So, a house that sold for $250K before this mess started will go for $230-$235K. Prices here were just reasonable to begin with.
Texas real easte hasn't taken as big a hit as California. But what you need $250K to purchase in Cal you can pick up in Texas for about half or less of that.
http://hpci.coldwellbanker.com/
-
Their property is worth almost a third of what it use to be? I don't buy it.
Many of you know I am moving to TX next year. I am planning on keeping my condo as a rental (rentals are SOARING) and buying a property in Tx taking advantage of the depressed prices.
Real estate prices here in Texas aren't really "depressed" like they are in California. Sure, they've dropped slightly, but we never had that "bubble" like the west coast did. So, a house that sold for $250K before this mess started will go for $230-$235K. Prices here were just reasonable to begin with.
Texas real easte hasn't taken as big a hit as California. But what you need $250K to purchase in Cal you can pick up in Texas for about half or less of that.
http://hpci.coldwellbanker.com/
I just used that calculator and picked three locations. My house would cost $1,659,259.00 in Newport Beach, CA, $1,624,691.00 in San Francisco, CA and $1,603,086.00 in Boston, MA. If I wanted to live in Beverly Hills you would have to tack on $250k more to the Newport Beach price.
-
Did you try it with Vidor, Texas? I'll bet you home would sell for a dollar two ninety eight there. :-)
KC
-
Did you try it with Vidor, Texas? I'll bet you home would sell for a dollar two ninety eight there. :-)
KC
LOL no I used Dallas. :-)
-
Did you try it with Vidor, Texas? I'll bet you home would sell for a dollar two ninety eight there. :-)
KC
LOL no I used Dallas. :-)
Dallas The Most expensive housing market in Texas. Surprisingly San Antonio is more expensive than Austin. Central texas area housing prices are below the national avg with a tad above national avg mortgage rates.
-
WOW....I just did that comparison chart with my house. I compared it with Las Vegas since I had been looking there, that market had dropped even more than what I thought. Sad....