Forum Replies Created
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AuthorPosts
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bearishgurl
Participant[quote=UCGal]Eavesdropper… we must be the same generation (the older-than-dirt generation.) I also moved out as soon as I could with low expectations of working plumbing… and also get disgusted seeing the house hunters episodes that imply double sinks and granite are “minimum” standards.
And I also spent my high school years listening to the Ramones… but here in San Diego. Gabba Gabba Hey![/quote]
If you guys are older than dirt, than I must be petrified wood.
Like eavesdropper,I got my own place when I was 18, a couple of mos. BEFORE my HS graduation.
My first (1br) apt. ($140 mo.) in Denver had avocado green shag carpeting with matching appls. and bean bag chairs with green striped wallpaper in the “Dining area” which matched my green/brown striped vinyl 5 pc. dinette perfectly! To complement my “decorating scheme” I had two black velvet posters in the living room with black (purple) light tubes shining on them, a giant orange-ball lamp on a chain hanging from the ceiling, two floor-to-ceiling beaded macrame plant hangers with “lush” spider plants in them made by my bestest friends. The only things of value in there were my two 3′ high JBL wood floor speakers, my Harmon Kardon reciever, my “Technics” strobe-lighted turntable and my extensive collection of LPs all showcased in a fabuloso plywood and cinder-block “entertainment center” assembled by me. The landlord let me paint the baseboards and moulding green, as well.
My first apt. in SD was a lg. studio with a brass Murphy bed and hot-water heat near Laurel St. It had a panoramic view of the bay and I-5, quonset huts, underbellies of jets, and SDGE incl. for $140 mo. Later, I rented a two-car “tandem” gar. on Albatross for $50 mo. Whenever a plane flew over our roof antenna, my TV screen would turn to “snow” – LOL! My building didn’t have access to “Mission Cable” at the time.
Participant[quote=UCGal]Eavesdropper… we must be the same generation (the older-than-dirt generation.) I also moved out as soon as I could with low expectations of working plumbing… and also get disgusted seeing the house hunters episodes that imply double sinks and granite are “minimum” standards.
And I also spent my high school years listening to the Ramones… but here in San Diego. Gabba Gabba Hey![/quote]
If you guys are older than dirt, than I must be petrified wood.
Like eavesdropper,I got my own place when I was 18, a couple of mos. BEFORE my HS graduation.
My first (1br) apt. ($140 mo.) in Denver had avocado green shag carpeting with matching appls. and bean bag chairs with green striped wallpaper in the “Dining area” which matched my green/brown striped vinyl 5 pc. dinette perfectly! To complement my “decorating scheme” I had two black velvet posters in the living room with black (purple) light tubes shining on them, a giant orange-ball lamp on a chain hanging from the ceiling, two floor-to-ceiling beaded macrame plant hangers with “lush” spider plants in them made by my bestest friends. The only things of value in there were my two 3′ high JBL wood floor speakers, my Harmon Kardon reciever, my “Technics” strobe-lighted turntable and my extensive collection of LPs all showcased in a fabuloso plywood and cinder-block “entertainment center” assembled by me. The landlord let me paint the baseboards and moulding green, as well.
My first apt. in SD was a lg. studio with a brass Murphy bed and hot-water heat near Laurel St. It had a panoramic view of the bay and I-5, quonset huts, underbellies of jets, and SDGE incl. for $140 mo. Later, I rented a two-car “tandem” gar. on Albatross for $50 mo. Whenever a plane flew over our roof antenna, my TV screen would turn to “snow” – LOL! My building didn’t have access to “Mission Cable” at the time.
Participant[quote=toots] . . . I am not inclined to take his financial advice considering he’s on his second bankruptcy in 15 years. The only reason I know about the 1st bankruptcy is my dad bailed him out and put it in his will to subtract the amount from my brother’s inheritance(he died 10 years ago and I was given a copy of his will; maybe that’s why my mom has no savings). My brother is executor. My dad must have turned a few times in his grave. . .
