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November 22, 2009 at 5:56 PM in reply to: New: When does it make financial sense to dump my house? #485727November 22, 2009 at 5:56 PM in reply to: New: When does it make financial sense to dump my house? #486100
SD Realtor
Participantsdr thank you for the correction. Yes you do want a full lien release on the note which I thought is what I implied but didn’t elaborate clearly enough. Your point being made that the note being the important instrument is what is important here.
I am not sure what you have seen but I have not been involved where the approval letter is not specific or accompanied by an indication of the specific instructions of the intention of the lender. That is, in the best case where they authorize a full lien release (of the note) or they forgive the note. Other times I have seen notification of an approval (lien release) based on the homeowner agreeing to a conversion of the note from a note secured by real property to an unsecured note.
The point is that when the approval letter does get issued, it usually is pretty easy to figure out the intention of the lender is.
November 22, 2009 at 5:56 PM in reply to: New: When does it make financial sense to dump my house? #486185SD Realtor
Participantsdr thank you for the correction. Yes you do want a full lien release on the note which I thought is what I implied but didn’t elaborate clearly enough. Your point being made that the note being the important instrument is what is important here.
I am not sure what you have seen but I have not been involved where the approval letter is not specific or accompanied by an indication of the specific instructions of the intention of the lender. That is, in the best case where they authorize a full lien release (of the note) or they forgive the note. Other times I have seen notification of an approval (lien release) based on the homeowner agreeing to a conversion of the note from a note secured by real property to an unsecured note.
The point is that when the approval letter does get issued, it usually is pretty easy to figure out the intention of the lender is.
November 22, 2009 at 5:56 PM in reply to: New: When does it make financial sense to dump my house? #486413SD Realtor
Participantsdr thank you for the correction. Yes you do want a full lien release on the note which I thought is what I implied but didn’t elaborate clearly enough. Your point being made that the note being the important instrument is what is important here.
I am not sure what you have seen but I have not been involved where the approval letter is not specific or accompanied by an indication of the specific instructions of the intention of the lender. That is, in the best case where they authorize a full lien release (of the note) or they forgive the note. Other times I have seen notification of an approval (lien release) based on the homeowner agreeing to a conversion of the note from a note secured by real property to an unsecured note.
The point is that when the approval letter does get issued, it usually is pretty easy to figure out the intention of the lender is.
SD Realtor
ParticipantScaredy the best thing you can do is run the numbers for both scenarios. This is something you can very easily do yourself. Talk to people offering conventional financing and FHA financing and see the difference in a few different scenarios. The primary difference will be in the closing costs and the monthly payment right?
The thing that is troubling is that you are making an implication that you are simply wanting to buy because of financing opportunity. I understand that you feel like you are “missing out” and that is common. I am just not so sure it is the best reason to buy a home.
I guess I would say that if you feel you have no obligation to pay a creditor then the answer is obvious and you should finance as much as possible. It is unfortunate that you feel that way but understandable. Your actions reenforce the ideas that indeed if we did have a revamped lending policy for homeowners to have large equity stakes in homes, we would have a much more stable housing market that in turn would also be more affordable.
However the govt makes the rules to the game, and the game is rigged. Your points are valid and really cannot be argued against given the walkaway mindset in case of continued depreciation. I would go the FHA route.
SD Realtor
ParticipantScaredy the best thing you can do is run the numbers for both scenarios. This is something you can very easily do yourself. Talk to people offering conventional financing and FHA financing and see the difference in a few different scenarios. The primary difference will be in the closing costs and the monthly payment right?
The thing that is troubling is that you are making an implication that you are simply wanting to buy because of financing opportunity. I understand that you feel like you are “missing out” and that is common. I am just not so sure it is the best reason to buy a home.
I guess I would say that if you feel you have no obligation to pay a creditor then the answer is obvious and you should finance as much as possible. It is unfortunate that you feel that way but understandable. Your actions reenforce the ideas that indeed if we did have a revamped lending policy for homeowners to have large equity stakes in homes, we would have a much more stable housing market that in turn would also be more affordable.
However the govt makes the rules to the game, and the game is rigged. Your points are valid and really cannot be argued against given the walkaway mindset in case of continued depreciation. I would go the FHA route.
SD Realtor
ParticipantScaredy the best thing you can do is run the numbers for both scenarios. This is something you can very easily do yourself. Talk to people offering conventional financing and FHA financing and see the difference in a few different scenarios. The primary difference will be in the closing costs and the monthly payment right?
The thing that is troubling is that you are making an implication that you are simply wanting to buy because of financing opportunity. I understand that you feel like you are “missing out” and that is common. I am just not so sure it is the best reason to buy a home.
I guess I would say that if you feel you have no obligation to pay a creditor then the answer is obvious and you should finance as much as possible. It is unfortunate that you feel that way but understandable. Your actions reenforce the ideas that indeed if we did have a revamped lending policy for homeowners to have large equity stakes in homes, we would have a much more stable housing market that in turn would also be more affordable.
