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April 18, 2012 at 7:10 PM in reply to: Primary residence becoming rental – impact on existing mortgage interest rate #741884
SD Realtor
ParticipantDifferent lenders vary but I think they usually put 12 months in the documentation. I have seen other posters post about this and they simply called the lender and informed them and I don’t believe there was any recourse.
ParticipantYou have no idea what the opening bid was. You have no idea of what other liens were on the property. You have no idea if there were any taxes owed. There also could have been outstanding permit issues.
It is not as easy at you think it is.
Participantsdr I have had it happen as well for several investors. On some complexes the owner occupancy rate needed to be at least 66% even though my client was financing it as an investment property. On other complexes I think it was as low as 50% but never below that.
ParticipantHLS good to hear from you again!
ParticipantYou better be accurate about marital history.
This could be problematic at closing because the lender may require quit claims depending on that.
Participantheheheh… welcome to being a landlord… this is the only city tax you have to pay as a landlord. (per property)
ParticipantOdd I thought you can lock once you have submitted the loan app. I have locked several times on refis with Aim Loan prior to the appraisal being completed BUT I have to have paid for the appraisal first.
April 11, 2012 at 6:04 AM in reply to: Where is the inventory, where is the inventory, where is the inventory… #741440ParticipantThis is why you are so full of sh-t.
First you say…
“….appear to be giving the impression here that you think it’s all okay and it’s “all going to work itself out” in 5, 10, 15 or 20 years. ”
and then in the same thread you say…
“…never stated that you personally condoned the “deadbeat homedebtor” being coddled. But you have “given the impression” here of late that you don’t much care, one way or the other. ”
It has become quite comical.
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What I post is the reality of the situation. Plain and simple. Way back in the day, long before you came around, I was one of the few that posted my thoughts about how we better watch out because our own govt would indeed take measures that would be counterproductive allowing the market to correct in a natural manner. This was well before TARP, well before bailouts, well before loan mods… on and on. Furthermore I was one of the few who have argued against all of those same issues, consistently…Go look it up…
Now because all of these measures have actually accomplished what the govt wanted, I have posted about that and acknowledged that. You can continue to be delusional and think they have not but they have. What we have witnessed will probably go down as one of the biggest thefts in history. The process continues to be perpetuated. Institutional profits have been quite robust through this entire process and the taxpayers have footed the bill. Moral hazard has been tossed out the window. Yes this has happened and it is pretty damn sad. You can pop your meds and post about it all day.
Guess what? We already know.
With regards to my personal property which has depreciated since I bought it in 2003, I have never once whined about it. I could have walked but I didn’t. Big deal. I am not happy about those who have and loan mods and all the fraud going on. I have posted about it as well….You however have made it a point to cry a river to all of us about your property and the neighboring sales. Here is a news flash…
WE
DONT
CARE
My perspective is that it is a hell of alot better to acknowledge the reality of the situation and counsel people about how things really are and how they will play out. That way they can make informed decisions.
Back on ignore so post all you want.
April 10, 2012 at 7:06 PM in reply to: Where is the inventory, where is the inventory, where is the inventory… #741422ParticipantI am waiting bg…
April 10, 2012 at 5:59 PM in reply to: Where is the inventory, where is the inventory, where is the inventory… #741417ParticipantReally show me a post where I said it is okay.
Go ahead, continue to make things up.
April 10, 2012 at 11:03 AM in reply to: Where is the inventory, where is the inventory, where is the inventory… #741371ParticipantSorry if you cannot figure it out, you will have to ask someone else to explain it to you.
April 10, 2012 at 6:09 AM in reply to: Where is the inventory, where is the inventory, where is the inventory… #741355ParticipantOf course. What are you surprised by this? It has been going on for the past 3 years.
Wake up.
ParticipantThanks Counselor… good to see you on board again.
April 9, 2012 at 7:01 PM in reply to: Where is the inventory, where is the inventory, where is the inventory… #741330ParticipantI would not be as concerned with how much distress is still out there. I would be much more concerned with how the govt lets/encourages the lenders to not do a damn thing about it.
The problem is not the quantity. The problem is that govt has decided that impeding the process that was supposed to be in place to liquidate the defaults was not acceptable.
It has been decided that the quantity is acceptable even if it takes 5, 10, maybe 20 years to liquidate it.
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