He tells me all the repairs will cost in the 20 30K range (not just the roof).[/quote]
[quote=eavesdropper] . . . I’d get to your mom’s house as soon as possible, consult an attorney, and make sure that your mom has not signed anything over to your brother. Her local senior services office may be able to direct you to experts who are well-versed in the financial problems of senior citizens. The local district attorney may have programs that can assist you in identifying signs of fraud, and in providing information on scams that target seniors.
If your mom has already made your brother executor of her estate with power of attorney, you may not be able to change her mind. But you may have to be brutally honest with her, and paint a picture of what could happen if she continues to trust him (i.e., house could be sold from under her, she could end up in a seriously substandard nursing home, etc.)
If your mom needs money for living expenses, and for paying annual property taxes (as my mother does), in addition to the home repairs, the RM may be the way to go. If you go with the HELOC, read all the fine print, and (as someone else on this thread advised) make sure that there are adequate assets to make the payment each month, or you could find out, after the fact, that the property has been sold out from under your mom. No matter what, I would sit down and make up a ten-year plan with budget, to see if the up-front costs of a RM are worthwhile, or if the HELOC will be adequate for your mom’s needs.
And I don’t know whether it’s an option, but if you can forget about the “inheritance” aspect, and just concentrate on working out how your mom is going to live for the remainder of her days on the assets she has, it may make it less complicated for you. Make sure that you include a variety of scenarios, such as what happens if your mother suffers a broken hip that requires skilled nursing care for 2 or 3 months as opposed to an incapacitating stroke that could rapidly eat up all her assets (I wouldn’t count on your brother providing in-home care, no matter what he says). Also, find out what your mother’s state rules are regarding tapping into the assets of her children to pay for her care, and also her assets.
Best of luck to you. Your instincts are spot-on: don’t trust your brother.[/quote]
I totally agree with eavesdropper here, but did not mention the DA Elder Abuse Unit (don’t know what is avail. where your mom lives) because you don’t yet have any proof that fraud is going on.
toots, if you will pm me (I will get you the records for your brother’s 2 BK’s (including lists of creditors and amts. discharged) from my PACER acct. for .08 pg. that you can use to share with your mom (if she’s able to understand it) along with your copy of your dad’s will to refresh her memory. You will have to get her out the house under the guise of taking her to lunch or shopping. You can also share this info with her local attorney or county aging specialists for use as a motive if you find your brother has been writing big checks to himself for cash or buying himself things on her checking acct. BK records are public.
I hate to see this kind of thing going on.
Participant[quote=toots] . . . I am not inclined to take his financial advice considering he’s on his second bankruptcy in 15 years. The only reason I know about the 1st bankruptcy is my dad bailed him out and put it in his will to subtract the amount from my brother’s inheritance(he died 10 years ago and I was given a copy of his will; maybe that’s why my mom has no savings). My brother is executor. My dad must have turned a few times in his grave. . .
He tells me all the repairs will cost in the 20 30K range (not just the roof).[/quote]
[quote=eavesdropper] . . . I’d get to your mom’s house as soon as possible, consult an attorney, and make sure that your mom has not signed anything over to your brother. Her local senior services office may be able to direct you to experts who are well-versed in the financial problems of senior citizens. The local district attorney may have programs that can assist you in identifying signs of fraud, and in providing information on scams that target seniors.
If your mom has already made your brother executor of her estate with power of attorney, you may not be able to change her mind. But you may have to be brutally honest with her, and paint a picture of what could happen if she continues to trust him (i.e., house could be sold from under her, she could end up in a seriously substandard nursing home, etc.)
If your mom needs money for living expenses, and for paying annual property taxes (as my mother does), in addition to the home repairs, the RM may be the way to go. If you go with the HELOC, read all the fine print, and (as someone else on this thread advised) make sure that there are adequate assets to make the payment each month, or you could find out, after the fact, that the property has been sold out from under your mom. No matter what, I would sit down and make up a ten-year plan with budget, to see if the up-front costs of a RM are worthwhile, or if the HELOC will be adequate for your mom’s needs.
