Quit whinning about bail outs

[DaCounselor]

LA_R – I don’t think that freezing the interest rate or in some other way modifying an existing purchase money loan would automatically change the characterization of the loan from non-recourse to recourse. I don’think this issue has been tested in the courts yet, and it very well may be down the road by some lenders who have modified purchase money loans. Nevertheless, my feeling is that a court would determine that modifications to a purchase money loan does not equate to a “re-finance” per se, and therefore the loan would remain non-recourse. Certainly anyone who agrees to a modification would want to pay close attention to any mod agreement they may be required to sign to determine if there is any language regarding recourse.

[ucodegen]

LA_R – I don’t think that freezing the interest rate or in some other way modifying an existing purchase money loan would automatically change the characterization of the loan from non-recourse to recourse.
The ones I have seen are really a no-cost refi, not a change in loan terms. It is put forth (advertised) as a loan modification, but paperwork looks like a no-cost refi… some even advise that you take a little money out (cash out) for emergency cushion. This cash out also allows them to charge an extra 0.25% to 0.5% on the rate. Admittedly, I have not seen all the ‘mods’ being done..

Certainly anyone who agrees to a modification would want to pay close attention to any mod agreement they may be required to sign to determine if there is any language regarding recourse.

As always Caveat Emptor..

[ucodegen]

LA_R – I don’t think that freezing the interest rate or in some other way modifying an existing purchase money loan would automatically change the characterization of the loan from non-recourse to recourse.
The ones I have seen are really a no-cost refi, not a change in loan terms. It is put forth (advertised) as a loan modification, but paperwork looks like a no-cost refi… some even advise that you take a little money out (cash out) for emergency cushion. This cash out also allows them to charge an extra 0.25% to 0.5% on the rate. Admittedly, I have not seen all the ‘mods’ being done..

Certainly anyone who agrees to a modification would want to pay close attention to any mod agreement they may be required to sign to determine if there is any language regarding recourse.

As always Caveat Emptor..

[ucodegen]

LA_R – I don’t think that freezing the interest rate or in some other way modifying an existing purchase money loan would automatically change the characterization of the loan from non-recourse to recourse.
The ones I have seen are really a no-cost refi, not a change in loan terms. It is put forth (advertised) as a loan modification, but paperwork looks like a no-cost refi… some even advise that you take a little money out (cash out) for emergency cushion. This cash out also allows them to charge an extra 0.25% to 0.5% on the rate. Admittedly, I have not seen all the ‘mods’ being done..

Certainly anyone who agrees to a modification would want to pay close attention to any mod agreement they may be required to sign to determine if there is any language regarding recourse.

As always Caveat Emptor..

[ucodegen]

LA_R – I don’t think that freezing the interest rate or in some other way modifying an existing purchase money loan would automatically change the characterization of the loan from non-recourse to recourse.
The ones I have seen are really a no-cost refi, not a change in loan terms. It is put forth (advertised) as a loan modification, but paperwork looks like a no-cost refi… some even advise that you take a little money out (cash out) for emergency cushion. This cash out also allows them to charge an extra 0.25% to 0.5% on the rate. Admittedly, I have not seen all the ‘mods’ being done..

Certainly anyone who agrees to a modification would want to pay close attention to any mod agreement they may be required to sign to determine if there is any language regarding recourse.

As always Caveat Emptor..

[ucodegen]

LA_R – I don’t think that freezing the interest rate or in some other way modifying an existing purchase money loan would automatically change the characterization of the loan from non-recourse to recourse.
The ones I have seen are really a no-cost refi, not a change in loan terms. It is put forth (advertised) as a loan modification, but paperwork looks like a no-cost refi… some even advise that you take a little money out (cash out) for emergency cushion. This cash out also allows them to charge an extra 0.25% to 0.5% on the rate. Admittedly, I have not seen all the ‘mods’ being done..

Certainly anyone who agrees to a modification would want to pay close attention to any mod agreement they may be required to sign to determine if there is any language regarding recourse.

As always Caveat Emptor..

[GoUSC]

Eballing is when a poster has no valid point to make to the OP so instead he will choose to show he has “claimed” financial superiority and therefore doesn’t care about what the OP is saying. And no Rustico, it was not directed at you. I think it’s pretty apparent who it was.

[GoUSC]

Eballing is when a poster has no valid point to make to the OP so instead he will choose to show he has “claimed” financial superiority and therefore doesn’t care about what the OP is saying. And no Rustico, it was not directed at you. I think it’s pretty apparent who it was.

[GoUSC]

Eballing is when a poster has no valid point to make to the OP so instead he will choose to show he has “claimed” financial superiority and therefore doesn’t care about what the OP is saying. And no Rustico, it was not directed at you. I think it’s pretty apparent who it was.

[GoUSC]

Eballing is when a poster has no valid point to make to the OP so instead he will choose to show he has “claimed” financial superiority and therefore doesn’t care about what the OP is saying. And no Rustico, it was not directed at you. I think it’s pretty apparent who it was.

[GoUSC]

Eballing is when a poster has no valid point to make to the OP so instead he will choose to show he has “claimed” financial superiority and therefore doesn’t care about what the OP is saying. And no Rustico, it was not directed at you. I think it’s pretty apparent who it was.

[Multiplepropertyowner]

I thought I would send you all a picture of me

http://alesrarus.funkydung.com/images/troll.jpg

[Multiplepropertyowner]

I thought I would send you all a picture of me

http://alesrarus.funkydung.com/images/troll.jpg

[Multiplepropertyowner]

I thought I would send you all a picture of me

http://alesrarus.funkydung.com/images/troll.jpg

[Multiplepropertyowner]

I thought I would send you all a picture of me

http://alesrarus.funkydung.com/images/troll.jpg

[Author]

Posts