However the govt makes the rules to the game, and the game is rigged. Your points are valid and really cannot be argued against given the walkaway mindset in case of continued depreciation. I would go the FHA route.
SD Realtor
ParticipantScaredy the best thing you can do is run the numbers for both scenarios. This is something you can very easily do yourself. Talk to people offering conventional financing and FHA financing and see the difference in a few different scenarios. The primary difference will be in the closing costs and the monthly payment right?
The thing that is troubling is that you are making an implication that you are simply wanting to buy because of financing opportunity. I understand that you feel like you are “missing out” and that is common. I am just not so sure it is the best reason to buy a home.
I guess I would say that if you feel you have no obligation to pay a creditor then the answer is obvious and you should finance as much as possible. It is unfortunate that you feel that way but understandable. Your actions reenforce the ideas that indeed if we did have a revamped lending policy for homeowners to have large equity stakes in homes, we would have a much more stable housing market that in turn would also be more affordable.
However the govt makes the rules to the game, and the game is rigged. Your points are valid and really cannot be argued against given the walkaway mindset in case of continued depreciation. I would go the FHA route.
SD Realtor
ParticipantScaredy the best thing you can do is run the numbers for both scenarios. This is something you can very easily do yourself. Talk to people offering conventional financing and FHA financing and see the difference in a few different scenarios. The primary difference will be in the closing costs and the monthly payment right?
The thing that is troubling is that you are making an implication that you are simply wanting to buy because of financing opportunity. I understand that you feel like you are “missing out” and that is common. I am just not so sure it is the best reason to buy a home.
I guess I would say that if you feel you have no obligation to pay a creditor then the answer is obvious and you should finance as much as possible. It is unfortunate that you feel that way but understandable. Your actions reenforce the ideas that indeed if we did have a revamped lending policy for homeowners to have large equity stakes in homes, we would have a much more stable housing market that in turn would also be more affordable.
However the govt makes the rules to the game, and the game is rigged. Your points are valid and really cannot be argued against given the walkaway mindset in case of continued depreciation. I would go the FHA route.
November 21, 2009 at 4:55 PM in reply to: New: When does it make financial sense to dump my house? #485200SD Realtor
ParticipantSelling –
You posted the year you bought it, and the sales price. With MLS access, a realtor can enter your zip code, the year you bought the home, and the price and it is easy to find the home. Once the home is found one can use Realist to look up the mortgages that have been recorded.
So my personal read is yes there are alot of jerks out there. However note that ANYONE can go to county records and look up recorded notes on ANY property they want in the county. In this case I do think you are okay.
November 21, 2009 at 4:55 PM in reply to: New: When does it make financial sense to dump my house? #485369SD Realtor
ParticipantSelling –
You posted the year you bought it, and the sales price. With MLS access, a realtor can enter your zip code, the year you bought the home, and the price and it is easy to find the home. Once the home is found one can use Realist to look up the mortgages that have been recorded.
So my personal read is yes there are alot of jerks out there. However note that ANYONE can go to county records and look up recorded notes on ANY property they want in the county. In this case I do think you are okay.
November 21, 2009 at 4:55 PM in reply to: New: When does it make financial sense to dump my house? #485744SD Realtor
ParticipantSelling –
You posted the year you bought it, and the sales price. With MLS access, a realtor can enter your zip code, the year you bought the home, and the price and it is easy to find the home. Once the home is found one can use Realist to look up the mortgages that have been recorded.
So my personal read is yes there are alot of jerks out there. However note that ANYONE can go to county records and look up recorded notes on ANY property they want in the county. In this case I do think you are okay.
November 21, 2009 at 4:55 PM in reply to: New: When does it make financial sense to dump my house? #485828SD Realtor
ParticipantSelling –
You posted the year you bought it, and the sales price. With MLS access, a realtor can enter your zip code, the year you bought the home, and the price and it is easy to find the home. Once the home is found one can use Realist to look up the mortgages that have been recorded.
So my personal read is yes there are alot of jerks out there. However note that ANYONE can go to county records and look up recorded notes on ANY property they want in the county. In this case I do think you are okay.
November 21, 2009 at 4:55 PM in reply to: New: When does it make financial sense to dump my house? #486057SD Realtor
ParticipantSelling –
You posted the year you bought it, and the sales price. With MLS access, a realtor can enter your zip code, the year you bought the home, and the price and it is easy to find the home. Once the home is found one can use Realist to look up the mortgages that have been recorded.
So my personal read is yes there are alot of jerks out there. However note that ANYONE can go to county records and look up recorded notes on ANY property they want in the county. In this case I do think you are okay.
November 21, 2009 at 2:15 PM in reply to: New: When does it make financial sense to dump my house? #485141SD Realtor
ParticipantAdebesi would you care to make a friendly wager on who has a better solds to cancelled/expired/withdrawn ratio in 2009?
I will even let you pick any realtor who posts here.
Lets see you put your money where your mouth is.
Also do you want to post how many solds Battiata has verses how many cancelled, expireds and withdrawns he has in 2009?
Or if you like, I can post those numbers.
I guess if you think a 40% ratio is good, then so be it.
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