Who is Lowering Rates?

[dontfollowtheherd]

That’s a big key for driving any sales for those who can qualify but it seems like everyone is banking the spread from the fed funds rate to try and make up what they’ve lost and will continue to lose over the next few years. I don’t see any great rates out there – most 15 year conformings are in the 5.25 – 5.50% range with a point or two. The 30 year fixed are about half point higher. If the summer #’s come in as bad as I expect them to the reality is going to hit some homeowners very hard and the holdouts are going to start buckling under pretty quick. A friend of mine got laid off by Indymac on Friday and he says it’s going to get much uglier than anyone thinks.

[dontfollowtheherd]

Got this in an e-mail recently from an OC finance firm:

HOME EQUITY LINE OF CREDIT UPDATE
Four lenders to date, that we are aware of, have frozen home equity lines of credit and more lenders most likely will follow. ***COUNTRYWIDE, WELLS FARGO, CITIBANK, Washington Mutual ***

If you are in the middle of a home improvement project, or need this money for emergency, now or in the next 12-36 months, you may need to act fast. One client who talked to Citibank corporate in O’Fallon, MO. (St. Louis) was told that a special department was sending out volumes of Equity Line “REDUCTION” Letters. What you have used is used. What is still available may be frozen.

This has nothing to do with payment history, your credit, or anything else you have done, but simply a move to minimize continued risk in declining real estate markets. While I am not giving you advice here, you do have the contractual & legal right to pull what money you want out. Of course you can obtain advice from your financial advisor as far as the best location later. Obviously, interest will be due on the money you pull out. But if you need the money now or later, it may not be available when you want it, at least in these current economic times.

It is not determined whether all lines are being looked at or just those that have very little current equity and/or the loan to value position is high.

Feel free to call me with questions or a review of your current situation.

BTW – Citibank has sent me e-mails and snail mail offers to refinance so I’m not sure of the accuracy of this person’s report.

My daughter is trying to buy an REO property near Hillcrest. Any lenders down that way have aggressive funding going on?

[dontfollowtheherd]

Got this in an e-mail recently from an OC finance firm:

HOME EQUITY LINE OF CREDIT UPDATE
Four lenders to date, that we are aware of, have frozen home equity lines of credit and more lenders most likely will follow. ***COUNTRYWIDE, WELLS FARGO, CITIBANK, Washington Mutual ***

If you are in the middle of a home improvement project, or need this money for emergency, now or in the next 12-36 months, you may need to act fast. One client who talked to Citibank corporate in O’Fallon, MO. (St. Louis) was told that a special department was sending out volumes of Equity Line “REDUCTION” Letters. What you have used is used. What is still available may be frozen.

This has nothing to do with payment history, your credit, or anything else you have done, but simply a move to minimize continued risk in declining real estate markets. While I am not giving you advice here, you do have the contractual & legal right to pull what money you want out. Of course you can obtain advice from your financial advisor as far as the best location later. Obviously, interest will be due on the money you pull out. But if you need the money now or later, it may not be available when you want it, at least in these current economic times.

It is not determined whether all lines are being looked at or just those that have very little current equity and/or the loan to value position is high.

Feel free to call me with questions or a review of your current situation.

BTW – Citibank has sent me e-mails and snail mail offers to refinance so I’m not sure of the accuracy of this person’s report.

My daughter is trying to buy an REO property near Hillcrest. Any lenders down that way have aggressive funding going on?

[dontfollowtheherd]

Got this in an e-mail recently from an OC finance firm:

HOME EQUITY LINE OF CREDIT UPDATE
Four lenders to date, that we are aware of, have frozen home equity lines of credit and more lenders most likely will follow. ***COUNTRYWIDE, WELLS FARGO, CITIBANK, Washington Mutual ***

If you are in the middle of a home improvement project, or need this money for emergency, now or in the next 12-36 months, you may need to act fast. One client who talked to Citibank corporate in O’Fallon, MO. (St. Louis) was told that a special department was sending out volumes of Equity Line “REDUCTION” Letters. What you have used is used. What is still available may be frozen.

This has nothing to do with payment history, your credit, or anything else you have done, but simply a move to minimize continued risk in declining real estate markets. While I am not giving you advice here, you do have the contractual & legal right to pull what money you want out. Of course you can obtain advice from your financial advisor as far as the best location later. Obviously, interest will be due on the money you pull out. But if you need the money now or later, it may not be available when you want it, at least in these current economic times.

It is not determined whether all lines are being looked at or just those that have very little current equity and/or the loan to value position is high.

Feel free to call me with questions or a review of your current situation.

BTW – Citibank has sent me e-mails and snail mail offers to refinance so I’m not sure of the accuracy of this person’s report.

My daughter is trying to buy an REO property near Hillcrest. Any lenders down that way have aggressive funding going on?

[dontfollowtheherd]

Got this in an e-mail recently from an OC finance firm:

HOME EQUITY LINE OF CREDIT UPDATE
Four lenders to date, that we are aware of, have frozen home equity lines of credit and more lenders most likely will follow. ***COUNTRYWIDE, WELLS FARGO, CITIBANK, Washington Mutual ***

If you are in the middle of a home improvement project, or need this money for emergency, now or in the next 12-36 months, you may need to act fast. One client who talked to Citibank corporate in O’Fallon, MO. (St. Louis) was told that a special department was sending out volumes of Equity Line “REDUCTION” Letters. What you have used is used. What is still available may be frozen.

This has nothing to do with payment history, your credit, or anything else you have done, but simply a move to minimize continued risk in declining real estate markets. While I am not giving you advice here, you do have the contractual & legal right to pull what money you want out. Of course you can obtain advice from your financial advisor as far as the best location later. Obviously, interest will be due on the money you pull out. But if you need the money now or later, it may not be available when you want it, at least in these current economic times.

It is not determined whether all lines are being looked at or just those that have very little current equity and/or the loan to value position is high.

Feel free to call me with questions or a review of your current situation.

BTW – Citibank has sent me e-mails and snail mail offers to refinance so I’m not sure of the accuracy of this person’s report.

My daughter is trying to buy an REO property near Hillcrest. Any lenders down that way have aggressive funding going on?

[dontfollowtheherd]

Got this in an e-mail recently from an OC finance firm:

HOME EQUITY LINE OF CREDIT UPDATE
Four lenders to date, that we are aware of, have frozen home equity lines of credit and more lenders most likely will follow. ***COUNTRYWIDE, WELLS FARGO, CITIBANK, Washington Mutual ***

If you are in the middle of a home improvement project, or need this money for emergency, now or in the next 12-36 months, you may need to act fast. One client who talked to Citibank corporate in O’Fallon, MO. (St. Louis) was told that a special department was sending out volumes of Equity Line “REDUCTION” Letters. What you have used is used. What is still available may be frozen.

This has nothing to do with payment history, your credit, or anything else you have done, but simply a move to minimize continued risk in declining real estate markets. While I am not giving you advice here, you do have the contractual & legal right to pull what money you want out. Of course you can obtain advice from your financial advisor as far as the best location later. Obviously, interest will be due on the money you pull out. But if you need the money now or later, it may not be available when you want it, at least in these current economic times.

It is not determined whether all lines are being looked at or just those that have very little current equity and/or the loan to value position is high.

Feel free to call me with questions or a review of your current situation.

BTW – Citibank has sent me e-mails and snail mail offers to refinance so I’m not sure of the accuracy of this person’s report.

My daughter is trying to buy an REO property near Hillcrest. Any lenders down that way have aggressive funding going on?

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