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Thread: Obama administration to order lenders to cut mortgage payments for jobless

  1. #71
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    They could have skipped all this and just cut taxes and given the 700B back to the people. What an example of a wasteful bureaucracy .
    Thank you

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by StandUpChuck View Post
    You know that little piece of advice I just gave you about asking the seller to make your downpayment? That's one of the advantages to having a realtor. They write stuff like that into your offer and negotiate terms like that for you. The other is that they will be able to put together a market analysis for you to make sure you are not paying too much for a property. They will take steps to ensure you've got safety nets in case the property you're interested in buying turns out to be a major money pit. In most states, the buyer pays nothing for real estate respresentation (the commission is paid by the seller). The only time (usually) that the buyer pays for representation is when the house is listed For Sale By Owner in which case, someone has to pay the buyer's rep, and it won't be the FSBO seller.

    You never want to contact the listing agent directly to inquire about a property. They have the seller's best interest at heart, and they are not resprenting you. You could get hosed big time.
    I think I'm going to wait to have the cash for the full down payment, to get a better rate with the lender.
    I may try to see if I can get the buyer to give the down payment or part of it and save the rest of the cash.

    That would be a great deal.
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by Harry Guerrilla View Post
    I think I'm going to wait to have the cash for the full down payment, to get a better rate with the lender.
    I may try to see if I can get the buyer to give the down payment or part of it and save the rest of the cash.

    That would be a great deal.
    Forgot about this little misconception... you can't have the seller pay for your down, it's against the law.

    That said, you can have the seller pay for your closing costs up to (I'd have to check if it has changed in the last week) 6% of purchase price on conventional, USDA, and FHA loans..... I forget what it is on VA.
    There is no such thing as a “Natural Born Dual-Citizen“.

    Originally Posted by PogueMoran
    I didnt have to read the article to tell you that you cant read.

  4. #74
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by Crunch View Post
    Forgot about this little misconception... you can't have the seller pay for your down, it's against the law.

    That said, you can have the seller pay for your closing costs up to (I'd have to check if it has changed in the last week) 6% of purchase price on conventional, USDA, and FHA loans..... I forget what it is on VA.
    That's cool, either way I want to get a good deal.

    I've been working on this for past year and that info helps a ton.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by Harry Guerrilla View Post
    That's cool, either way I want to get a good deal.

    I've been working on this for past year and that info helps a ton.
    Post 55 was the important one.
    There is no such thing as a “Natural Born Dual-Citizen“.

    Originally Posted by PogueMoran
    I didnt have to read the article to tell you that you cant read.

  6. #76
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by Crunch View Post
    Post 55 was the important one.
    That's just one I saw, there is another which has been reduced and it's been on the market for about a year.

    I have to wait though, I don't want to but I'm in a rental lease till December and breaking it early would add on costs.
    Not to mention the rest of the down payment.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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  7. #77
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    Quote Originally Posted by Catz Part Deux View Post
    It's arguable that this is possible.


    Underwater mortgages drain equity, dampen retirement - USATODAY.com

    Not only does this issue threaten large banks, but it also threatens the longterm stability of millions of families. Most of us grew up believing that our homes were a sort of savings account for the future. You have millions of seniors out there who were hoping that the money they put into their home would help them pay for retirement. And that may not happen.

    Anything the Obama administration can do to encourage actions like the one taken by Bank of America this week would probably be helpful.

    Bank of America will cut mortgage loan amount for underwater homes - USATODAY.com



    By all means, we want to encourage homeowners to continue IN THEIR HOMES. Our economy cannot handle another glut of foreclosures because homeowners are in underwater mortgages...and a lot are.
    Vicky Dicristo, 64, bought her home in Soquel, Calif., in 2006 for $535,000 with plans to fix it up, live in it awhile, then sell and buy a nice retirement home in Arizona, where she has family. She bought the home with a five-year, interest-only, adjustable-rate mortgage at a 5.9% interest rate.

    Her home is now worth $350,000, according to the local assessor's office. And Dicristo, who was laid off nearly two years ago from her job as a mortgage loan underwriter, has lost the $135,000 she put down on the house as well as the more than $15,000 she put into renovating the home with new floors.

    "I lost $150,000," Dicristo says. "I haven't been able to make payments, either. I thought I was going to be able to sell it and move to a less expensive area. That had been my plan when I bought it, to move to someplace like Arizona and pay all cash. But that whole plan fell apart."

    Dicristo is in growing company. About 24% of all residential properties with mortgages had negative equity at the end of 2009, according to First American CoreLogic. That's up from 10.7 million and 23% at the end of September.

    Dicristo can't sell her home and move, but she may be forced to leave. She no longer can afford the payments on her home and expects to be foreclosed upon.

    She's living on Social Security and unemployment and drawing $800 a month from her $200,000 retirement account, but she says she has no choice but to walk away from her current home.

    Her credit score had been close to a sterling 800, reflecting the type of borrower many banks would lend to at low interest rates. Because she's been unable to make her mortgage payments, she believes her credit score has sunk to about 500, a score that would make it difficult for her to get a home loan.
    the full story on Dicristo

    While I feel for her to a degree, this is entirely a bed she made for herself. She made an investement that went south on her. Other then the bank that made the loan no one else should be made to pay such an idiotic move.

    And yes the bank that made the loan should pay as well, it should not have made such a moronic lending decision
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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    strategic default: a person is BEHIND on his or her mortgage, but not quite behind enough to qualify for a "modification..."

    close, 60 days late, but not quite late enough...

    hmm...

    exactly what should he or she do?

    LOL!

    you see? that's why this kinda feelgood crap never works

    it's just not sufficiently REAL

    subprime doesn't work, it's been demonstrated

    more of the same will lead to more of the same

    NO MORE!

    pursue this proven wrong path at your peril, president pieface

    it's why the housing market has gotten SO MUCH WORSE since you took over

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    ap reported this week: 2.8 million foreclosures in miserable 09, 4.5 million expected in significantly worse 2010

    msnbc this morning: TEN TO TWELVE MILLION FORECLOSURES FORECAST IN THE NEXT THREE YEARS!

    thanks, president obama, for making the HOUSING MARKET so much WORSE

    can i ask you a question, sir: why, when unemployment is thru the roof and home sales are in the basement, did you, mr president, GO TO IOWA to continue to SELL health care AFTER it had already passed?

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    Re: Obama administration to order lenders to cut mortgage payments for jobless

    I am very glad I live in the Midwest where not only are house prices affordable, but they seem to be holding their value fairly well. I have a 2200 sq ft home and my mortgage payment is under 800 bucks/mo. So while I may struggle to make the payment if I lost my job, I could continue to make my payment even if I had to take a job that paid a lot less than what I had earned before.

    I am fortunate not to be in that situation.

    The sister of a friend of mine, lives out in Cali and her husband and her tried to get the bank to work with them when he was laid off.. they wouldn't and they let the house go back to the bank and they moved back here where they are renting a nice size home. After struggling to try to make the payment (the house was really expensive and was but a mere shoebox) and then trying to sell the house, they couldn't get anywhere close to what they even owed on the house.. nevermind trying to make any kind of small profit. So.. .foreclosure it was.

    I don't see the upturn in the housing market OR the job market. How long exactly, is this "change" supposed to take?

    Personally, I don't think we've hit rock bottom yet.
    Fool me once, shame on you.
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