And I don’t know whether it’s an option, but if you can forget about the “inheritance” aspect, and just concentrate on working out how your mom is going to live for the remainder of her days on the assets she has, it may make it less complicated for you. Make sure that you include a variety of scenarios, such as what happens if your mother suffers a broken hip that requires skilled nursing care for 2 or 3 months as opposed to an incapacitating stroke that could rapidly eat up all her assets (I wouldn’t count on your brother providing in-home care, no matter what he says). Also, find out what your mother’s state rules are regarding tapping into the assets of her children to pay for her care, and also her assets.
Best of luck to you. Your instincts are spot-on: don’t trust your brother.[/quote]
I totally agree with eavesdropper here, but did not mention the DA Elder Abuse Unit (don’t know what is avail. where your mom lives) because you don’t yet have any proof that fraud is going on.
toots, if you will pm me (I will get you the records for your brother’s 2 BK’s (including lists of creditors and amts. discharged) from my PACER acct. for .08 pg. that you can use to share with your mom (if she’s able to understand it) along with your copy of your dad’s will to refresh her memory. You will have to get her out the house under the guise of taking her to lunch or shopping. You can also share this info with her local attorney or county aging specialists for use as a motive if you find your brother has been writing big checks to himself for cash or buying himself things on her checking acct. BK records are public.
I hate to see this kind of thing going on.
Participant[quote=toots] . . . I am not inclined to take his financial advice considering he’s on his second bankruptcy in 15 years. The only reason I know about the 1st bankruptcy is my dad bailed him out and put it in his will to subtract the amount from my brother’s inheritance(he died 10 years ago and I was given a copy of his will; maybe that’s why my mom has no savings). My brother is executor. My dad must have turned a few times in his grave. . .
He tells me all the repairs will cost in the 20 30K range (not just the roof).[/quote]
[quote=eavesdropper] . . . I’d get to your mom’s house as soon as possible, consult an attorney, and make sure that your mom has not signed anything over to your brother. Her local senior services office may be able to direct you to experts who are well-versed in the financial problems of senior citizens. The local district attorney may have programs that can assist you in identifying signs of fraud, and in providing information on scams that target seniors.
If your mom has already made your brother executor of her estate with power of attorney, you may not be able to change her mind. But you may have to be brutally honest with her, and paint a picture of what could happen if she continues to trust him (i.e., house could be sold from under her, she could end up in a seriously substandard nursing home, etc.)
If your mom needs money for living expenses, and for paying annual property taxes (as my mother does), in addition to the home repairs, the RM may be the way to go. If you go with the HELOC, read all the fine print, and (as someone else on this thread advised) make sure that there are adequate assets to make the payment each month, or you could find out, after the fact, that the property has been sold out from under your mom. No matter what, I would sit down and make up a ten-year plan with budget, to see if the up-front costs of a RM are worthwhile, or if the HELOC will be adequate for your mom’s needs.
And I don’t know whether it’s an option, but if you can forget about the “inheritance” aspect, and just concentrate on working out how your mom is going to live for the remainder of her days on the assets she has, it may make it less complicated for you. Make sure that you include a variety of scenarios, such as what happens if your mother suffers a broken hip that requires skilled nursing care for 2 or 3 months as opposed to an incapacitating stroke that could rapidly eat up all her assets (I wouldn’t count on your brother providing in-home care, no matter what he says). Also, find out what your mother’s state rules are regarding tapping into the assets of her children to pay for her care, and also her assets.
Best of luck to you. Your instincts are spot-on: don’t trust your brother.[/quote]
I totally agree with eavesdropper here, but did not mention the DA Elder Abuse Unit (don’t know what is avail. where your mom lives) because you don’t yet have any proof that fraud is going on.
toots, if you will pm me (I will get you the records for your brother’s 2 BK’s (including lists of creditors and amts. discharged) from my PACER acct. for .08 pg. that you can use to share with your mom (if she’s able to understand it) along with your copy of your dad’s will to refresh her memory. You will have to get her out the house under the guise of taking her to lunch or shopping. You can also share this info with her local attorney or county aging specialists for use as a motive if you find your brother has been writing big checks to himself for cash or buying himself things on her checking acct. BK records are public.
