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moneymaker
ParticipantCan the banks/institutions really absorb all the foreclosures that are coming down the road? I think not! Without some way to extend the pain we are headed for Depression for sure! I myself am ok, it’s my fellow man I’m worried about, which will eventually affect us all. If it makes sense for all parties involved and helps avoid a Depression then I say it’s worth a look.
ParticipantCan the banks/institutions really absorb all the foreclosures that are coming down the road? I think not! Without some way to extend the pain we are headed for Depression for sure! I myself am ok, it’s my fellow man I’m worried about, which will eventually affect us all. If it makes sense for all parties involved and helps avoid a Depression then I say it’s worth a look.
ParticipantThe trick is to make it not to attractive to do a workout/remod. Would you trash your credit in exchange for a lien that brings your house out from under water? Most people would not,I think. So the only people that really would benefit would be the ones that a)have income source b)want to stay in their homes c)are willing to take the credit hit. It is a logical solution where the newly appraised value would determine the lien amount. People normally want their house to appraise high,in this case the lien would be smaller though,so if one was greedy and tried to get it to appraise low(for a higher lien) then it would depress the neighborhood values making it harder to sell in the near future(flip) thus keeping people honest with this system of checks and balances.
ParticipantThe trick is to make it not to attractive to do a workout/remod. Would you trash your credit in exchange for a lien that brings your house out from under water? Most people would not,I think. So the only people that really would benefit would be the ones that a)have income source b)want to stay in their homes c)are willing to take the credit hit. It is a logical solution where the newly appraised value would determine the lien amount. People normally want their house to appraise high,in this case the lien would be smaller though,so if one was greedy and tried to get it to appraise low(for a higher lien) then it would depress the neighborhood values making it harder to sell in the near future(flip) thus keeping people honest with this system of checks and balances.
ParticipantThe trick is to make it not to attractive to do a workout/remod. Would you trash your credit in exchange for a lien that brings your house out from under water? Most people would not,I think. So the only people that really would benefit would be the ones that a)have income source b)want to stay in their homes c)are willing to take the credit hit. It is a logical solution where the newly appraised value would determine the lien amount. People normally want their house to appraise high,in this case the lien would be smaller though,so if one was greedy and tried to get it to appraise low(for a higher lien) then it would depress the neighborhood values making it harder to sell in the near future(flip) thus keeping people honest with this system of checks and balances.
ParticipantThe trick is to make it not to attractive to do a workout/remod. Would you trash your credit in exchange for a lien that brings your house out from under water? Most people would not,I think. So the only people that really would benefit would be the ones that a)have income source b)want to stay in their homes c)are willing to take the credit hit. It is a logical solution where the newly appraised value would determine the lien amount. People normally want their house to appraise high,in this case the lien would be smaller though,so if one was greedy and tried to get it to appraise low(for a higher lien) then it would depress the neighborhood values making it harder to sell in the near future(flip) thus keeping people honest with this system of checks and balances.
ParticipantThe trick is to make it not to attractive to do a workout/remod. Would you trash your credit in exchange for a lien that brings your house out from under water? Most people would not,I think. So the only people that really would benefit would be the ones that a)have income source b)want to stay in their homes c)are willing to take the credit hit. It is a logical solution where the newly appraised value would determine the lien amount. People normally want their house to appraise high,in this case the lien would be smaller though,so if one was greedy and tried to get it to appraise low(for a higher lien) then it would depress the neighborhood values making it harder to sell in the near future(flip) thus keeping people honest with this system of checks and balances.
ParticipantLike a reverse mortgage?
ParticipantLike a reverse mortgage?
ParticipantLike a reverse mortgage?
ParticipantLike a reverse mortgage?
ParticipantLike a reverse mortgage?
ParticipantInteresting thread, hopefully I didn’t read it too fast. Let me coin a new term “Lien in Lieu”. This would be where the bank agrees to accept a Lien for the underwater amount or more. If I was the bank I would rather have a lien,someone paying something,and not have to pay for eviction/foreclosure/real estate fees. On the books it would appear essentially as an interest free loan I guess,payable upon sale of property. Thoughts? I know interest free loan is not in a bankers vocabulary,but these are dire times for many folks.
ParticipantInteresting thread, hopefully I didn’t read it too fast. Let me coin a new term “Lien in Lieu”. This would be where the bank agrees to accept a Lien for the underwater amount or more. If I was the bank I would rather have a lien,someone paying something,and not have to pay for eviction/foreclosure/real estate fees. On the books it would appear essentially as an interest free loan I guess,payable upon sale of property. Thoughts? I know interest free loan is not in a bankers vocabulary,but these are dire times for many folks.
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