[blew_it]

If you were denied a modification, I wouldn’t consider a short sale a slamdunk. I am in a similar dilemma (underwater, want out) and my short sale was rejected because I wasn’t distressed enough. Your sob story has to be a real tearjerker. Don’t bother pointing out that your loan is non-recourse. My experience is they don’t care.

Incidentally, I haven’t made a payment since March and I called the County recorder this week–they haven’t filed a NOD yet. My theory is they’re praying that prices continue rising rather than take the hit. There’s your shadow inventory.

Good luck, I wish you the best.

[blew_it]

If you were denied a modification, I wouldn’t consider a short sale a slamdunk. I am in a similar dilemma (underwater, want out) and my short sale was rejected because I wasn’t distressed enough. Your sob story has to be a real tearjerker. Don’t bother pointing out that your loan is non-recourse. My experience is they don’t care.

Incidentally, I haven’t made a payment since March and I called the County recorder this week–they haven’t filed a NOD yet. My theory is they’re praying that prices continue rising rather than take the hit. There’s your shadow inventory.

Good luck, I wish you the best.

[blew_it]

If you were denied a modification, I wouldn’t consider a short sale a slamdunk. I am in a similar dilemma (underwater, want out) and my short sale was rejected because I wasn’t distressed enough. Your sob story has to be a real tearjerker. Don’t bother pointing out that your loan is non-recourse. My experience is they don’t care.

Incidentally, I haven’t made a payment since March and I called the County recorder this week–they haven’t filed a NOD yet. My theory is they’re praying that prices continue rising rather than take the hit. There’s your shadow inventory.

Good luck, I wish you the best.

[blew_it]

If you were denied a modification, I wouldn’t consider a short sale a slamdunk. I am in a similar dilemma (underwater, want out) and my short sale was rejected because I wasn’t distressed enough. Your sob story has to be a real tearjerker. Don’t bother pointing out that your loan is non-recourse. My experience is they don’t care.

Incidentally, I haven’t made a payment since March and I called the County recorder this week–they haven’t filed a NOD yet. My theory is they’re praying that prices continue rising rather than take the hit. There’s your shadow inventory.

Good luck, I wish you the best.

[blew_it]

If you were denied a modification, I wouldn’t consider a short sale a slamdunk. I am in a similar dilemma (underwater, want out) and my short sale was rejected because I wasn’t distressed enough. Your sob story has to be a real tearjerker. Don’t bother pointing out that your loan is non-recourse. My experience is they don’t care.

Incidentally, I haven’t made a payment since March and I called the County recorder this week–they haven’t filed a NOD yet. My theory is they’re praying that prices continue rising rather than take the hit. There’s your shadow inventory.

Good luck, I wish you the best.

[blew_it]

UCGal: This is a financial decision. If I held out to the end of my ARM (another 2.5 years) I don’t think values would go up enough to enable me to refinance. I think I will have job trouble in the future and am just taking the hit now.

JohnAlt91941: I am “paying my obligations”. I just don’t have any “obligations”. I have a contract that I can get out of if I decide that it’s in my best interest to do so, and in this case, that’s my best option.

[blew_it]

UCGal: This is a financial decision. If I held out to the end of my ARM (another 2.5 years) I don’t think values would go up enough to enable me to refinance. I think I will have job trouble in the future and am just taking the hit now.

JohnAlt91941: I am “paying my obligations”. I just don’t have any “obligations”. I have a contract that I can get out of if I decide that it’s in my best interest to do so, and in this case, that’s my best option.

[blew_it]

UCGal: This is a financial decision. If I held out to the end of my ARM (another 2.5 years) I don’t think values would go up enough to enable me to refinance. I think I will have job trouble in the future and am just taking the hit now.

JohnAlt91941: I am “paying my obligations”. I just don’t have any “obligations”. I have a contract that I can get out of if I decide that it’s in my best interest to do so, and in this case, that’s my best option.

[blew_it]

UCGal: This is a financial decision. If I held out to the end of my ARM (another 2.5 years) I don’t think values would go up enough to enable me to refinance. I think I will have job trouble in the future and am just taking the hit now.