I hate to see this kind of thing going on.
Participant[quote=toots] . . . I am not inclined to take his financial advice considering he’s on his second bankruptcy in 15 years. The only reason I know about the 1st bankruptcy is my dad bailed him out and put it in his will to subtract the amount from my brother’s inheritance(he died 10 years ago and I was given a copy of his will; maybe that’s why my mom has no savings). My brother is executor. My dad must have turned a few times in his grave. . .
He tells me all the repairs will cost in the 20 30K range (not just the roof).[/quote]
[quote=eavesdropper] . . . I’d get to your mom’s house as soon as possible, consult an attorney, and make sure that your mom has not signed anything over to your brother. Her local senior services office may be able to direct you to experts who are well-versed in the financial problems of senior citizens. The local district attorney may have programs that can assist you in identifying signs of fraud, and in providing information on scams that target seniors.
If your mom has already made your brother executor of her estate with power of attorney, you may not be able to change her mind. But you may have to be brutally honest with her, and paint a picture of what could happen if she continues to trust him (i.e., house could be sold from under her, she could end up in a seriously substandard nursing home, etc.)
If your mom needs money for living expenses, and for paying annual property taxes (as my mother does), in addition to the home repairs, the RM may be the way to go. If you go with the HELOC, read all the fine print, and (as someone else on this thread advised) make sure that there are adequate assets to make the payment each month, or you could find out, after the fact, that the property has been sold out from under your mom. No matter what, I would sit down and make up a ten-year plan with budget, to see if the up-front costs of a RM are worthwhile, or if the HELOC will be adequate for your mom’s needs.
And I don’t know whether it’s an option, but if you can forget about the “inheritance” aspect, and just concentrate on working out how your mom is going to live for the remainder of her days on the assets she has, it may make it less complicated for you. Make sure that you include a variety of scenarios, such as what happens if your mother suffers a broken hip that requires skilled nursing care for 2 or 3 months as opposed to an incapacitating stroke that could rapidly eat up all her assets (I wouldn’t count on your brother providing in-home care, no matter what he says). Also, find out what your mother’s state rules are regarding tapping into the assets of her children to pay for her care, and also her assets.
Best of luck to you. Your instincts are spot-on: don’t trust your brother.[/quote]
I totally agree with eavesdropper here, but did not mention the DA Elder Abuse Unit (don’t know what is avail. where your mom lives) because you don’t yet have any proof that fraud is going on.
toots, if you will pm me (I will get you the records for your brother’s 2 BK’s (including lists of creditors and amts. discharged) from my PACER acct. for .08 pg. that you can use to share with your mom (if she’s able to understand it) along with your copy of your dad’s will to refresh her memory. You will have to get her out the house under the guise of taking her to lunch or shopping. You can also share this info with her local attorney or county aging specialists for use as a motive if you find your brother has been writing big checks to himself for cash or buying himself things on her checking acct. BK records are public.
I hate to see this kind of thing going on.
Participant[quote=toots] . . . I am not inclined to take his financial advice considering he’s on his second bankruptcy in 15 years. The only reason I know about the 1st bankruptcy is my dad bailed him out and put it in his will to subtract the amount from my brother’s inheritance(he died 10 years ago and I was given a copy of his will; maybe that’s why my mom has no savings). My brother is executor. My dad must have turned a few times in his grave. . .
He tells me all the repairs will cost in the 20 30K range (not just the roof).[/quote]
[quote=eavesdropper] . . . I’d get to your mom’s house as soon as possible, consult an attorney, and make sure that your mom has not signed anything over to your brother. Her local senior services office may be able to direct you to experts who are well-versed in the financial problems of senior citizens. The local district attorney may have programs that can assist you in identifying signs of fraud, and in providing information on scams that target seniors.
