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March 10, 2009 at 4:16 PM in reply to: HLS update on 105% refi’s without mortgage insurance… #364045March 10, 2009 at 4:16 PM in reply to: HLS update on 105% refi’s without mortgage insurance… #364157
HLS
ParticipantI still tell people that foreclosure is their solution, not their problem….
Most don’t want to hear it,, they don’t want to lose their (overpriced stucco box) house…
At least a refi will help some, maybe not around here, but it’s a nationwide program not designed to save CA…
Now, how many will bleed their 401K’s to get down to 105% LTV, throwing good money after bad….
At least a lower payment is possible now.
Welcome to OBAMAnation….ParticipantJen..
I am in the mortgage biz,, getting conversions financed today can be nearly impossible, (along with some other condos) due to litigation, defects, foreclosures, too high % of rentals, association financials, budgets or inadequate insurance.The only buyers will be cash buyers going forward.
In many cases these conversions are poorly built apartments that were sold to unsuspecting buyers as the cheapest property around. Some would have been better off buying a manufactured(mobile) home.An engineers report can be required unless it was a complete gut rehab.
A few years ago the prices of apartment buildings exploded based on the assumption that they could be rezoned to condo. Many greedy owners that were offered a huge profit declined, as they wanted “more”… others took the money and ran.
Jen, you can contact me if necessary [email protected]
ParticipantJen..
I am in the mortgage biz,, getting conversions financed today can be nearly impossible, (along with some other condos) due to litigation, defects, foreclosures, too high % of rentals, association financials, budgets or inadequate insurance.The only buyers will be cash buyers going forward.
In many cases these conversions are poorly built apartments that were sold to unsuspecting buyers as the cheapest property around. Some would have been better off buying a manufactured(mobile) home.An engineers report can be required unless it was a complete gut rehab.
A few years ago the prices of apartment buildings exploded based on the assumption that they could be rezoned to condo. Many greedy owners that were offered a huge profit declined, as they wanted “more”… others took the money and ran.
Jen, you can contact me if necessary [email protected]
ParticipantJen..
I am in the mortgage biz,, getting conversions financed today can be nearly impossible, (along with some other condos) due to litigation, defects, foreclosures, too high % of rentals, association financials, budgets or inadequate insurance.The only buyers will be cash buyers going forward.
In many cases these conversions are poorly built apartments that were sold to unsuspecting buyers as the cheapest property around. Some would have been better off buying a manufactured(mobile) home.An engineers report can be required unless it was a complete gut rehab.
A few years ago the prices of apartment buildings exploded based on the assumption that they could be rezoned to condo. Many greedy owners that were offered a huge profit declined, as they wanted “more”… others took the money and ran.
Jen, you can contact me if necessary [email protected]
ParticipantJen..
I am in the mortgage biz,, getting conversions financed today can be nearly impossible, (along with some other condos) due to litigation, defects, foreclosures, too high % of rentals, association financials, budgets or inadequate insurance.The only buyers will be cash buyers going forward.
In many cases these conversions are poorly built apartments that were sold to unsuspecting buyers as the cheapest property around. Some would have been better off buying a manufactured(mobile) home.An engineers report can be required unless it was a complete gut rehab.
A few years ago the prices of apartment buildings exploded based on the assumption that they could be rezoned to condo. Many greedy owners that were offered a huge profit declined, as they wanted “more”… others took the money and ran.
Jen, you can contact me if necessary [email protected]
ParticipantJen..
I am in the mortgage biz,, getting conversions financed today can be nearly impossible, (along with some other condos) due to litigation, defects, foreclosures, too high % of rentals, association financials, budgets or inadequate insurance.The only buyers will be cash buyers going forward.
In many cases these conversions are poorly built apartments that were sold to unsuspecting buyers as the cheapest property around. Some would have been better off buying a manufactured(mobile) home.An engineers report can be required unless it was a complete gut rehab.
A few years ago the prices of apartment buildings exploded based on the assumption that they could be rezoned to condo. Many greedy owners that were offered a huge profit declined, as they wanted “more”… others took the money and ran.
Jen, you can contact me if necessary [email protected]
ParticipantVIZ,
You understand the concept well…
a 401K loan is also a possible way to avoid mortgage insurance, with the savings representing a guaranteed return.1) Find out if you can repay the loan at any time in a lump sum if you want to
2) Your CD interest will be taxable, possibly making your net return not much more than your 401K sheltered return. One way to avoid this is with a tax sheltered acct if possible.
3) The major downside to a 401K loan is that if you lose or leave the job, you may have to repay it in full within 30/60 days otherwise it is taxed as income plus a penalty (10%+)
Check with YOUR plan administrator for their rules and ask lots of questions before taking the loan.
ParticipantVIZ,
You understand the concept well…
a 401K loan is also a possible way to avoid mortgage insurance, with the savings representing a guaranteed return.1) Find out if you can repay the loan at any time in a lump sum if you want to
2) Your CD interest will be taxable, possibly making your net return not much more than your 401K sheltered return. One way to avoid this is with a tax sheltered acct if possible.
3) The major downside to a 401K loan is that if you lose or leave the job, you may have to repay it in full within 30/60 days otherwise it is taxed as income plus a penalty (10%+)
Check with YOUR plan administrator for their rules and ask lots of questions before taking the loan.
ParticipantVIZ,
You understand the concept well…
a 401K loan is also a possible way to avoid mortgage insurance, with the savings representing a guaranteed return.1) Find out if you can repay the loan at any time in a lump sum if you want to
2) Your CD interest will be taxable, possibly making your net return not much more than your 401K sheltered return. One way to avoid this is with a tax sheltered acct if possible.
3) The major downside to a 401K loan is that if you lose or leave the job, you may have to repay it in full within 30/60 days otherwise it is taxed as income plus a penalty (10%+)
Check with YOUR plan administrator for their rules and ask lots of questions before taking the loan.
ParticipantVIZ,
You understand the concept well…
a 401K loan is also a possible way to avoid mortgage insurance, with the savings representing a guaranteed return.1) Find out if you can repay the loan at any time in a lump sum if you want to
2) Your CD interest will be taxable, possibly making your net return not much more than your 401K sheltered return. One way to avoid this is with a tax sheltered acct if possible.
3) The major downside to a 401K loan is that if you lose or leave the job, you may have to repay it in full within 30/60 days otherwise it is taxed as income plus a penalty (10%+)
Check with YOUR plan administrator for their rules and ask lots of questions before taking the loan.
ParticipantVIZ,
You understand the concept well…
a 401K loan is also a possible way to avoid mortgage insurance, with the savings representing a guaranteed return.1) Find out if you can repay the loan at any time in a lump sum if you want to
2) Your CD interest will be taxable, possibly making your net return not much more than your 401K sheltered return. One way to avoid this is with a tax sheltered acct if possible.
3) The major downside to a 401K loan is that if you lose or leave the job, you may have to repay it in full within 30/60 days otherwise it is taxed as income plus a penalty (10%+)
Check with YOUR plan administrator for their rules and ask lots of questions before taking the loan.
ParticipantNot anything that I can help with any more.
Lenders that I had to do them have gone the way of the dodo bird…..Somebody out there might still be doing them.
Sorry, but thanks for asking.,,,HLSParticipantNot anything that I can help with any more.
Lenders that I had to do them have gone the way of the dodo bird…..Somebody out there might still be doing them.
Sorry, but thanks for asking.,,,HLSParticipantNot anything that I can help with any more.
Lenders that I had to do them have gone the way of the dodo bird…..Somebody out there might still be doing them.
Sorry, but thanks for asking.,,,HLS -
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