JohnAlt91941: I am “paying my obligations”. I just don’t have any “obligations”. I have a contract that I can get out of if I decide that it’s in my best interest to do so, and in this case, that’s my best option.

[blew_it]

UCGal: This is a financial decision. If I held out to the end of my ARM (another 2.5 years) I don’t think values would go up enough to enable me to refinance. I think I will have job trouble in the future and am just taking the hit now.

JohnAlt91941: I am “paying my obligations”. I just don’t have any “obligations”. I have a contract that I can get out of if I decide that it’s in my best interest to do so, and in this case, that’s my best option.

[blew_it]

Agreed. Even if there is not a mandatory 20% down, the tighter lending standards should have a similar effect for a while. Until 10 years from now when the cycle starts over again (picture dawn-of-the-dead zombies chanting “everyone wants to live here…there’s a housing shortage…must not get priced out of the market…”).

Anyway, this makes me wonder: what about the PMI that is required when less than 20% is put down on a place? In the past, it seemed like bull$h|+ that the buyer had to pay the lender’s premium on insurance which insured the lender against default. Given recent history, this was appropriate. I think a lot of people avoided PMI by purchasing 80/10/10 loans, but does anyone know if there has been a deluge of PMI claims by lenders now? I would think so but haven’t read anything about this.

[blew_it]

Agreed. Even if there is not a mandatory 20% down, the tighter lending standards should have a similar effect for a while. Until 10 years from now when the cycle starts over again (picture dawn-of-the-dead zombies chanting “everyone wants to live here…there’s a housing shortage…must not get priced out of the market…”).

Anyway, this makes me wonder: what about the PMI that is required when less than 20% is put down on a place? In the past, it seemed like bull$h|+ that the buyer had to pay the lender’s premium on insurance which insured the lender against default. Given recent history, this was appropriate. I think a lot of people avoided PMI by purchasing 80/10/10 loans, but does anyone know if there has been a deluge of PMI claims by lenders now? I would think so but haven’t read anything about this.

[blew_it]

Agreed. Even if there is not a mandatory 20% down, the tighter lending standards should have a similar effect for a while. Until 10 years from now when the cycle starts over again (picture dawn-of-the-dead zombies chanting “everyone wants to live here…there’s a housing shortage…must not get priced out of the market…”).

Anyway, this makes me wonder: what about the PMI that is required when less than 20% is put down on a place? In the past, it seemed like bull$h|+ that the buyer had to pay the lender’s premium on insurance which insured the lender against default. Given recent history, this was appropriate. I think a lot of people avoided PMI by purchasing 80/10/10 loans, but does anyone know if there has been a deluge of PMI claims by lenders now? I would think so but haven’t read anything about this.

[blew_it]

Agreed. Even if there is not a mandatory 20% down, the tighter lending standards should have a similar effect for a while. Until 10 years from now when the cycle starts over again (picture dawn-of-the-dead zombies chanting “everyone wants to live here…there’s a housing shortage…must not get priced out of the market…”).

Anyway, this makes me wonder: what about the PMI that is required when less than 20% is put down on a place? In the past, it seemed like bull$h|+ that the buyer had to pay the lender’s premium on insurance which insured the lender against default. Given recent history, this was appropriate. I think a lot of people avoided PMI by purchasing 80/10/10 loans, but does anyone know if there has been a deluge of PMI claims by lenders now? I would think so but haven’t read anything about this.

[blew_it]

Agreed. Even if there is not a mandatory 20% down, the tighter lending standards should have a similar effect for a while. Until 10 years from now when the cycle starts over again (picture dawn-of-the-dead zombies chanting “everyone wants to live here…there’s a housing shortage…must not get priced out of the market…”).

Anyway, this makes me wonder: what about the PMI that is required when less than 20% is put down on a place? In the past, it seemed like bull$h|+ that the buyer had to pay the lender’s premium on insurance which insured the lender against default. Given recent history, this was appropriate. I think a lot of people avoided PMI by purchasing 80/10/10 loans, but does anyone know if there has been a deluge of PMI claims by lenders now? I would think so but haven’t read anything about this.

[Author]

Posts