If your mom has already made your brother executor of her estate with power of attorney, you may not be able to change her mind. But you may have to be brutally honest with her, and paint a picture of what could happen if she continues to trust him (i.e., house could be sold from under her, she could end up in a seriously substandard nursing home, etc.)
If your mom needs money for living expenses, and for paying annual property taxes (as my mother does), in addition to the home repairs, the RM may be the way to go. If you go with the HELOC, read all the fine print, and (as someone else on this thread advised) make sure that there are adequate assets to make the payment each month, or you could find out, after the fact, that the property has been sold out from under your mom. No matter what, I would sit down and make up a ten-year plan with budget, to see if the up-front costs of a RM are worthwhile, or if the HELOC will be adequate for your mom’s needs.
And I don’t know whether it’s an option, but if you can forget about the “inheritance” aspect, and just concentrate on working out how your mom is going to live for the remainder of her days on the assets she has, it may make it less complicated for you. Make sure that you include a variety of scenarios, such as what happens if your mother suffers a broken hip that requires skilled nursing care for 2 or 3 months as opposed to an incapacitating stroke that could rapidly eat up all her assets (I wouldn’t count on your brother providing in-home care, no matter what he says). Also, find out what your mother’s state rules are regarding tapping into the assets of her children to pay for her care, and also her assets.
Best of luck to you. Your instincts are spot-on: don’t trust your brother.[/quote]
I totally agree with eavesdropper here, but did not mention the DA Elder Abuse Unit (don’t know what is avail. where your mom lives) because you don’t yet have any proof that fraud is going on.
toots, if you will pm me (I will get you the records for your brother’s 2 BK’s (including lists of creditors and amts. discharged) from my PACER acct. for .08 pg. that you can use to share with your mom (if she’s able to understand it) along with your copy of your dad’s will to refresh her memory. You will have to get her out the house under the guise of taking her to lunch or shopping. You can also share this info with her local attorney or county aging specialists for use as a motive if you find your brother has been writing big checks to himself for cash or buying himself things on her checking acct. BK records are public.
I hate to see this kind of thing going on.
Participant[quote=HLS]. . . FHA is the ONLY game in town with a crappy credit score. With only 5% down you need 700+ with F/F.
FHA will allow much lower scores but you will also pay 2.25% funding fee up fron with FHA.
The funding fee can be added to the 96.50% loan.
The MI will be paid over the life of the loan. On any FHA loan MI is currently mandatory for 5 years, regardless of equity . . .The purpose ? To sell homes to foolish people who don’t realize that they are overpaying because this idiotic financing is available.
The govt relies on uneducated, financially illiterate homebuyers to keep the Ponzi scheme going.
Why else would they limit loan mods to 31% of income BUT approve new buyers at up to 50% of their income? Only to stretch out the fall in prices, expecting a large % to default in the future.F/F are losing billions, FHA cannot be far behind. Most FHA losses are being covered up like cat poop in a litter box. 100% of the losses are on loans originated in the last 5 years, but an easy modification avoids booking the loss. Extend and pretend. Perpetuate the myth.
The American dream has turned into a nightmare for many. George Carlin said it best, “You’d have to be asleep to believe it”
If FHA didn’t exist, housing prices would be lower.[/quote]
Thanks, HLS, I didn’t realize FHA accepted low credit scores. I guess since there’s no “subprime” market anymore and FHA’s loan limit is so high, these bad risks can now use FHA.
I still don’t understand how borrowers think paying the MMI (and “funding fee,” if applic.) is a good deal.
Why would ANYONE want to buy property with only 3.5% down?? Why not just RENT and save more $$ and later obtain a loan with better TERMS??
The FHA program rules are defeating the apparent “movement” to get solvent borrowers in properties who will not be “underwater” again a minute and a half after escrow closes.
It’s just mind boggling!!
Participant[quote=HLS]. . . FHA is the ONLY game in town with a crappy credit score. With only 5% down you need 700+ with F/F.
FHA will allow much lower scores but you will also pay 2.25% funding fee up fron with FHA.
The funding fee can be added to the 96.50% loan.
