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(former)FormerSanDiegan
Participant[quote=SD Transplant]
Last month, a Bank of America division called ReconTrust N.A. sent out a flurry of “notices of auction,” which alert owners of the date their homes could be sold in foreclosure proceedings.The notices went to 230 homeowners in North San Diego County, a 69 percent increase from February, and to 391 owners in Southwest Riverside County, up 67 percent from February.
[/quote]woo hoo !
Another 230 homes to choose from in NC. I suppose several momths of this will result in swelling inventory just in time for a potential seasonal/tax break expiration late Summmer/Fall slow down.ParticipantIt is clearly a torture rack for gnomes.
ParticipantIt is clearly a torture rack for gnomes.
ParticipantIt is clearly a torture rack for gnomes.
ParticipantIt is clearly a torture rack for gnomes.
ParticipantIt is clearly a torture rack for gnomes.
Participant[quote=HLS]OP,
Former.. OP was referring to the $10K tax credit, it’s not an option to lower the loan amount.
FWIW
It usually doesn’t make sense to lower the loan amount, you are still paying a higher rate on the entire balance. In your example, you would never pay $10K on a $192K loan to only lower rate by half a point. That’s over 5pts of the loan amount.
Make sense ?[/quote]I agree they cannot lower the loan amount directly by the tax credit funds. I was simply looking at ways to equate things from an economic perspective (a thought experiment).
From both angles, clearly he is better off attempting to get the tax credit. (As you point out that 10K is way too much to lower by only half a point)
In any event, the value of the 10k tax credit is significantly more valuable than any expected increase in interest rates on a 192k loan over such a short period of time.
Participant[quote=HLS]OP,
Former.. OP was referring to the $10K tax credit, it’s not an option to lower the loan amount.
FWIW
It usually doesn’t make sense to lower the loan amount, you are still paying a higher rate on the entire balance. In your example, you would never pay $10K on a $192K loan to only lower rate by half a point. That’s over 5pts of the loan amount.
Make sense ?[/quote]I agree they cannot lower the loan amount directly by the tax credit funds. I was simply looking at ways to equate things from an economic perspective (a thought experiment).
From both angles, clearly he is better off attempting to get the tax credit. (As you point out that 10K is way too much to lower by only half a point)
In any event, the value of the 10k tax credit is significantly more valuable than any expected increase in interest rates on a 192k loan over such a short period of time.
Participant[quote=HLS]OP,
Former.. OP was referring to the $10K tax credit, it’s not an option to lower the loan amount.
FWIW
It usually doesn’t make sense to lower the loan amount, you are still paying a higher rate on the entire balance. In your example, you would never pay $10K on a $192K loan to only lower rate by half a point. That’s over 5pts of the loan amount.
Make sense ?[/quote]I agree they cannot lower the loan amount directly by the tax credit funds. I was simply looking at ways to equate things from an economic perspective (a thought experiment).
From both angles, clearly he is better off attempting to get the tax credit. (As you point out that 10K is way too much to lower by only half a point)
In any event, the value of the 10k tax credit is significantly more valuable than any expected increase in interest rates on a 192k loan over such a short period of time.
Participant[quote=HLS]OP,
Former.. OP was referring to the $10K tax credit, it’s not an option to lower the loan amount.
FWIW
It usually doesn’t make sense to lower the loan amount, you are still paying a higher rate on the entire balance. In your example, you would never pay $10K on a $192K loan to only lower rate by half a point. That’s over 5pts of the loan amount.
Make sense ?[/quote]I agree they cannot lower the loan amount directly by the tax credit funds. I was simply looking at ways to equate things from an economic perspective (a thought experiment).
From both angles, clearly he is better off attempting to get the tax credit. (As you point out that 10K is way too much to lower by only half a point)
In any event, the value of the 10k tax credit is significantly more valuable than any expected increase in interest rates on a 192k loan over such a short period of time.
Participant[quote=HLS]OP,
Former.. OP was referring to the $10K tax credit, it’s not an option to lower the loan amount.
FWIW
It usually doesn’t make sense to lower the loan amount, you are still paying a higher rate on the entire balance. In your example, you would never pay $10K on a $192K loan to only lower rate by half a point. That’s over 5pts of the loan amount.
Make sense ?[/quote]I agree they cannot lower the loan amount directly by the tax credit funds. I was simply looking at ways to equate things from an economic perspective (a thought experiment).
From both angles, clearly he is better off attempting to get the tax credit. (As you point out that 10K is way too much to lower by only half a point)
In any event, the value of the 10k tax credit is significantly more valuable than any expected increase in interest rates on a 192k loan over such a short period of time.
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