Real Estate ?

[OC28HEAT]

Let's see what OC28 Heat has to say about dat...
It's a scam to siphon off money from unsuspecting owners and tenants, otherwise they would just buy the house on better terms.
Due on sale clause or the industry calls it unconsented transfer. They are even forecloseing now when someone transfers a current loan into their own corp.
The latest scam we have been seeing is a borrower signs a deed of trust as a junior lien on the property and then the junior lien files BK. This stalls the foreclosure sale because in theory the junior lien shows this as an assett in BK court so the first mortgage lender must get releif from the automatic stay.
similar to the 1 percent transfers we saw last time areound

[OC28HEAT]

I did it, not intentional once. I bought a 2nd. TD about 10 years ago for investment. The guy quit paying me, so I foreclosed. Rented the house out for 4 or 5 years. The first was well aware I was foreclosing because they were also. I had to cure the first and bring it current to stop their foreclosure and pay the taxes, evict the guy etc. etc. but I got the house and the first never said S--t. Took my checks with my name, even mailed me the tax forms at the end of the year in my name. I made at least 20,...... 30 , 60 and 90 day late payments on the loan. Kept that guys credit bad a few extra years. Never affected my credit at all.
We have junior lienholders that cure the first all the time they just want to know the intent of the junior once the junior sale is completed the give around six months for a sale to occur or for them to payoff

[talkinghead]

I guess I just don't understand the whole real estate thing, because me and my wife can barely qualify for loans that we can afford and we have perfect credit. Oh well, I guess that's why so many people are losing their homes.
I'm with you on this - I have good credit (high 700's), good income, reasonable bills. And yet all I ever get is a hard time when I try to get a new loan for a bigger house (Wells Fargo).
I know of people who have bad credit, job instability and they get anything they want, no problem.
Me? It's like the inquisition.

[C-2]

I know of people who have bad credit, job instability and they get anything they want, no problem.
You can get financed too - it might cost you more if you have bad credit, but it's still out there. (oops, meant to say even if you had bad credit, with your scopres you should be good to go)
I'm sure with a decent loan broker you you cfan find a loan rather quickly - heck, didn't the rate go down to under 6% this week? It might cost a few points for a broker - but a better rate and better home over the year might be worth it.
Anybody with money over the next few years is poised to capitalize on this market

[C-2]

We have junior lienholders that cure the first all the time they just want to know the intent of the junior once the junior sale is completed the give around six months for a sale to occur or for them to payoff
Thanks for setting us straight (again).

[hoolign]

Pretty good con artist if ya ask me. Since your goverment is ready to bail out people who can't make their mortgage..with taxpayers money what does he have to lose?? He's got the system figured out!

[Mandelon]

Pretty good con artist if ya ask me. Since your goverment is ready to bail out people who can't make their mortgage..with taxpayers money what does he have to lose?? He's got the system figured out!
That's not what the bail out program is.....

[OC28HEAT]

I didn't mean to imply that we can't get a loan, we can pretty much sign for anything we want. My credit score is the same as yours and my wife's is in the 800s. But, like you said, the inquisition. I know people with sub 600 credit that decide to buy something and two days later they're done. I took me like 3 weeks to buy a $40,000 truck that I was preapproved for.
What you will see is that banks don't like to lend to people that don't need money. When I was in serviceing my boss always told me that you needed 3.5 % of your portfolio past due . That way you would get late charges and orther fees over and above the interest. It is not profitable to lend money to people that pay their bills. I pay my cards off every month. they get no interest from me. they only get the transaction fees from the sale merchant. When I buy a large ticket item I do the one year same as cash and then I send them a check every month for the amount borrowe divided by 11 so it is paid off in 11 months interest free money.