The MI will be paid over the life of the loan. On any FHA loan MI is currently mandatory for 5 years, regardless of equity . . .The purpose ? To sell homes to foolish people who don’t realize that they are overpaying because this idiotic financing is available.
The govt relies on uneducated, financially illiterate homebuyers to keep the Ponzi scheme going.
Why else would they limit loan mods to 31% of income BUT approve new buyers at up to 50% of their income? Only to stretch out the fall in prices, expecting a large % to default in the future.F/F are losing billions, FHA cannot be far behind. Most FHA losses are being covered up like cat poop in a litter box. 100% of the losses are on loans originated in the last 5 years, but an easy modification avoids booking the loss. Extend and pretend. Perpetuate the myth.
The American dream has turned into a nightmare for many. George Carlin said it best, “You’d have to be asleep to believe it”
If FHA didn’t exist, housing prices would be lower.[/quote]
Thanks, HLS, I didn’t realize FHA accepted low credit scores. I guess since there’s no “subprime” market anymore and FHA’s loan limit is so high, these bad risks can now use FHA.
I still don’t understand how borrowers think paying the MMI (and “funding fee,” if applic.) is a good deal.
Why would ANYONE want to buy property with only 3.5% down?? Why not just RENT and save more $$ and later obtain a loan with better TERMS??
The FHA program rules are defeating the apparent “movement” to get solvent borrowers in properties who will not be “underwater” again a minute and a half after escrow closes.
It’s just mind boggling!!
Participant[quote=HLS]. . . FHA is the ONLY game in town with a crappy credit score. With only 5% down you need 700+ with F/F.
FHA will allow much lower scores but you will also pay 2.25% funding fee up fron with FHA.
The funding fee can be added to the 96.50% loan.
The MI will be paid over the life of the loan. On any FHA loan MI is currently mandatory for 5 years, regardless of equity . . .The purpose ? To sell homes to foolish people who don’t realize that they are overpaying because this idiotic financing is available.
The govt relies on uneducated, financially illiterate homebuyers to keep the Ponzi scheme going.
Why else would they limit loan mods to 31% of income BUT approve new buyers at up to 50% of their income? Only to stretch out the fall in prices, expecting a large % to default in the future.F/F are losing billions, FHA cannot be far behind. Most FHA losses are being covered up like cat poop in a litter box. 100% of the losses are on loans originated in the last 5 years, but an easy modification avoids booking the loss. Extend and pretend. Perpetuate the myth.
The American dream has turned into a nightmare for many. George Carlin said it best, “You’d have to be asleep to believe it”
If FHA didn’t exist, housing prices would be lower.[/quote]
Thanks, HLS, I didn’t realize FHA accepted low credit scores. I guess since there’s no “subprime” market anymore and FHA’s loan limit is so high, these bad risks can now use FHA.
I still don’t understand how borrowers think paying the MMI (and “funding fee,” if applic.) is a good deal.
Why would ANYONE want to buy property with only 3.5% down?? Why not just RENT and save more $$ and later obtain a loan with better TERMS??
The FHA program rules are defeating the apparent “movement” to get solvent borrowers in properties who will not be “underwater” again a minute and a half after escrow closes.
It’s just mind boggling!!
Participant[quote=HLS]. . . FHA is the ONLY game in town with a crappy credit score. With only 5% down you need 700+ with F/F.
FHA will allow much lower scores but you will also pay 2.25% funding fee up fron with FHA.
The funding fee can be added to the 96.50% loan.
The MI will be paid over the life of the loan. On any FHA loan MI is currently mandatory for 5 years, regardless of equity . . .The purpose ? To sell homes to foolish people who don’t realize that they are overpaying because this idiotic financing is available.
The govt relies on uneducated, financially illiterate homebuyers to keep the Ponzi scheme going.
Why else would they limit loan mods to 31% of income BUT approve new buyers at up to 50% of their income? Only to stretch out the fall in prices, expecting a large % to default in the future.F/F are losing billions, FHA cannot be far behind. Most FHA losses are being covered up like cat poop in a litter box. 100% of the losses are on loans originated in the last 5 years, but an easy modification avoids booking the loss. Extend and pretend. Perpetuate the myth.
