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ParticipantInasmuch as a lot of the lenders are so swamped it already takes them twice as long to foreclose as the law allows for, “adding” an extra 30-day buffer to the minimums will not have any noticeable affect on either the number of foreclosures or the length of time it takes a lender to do one.
What do you get if you put a monkey in a silver suit?
ParticipantInasmuch as a lot of the lenders are so swamped it already takes them twice as long to foreclose as the law allows for, “adding” an extra 30-day buffer to the minimums will not have any noticeable affect on either the number of foreclosures or the length of time it takes a lender to do one.
What do you get if you put a monkey in a silver suit?
ParticipantInasmuch as a lot of the lenders are so swamped it already takes them twice as long to foreclose as the law allows for, “adding” an extra 30-day buffer to the minimums will not have any noticeable affect on either the number of foreclosures or the length of time it takes a lender to do one.
What do you get if you put a monkey in a silver suit?
ParticipantInasmuch as a lot of the lenders are so swamped it already takes them twice as long to foreclose as the law allows for, “adding” an extra 30-day buffer to the minimums will not have any noticeable affect on either the number of foreclosures or the length of time it takes a lender to do one.
What do you get if you put a monkey in a silver suit?
ParticipantI think it would probably be more accurate to say that the banks are on a mission to keep as many payments coming in as possible. Their problem is that they have reserve requirements that prevent them from extending credit based solely on the borrowers’ ability to pay. That’s where collateral comes in.
To the extent that they can avoid getting appraisals most of them probably will do so because its expensive. They have been using Broker Price Opinions and Automated Valuation Models instead of appraisals because they’re a lot cheaper, so I imagine they’ll continue to do that as long as they can before those alternate valuation products pass the point of creating more problems than they solve.
After a certain point, there’s no way a lender is going to be able to rationalize writing a new loan that vastly exceeds the value of the property being used as collateral.
ParticipantI think it would probably be more accurate to say that the banks are on a mission to keep as many payments coming in as possible. Their problem is that they have reserve requirements that prevent them from extending credit based solely on the borrowers’ ability to pay. That’s where collateral comes in.
To the extent that they can avoid getting appraisals most of them probably will do so because its expensive. They have been using Broker Price Opinions and Automated Valuation Models instead of appraisals because they’re a lot cheaper, so I imagine they’ll continue to do that as long as they can before those alternate valuation products pass the point of creating more problems than they solve.
After a certain point, there’s no way a lender is going to be able to rationalize writing a new loan that vastly exceeds the value of the property being used as collateral.
ParticipantI think it would probably be more accurate to say that the banks are on a mission to keep as many payments coming in as possible. Their problem is that they have reserve requirements that prevent them from extending credit based solely on the borrowers’ ability to pay. That’s where collateral comes in.
To the extent that they can avoid getting appraisals most of them probably will do so because its expensive. They have been using Broker Price Opinions and Automated Valuation Models instead of appraisals because they’re a lot cheaper, so I imagine they’ll continue to do that as long as they can before those alternate valuation products pass the point of creating more problems than they solve.
After a certain point, there’s no way a lender is going to be able to rationalize writing a new loan that vastly exceeds the value of the property being used as collateral.
ParticipantI think it would probably be more accurate to say that the banks are on a mission to keep as many payments coming in as possible. Their problem is that they have reserve requirements that prevent them from extending credit based solely on the borrowers’ ability to pay. That’s where collateral comes in.
To the extent that they can avoid getting appraisals most of them probably will do so because its expensive. They have been using Broker Price Opinions and Automated Valuation Models instead of appraisals because they’re a lot cheaper, so I imagine they’ll continue to do that as long as they can before those alternate valuation products pass the point of creating more problems than they solve.
After a certain point, there’s no way a lender is going to be able to rationalize writing a new loan that vastly exceeds the value of the property being used as collateral.
ParticipantI think it would probably be more accurate to say that the banks are on a mission to keep as many payments coming in as possible. Their problem is that they have reserve requirements that prevent them from extending credit based solely on the borrowers’ ability to pay. That’s where collateral comes in.
To the extent that they can avoid getting appraisals most of them probably will do so because its expensive. They have been using Broker Price Opinions and Automated Valuation Models instead of appraisals because they’re a lot cheaper, so I imagine they’ll continue to do that as long as they can before those alternate valuation products pass the point of creating more problems than they solve.
After a certain point, there’s no way a lender is going to be able to rationalize writing a new loan that vastly exceeds the value of the property being used as collateral.
ParticipantIn 2001, most of the new homes up to about 2,500 SqFt in size in the 92078 zip area sold between $280k – $340k. I’d be surprised if the pricing levels don’t drop to this level again by the time this is all over. Maybe even lower.
A $300k home in SEH, with a 90% down situation, results in a PITI payment of about $2,100/month, not counting Mello-Roos and HOA. That’s at a 6.5% mortgage interest rate. If interest rates jump up, and frankly I’m amazed they haven’t already, it increased the payments even further.
Time is on your side. Patience is the new “bold”. Relax and try to think about baseball or something.
ParticipantIn 2001, most of the new homes up to about 2,500 SqFt in size in the 92078 zip area sold between $280k – $340k. I’d be surprised if the pricing levels don’t drop to this level again by the time this is all over. Maybe even lower.
A $300k home in SEH, with a 90% down situation, results in a PITI payment of about $2,100/month, not counting Mello-Roos and HOA. That’s at a 6.5% mortgage interest rate. If interest rates jump up, and frankly I’m amazed they haven’t already, it increased the payments even further.
Time is on your side. Patience is the new “bold”. Relax and try to think about baseball or something.
ParticipantIn 2001, most of the new homes up to about 2,500 SqFt in size in the 92078 zip area sold between $280k – $340k. I’d be surprised if the pricing levels don’t drop to this level again by the time this is all over. Maybe even lower.
A $300k home in SEH, with a 90% down situation, results in a PITI payment of about $2,100/month, not counting Mello-Roos and HOA. That’s at a 6.5% mortgage interest rate. If interest rates jump up, and frankly I’m amazed they haven’t already, it increased the payments even further.
Time is on your side. Patience is the new “bold”. Relax and try to think about baseball or something.
ParticipantIn 2001, most of the new homes up to about 2,500 SqFt in size in the 92078 zip area sold between $280k – $340k. I’d be surprised if the pricing levels don’t drop to this level again by the time this is all over. Maybe even lower.
A $300k home in SEH, with a 90% down situation, results in a PITI payment of about $2,100/month, not counting Mello-Roos and HOA. That’s at a 6.5% mortgage interest rate. If interest rates jump up, and frankly I’m amazed they haven’t already, it increased the payments even further.
Time is on your side. Patience is the new “bold”. Relax and try to think about baseball or something.
ParticipantIn 2001, most of the new homes up to about 2,500 SqFt in size in the 92078 zip area sold between $280k – $340k. I’d be surprised if the pricing levels don’t drop to this level again by the time this is all over. Maybe even lower.
A $300k home in SEH, with a 90% down situation, results in a PITI payment of about $2,100/month, not counting Mello-Roos and HOA. That’s at a 6.5% mortgage interest rate. If interest rates jump up, and frankly I’m amazed they haven’t already, it increased the payments even further.
Time is on your side. Patience is the new “bold”. Relax and try to think about baseball or something.
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