The boat turns slowly

[bearishgurl]

[quote=surveyor][quote=andymajumder]The real winners have been people who bought in the late 1990s or 2000-2002 span and were able to refinance to the low rates now.[/quote]

That would describe me, but unfortunately my mortgage broker has just informed me that fannie mae will not let me refi since I have more than four property loans.

/sob[/quote]

This describes me as well, but I don’t presently have enough income to qualify for a refi. Fortunately my (option arm) COFI loan adjusts itself and is currently at 4.541%. It is completely recast once a year and has been/is amortizing very nicely, thank you.

I’m not sure these loan products are available anymore and if not, this is sad. They were very cheap to close and a godsend for responsible borrowers who required a limited-documentation program. I have had a least a half-dozen of these loans in my life and they have all served me well.

For the irresponsible or short-sighted borrower, these loans all ended in foreclosure or “trial mods,” no doubt amounting to a lifetime rent program.

[briansd1]

[quote=SD Realtor]Pretty funny that anyone could actually think or imply that govt intervention has been helpful for the housing market. If anything govt intervention has helped setup people for failure and painful foreclosures while coversely manipulating the market and making housing UNAFFORDABLE for those who are better prepared and more well qualified to buy a home.

Good thing our govt is watching our for us.
[/quote]

The government not watching out for us through the bubble is what set us up for failure.

People who watched the real estate market all knew that peak buyers would be in a very rude awakening.

The bubble is still bursting but the air is being let out slowly thanks to government intervention.

Do you want to kick people out onto the streets en masses while they are down? Or do you want to provide people some way to get by and get back up?

[briansd1]

[quote=SD Realtor]Pretty funny that anyone could actually think or imply that govt intervention has been helpful for the housing market. If anything govt intervention has helped setup people for failure and painful foreclosures while coversely manipulating the market and making housing UNAFFORDABLE for those who are better prepared and more well qualified to buy a home.

Good thing our govt is watching our for us.
[/quote]

The government not watching out for us through the bubble is what set us up for failure.

People who watched the real estate market all knew that peak buyers would be in a very rude awakening.

The bubble is still bursting but the air is being let out slowly thanks to government intervention.

Do you want to kick people out onto the streets en masses while they are down? Or do you want to provide people some way to get by and get back up?

[briansd1]

[quote=SD Realtor]Pretty funny that anyone could actually think or imply that govt intervention has been helpful for the housing market. If anything govt intervention has helped setup people for failure and painful foreclosures while coversely manipulating the market and making housing UNAFFORDABLE for those who are better prepared and more well qualified to buy a home.

Good thing our govt is watching our for us.
[/quote]

The government not watching out for us through the bubble is what set us up for failure.

People who watched the real estate market all knew that peak buyers would be in a very rude awakening.

The bubble is still bursting but the air is being let out slowly thanks to government intervention.

Do you want to kick people out onto the streets en masses while they are down? Or do you want to provide people some way to get by and get back up?

[briansd1]

[quote=SD Realtor]Pretty funny that anyone could actually think or imply that govt intervention has been helpful for the housing market. If anything govt intervention has helped setup people for failure and painful foreclosures while coversely manipulating the market and making housing UNAFFORDABLE for those who are better prepared and more well qualified to buy a home.

Good thing our govt is watching our for us.
[/quote]

The government not watching out for us through the bubble is what set us up for failure.

People who watched the real estate market all knew that peak buyers would be in a very rude awakening.

The bubble is still bursting but the air is being let out slowly thanks to government intervention.

Do you want to kick people out onto the streets en masses while they are down? Or do you want to provide people some way to get by and get back up?

[briansd1]

[quote=SD Realtor]Pretty funny that anyone could actually think or imply that govt intervention has been helpful for the housing market. If anything govt intervention has helped setup people for failure and painful foreclosures while coversely manipulating the market and making housing UNAFFORDABLE for those who are better prepared and more well qualified to buy a home.

Good thing our govt is watching our for us.
[/quote]

The government not watching out for us through the bubble is what set us up for failure.

People who watched the real estate market all knew that peak buyers would be in a very rude awakening.

The bubble is still bursting but the air is being let out slowly thanks to government intervention.

Do you want to kick people out onto the streets en masses while they are down? Or do you want to provide people some way to get by and get back up?

[Coronita]

[quote=bearishgurl]

This describes me as well, but I don’t presently have enough income to qualify for a refi. Fortunately my (option arm) COFI loan adjusts itself and is currently at 4.541%. It is completely recast once a year and has been/is amortizing very nicely, thank you.

I’m not sure these loan products are available anymore and if not, this is sad. They were very cheap to close and a godsend for responsible borrowers who required a limited-documentation program. I have had a least a half-dozen of these loans in my life and they have all served me well.

For the irresponsible or short-sighted borrower, these loans all ended in foreclosure or “trial mods,” no doubt amounting to a lifetime rent program.[/quote]

Mind if I ask what the terms of the loan are?