The American dream has turned into a nightmare for many. George Carlin said it best, “You’d have to be asleep to believe it”
If FHA didn’t exist, housing prices would be lower.[/quote]
Thanks, HLS, I didn’t realize FHA accepted low credit scores. I guess since there’s no “subprime” market anymore and FHA’s loan limit is so high, these bad risks can now use FHA.
I still don’t understand how borrowers think paying the MMI (and “funding fee,” if applic.) is a good deal.
Why would ANYONE want to buy property with only 3.5% down?? Why not just RENT and save more $$ and later obtain a loan with better TERMS??
The FHA program rules are defeating the apparent “movement” to get solvent borrowers in properties who will not be “underwater” again a minute and a half after escrow closes.
It’s just mind boggling!!
Participant[quote=HLS]. . . FHA is the ONLY game in town with a crappy credit score. With only 5% down you need 700+ with F/F.
FHA will allow much lower scores but you will also pay 2.25% funding fee up fron with FHA.
The funding fee can be added to the 96.50% loan.
The MI will be paid over the life of the loan. On any FHA loan MI is currently mandatory for 5 years, regardless of equity . . .The purpose ? To sell homes to foolish people who don’t realize that they are overpaying because this idiotic financing is available.
The govt relies on uneducated, financially illiterate homebuyers to keep the Ponzi scheme going.
Why else would they limit loan mods to 31% of income BUT approve new buyers at up to 50% of their income? Only to stretch out the fall in prices, expecting a large % to default in the future.F/F are losing billions, FHA cannot be far behind. Most FHA losses are being covered up like cat poop in a litter box. 100% of the losses are on loans originated in the last 5 years, but an easy modification avoids booking the loss. Extend and pretend. Perpetuate the myth.
The American dream has turned into a nightmare for many. George Carlin said it best, “You’d have to be asleep to believe it”
If FHA didn’t exist, housing prices would be lower.[/quote]
Thanks, HLS, I didn’t realize FHA accepted low credit scores. I guess since there’s no “subprime” market anymore and FHA’s loan limit is so high, these bad risks can now use FHA.
I still don’t understand how borrowers think paying the MMI (and “funding fee,” if applic.) is a good deal.
Why would ANYONE want to buy property with only 3.5% down?? Why not just RENT and save more $$ and later obtain a loan with better TERMS??
The FHA program rules are defeating the apparent “movement” to get solvent borrowers in properties who will not be “underwater” again a minute and a half after escrow closes.
It’s just mind boggling!!
Participant[quote=GH]That sucker is moving north, cracking like a car windshield. My gut tells me we are heading for a really big shaker in the next 6 months.
Sell Sell Sell.
Turn the machines back on ..[/quote]I’m up for homeowner’s renewal next week. Going to call my agent tomorrow and accept their offer of earthquake coverage at $180 yr. $50K ded. Coverage to rebuild is $330K and it doesn’t include the block walls. I would just feel better even tho I’d have to sustain >$50K damage to recoup. In a total loss, I could rebuild for $280K – just couldn’t use as exp. of mat’ls and maybe have to go a little smaller. That’s still okay. Haven’t had any coverage on this house yet.
Participant[quote=GH]That sucker is moving north, cracking like a car windshield. My gut tells me we are heading for a really big shaker in the next 6 months.
Sell Sell Sell.
Turn the machines back on ..[/quote]I’m up for homeowner’s renewal next week. Going to call my agent tomorrow and accept their offer of earthquake coverage at $180 yr. $50K ded. Coverage to rebuild is $330K and it doesn’t include the block walls. I would just feel better even tho I’d have to sustain >$50K damage to recoup. In a total loss, I could rebuild for $280K – just couldn’t use as exp. of mat’ls and maybe have to go a little smaller. That’s still okay. Haven’t had any coverage on this house yet.
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