[Coronita]

[quote=bearishgurl]

This describes me as well, but I don’t presently have enough income to qualify for a refi. Fortunately my (option arm) COFI loan adjusts itself and is currently at 4.541%. It is completely recast once a year and has been/is amortizing very nicely, thank you.

I’m not sure these loan products are available anymore and if not, this is sad. They were very cheap to close and a godsend for responsible borrowers who required a limited-documentation program. I have had a least a half-dozen of these loans in my life and they have all served me well.

For the irresponsible or short-sighted borrower, these loans all ended in foreclosure or “trial mods,” no doubt amounting to a lifetime rent program.[/quote]

Mind if I ask what the terms of the loan are?

[Coronita]

[quote=bearishgurl]

This describes me as well, but I don’t presently have enough income to qualify for a refi. Fortunately my (option arm) COFI loan adjusts itself and is currently at 4.541%. It is completely recast once a year and has been/is amortizing very nicely, thank you.

I’m not sure these loan products are available anymore and if not, this is sad. They were very cheap to close and a godsend for responsible borrowers who required a limited-documentation program. I have had a least a half-dozen of these loans in my life and they have all served me well.

For the irresponsible or short-sighted borrower, these loans all ended in foreclosure or “trial mods,” no doubt amounting to a lifetime rent program.[/quote]

Mind if I ask what the terms of the loan are?

[Coronita]

[quote=bearishgurl]

This describes me as well, but I don’t presently have enough income to qualify for a refi. Fortunately my (option arm) COFI loan adjusts itself and is currently at 4.541%. It is completely recast once a year and has been/is amortizing very nicely, thank you.

I’m not sure these loan products are available anymore and if not, this is sad. They were very cheap to close and a godsend for responsible borrowers who required a limited-documentation program. I have had a least a half-dozen of these loans in my life and they have all served me well.

For the irresponsible or short-sighted borrower, these loans all ended in foreclosure or “trial mods,” no doubt amounting to a lifetime rent program.[/quote]

Mind if I ask what the terms of the loan are?

[Coronita]

[quote=bearishgurl]

This describes me as well, but I don’t presently have enough income to qualify for a refi. Fortunately my (option arm) COFI loan adjusts itself and is currently at 4.541%. It is completely recast once a year and has been/is amortizing very nicely, thank you.

I’m not sure these loan products are available anymore and if not, this is sad. They were very cheap to close and a godsend for responsible borrowers who required a limited-documentation program. I have had a least a half-dozen of these loans in my life and they have all served me well.

For the irresponsible or short-sighted borrower, these loans all ended in foreclosure or “trial mods,” no doubt amounting to a lifetime rent program.[/quote]

Mind if I ask what the terms of the loan are?

[UCGal]

Thanks for clarifying.
I watch the auction results (check daily after the dust settles to see what went back to the bank, what went to third parties)… you’re right that a lot of the third party sales have pretty “frothy” sales prices… at least in the areas I pay attention to. Prices that seem to have no “cash discount” or “risk discount” in them. It’s surprised me quite a bit. I’ve also seen some bank set opening bids that are really stratospheric.

I know you’ve got runners down at the steps these days, so you may not have this info…. Does your group see more wannabe investors, or are some of the bids coming from people who want the house to live in?

[UCGal]

Thanks for clarifying.
I watch the auction results (check daily after the dust settles to see what went back to the bank, what went to third parties)… you’re right that a lot of the third party sales have pretty “frothy” sales prices… at least in the areas I pay attention to. Prices that seem to have no “cash discount” or “risk discount” in them. It’s surprised me quite a bit. I’ve also seen some bank set opening bids that are really stratospheric.

I know you’ve got runners down at the steps these days, so you may not have this info…. Does your group see more wannabe investors, or are some of the bids coming from people who want the house to live in?

[UCGal]

Thanks for clarifying.
I watch the auction results (check daily after the dust settles to see what went back to the bank, what went to third parties)… you’re right that a lot of the third party sales have pretty “frothy” sales prices… at least in the areas I pay attention to. Prices that seem to have no “cash discount” or “risk discount” in them. It’s surprised me quite a bit. I’ve also seen some bank set opening bids that are really stratospheric.

I know you’ve got runners down at the steps these days, so you may not have this info…. Does your group see more wannabe investors, or are some of the bids coming from people who want the house to live in?

[UCGal]

Thanks for clarifying.
I watch the auction results (check daily after the dust settles to see what went back to the bank, what went to third parties)… you’re right that a lot of the third party sales have pretty “frothy” sales prices… at least in the areas I pay attention to. Prices that seem to have no “cash discount” or “risk discount” in them. It’s surprised me quite a bit. I’ve also seen some bank set opening bids that are really stratospheric.

I know you’ve got runners down at the steps these days, so you may not have this info…. Does your group see more wannabe investors, or are some of the bids coming from people who want the house to live in?

[Author]

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