Pages: 1 2 3

 

2009-01-27 09:08:05
Kmar
Truth is my Bitch
+5,695|6904|132 and Bush

SgtHeihn wrote:

cpt.fass1 wrote:

Kmarion wrote:

Why are Realtors assholes?
well the MAJORITY of realtors aren't actually realtors they're bored housewives or part time people. So they're assholes because they really don't know what they are doing, or really care.. If you get a good realtor you're in luck..
You gotta love the ones that double dip. A broker can charge up to 5 points, but you got those shady realtor's that sell the house and setup the loan gaining double the fees.
Huh? Are you talking about commission %?
Xbone Stormsurgezz
2009-01-27 09:11:30
SgtHeihn
Should have ducked
+394|6790|Ham Lake, MN (Fucking Cold)

Kmarion wrote:

SgtHeihn wrote:

cpt.fass1 wrote:


well the MAJORITY of realtors aren't actually realtors they're bored housewives or part time people. So they're assholes because they really don't know what they are doing, or really care.. If you get a good realtor you're in luck..
You gotta love the ones that double dip. A broker can charge up to 5 points, but you got those shady realtor's that sell the house and setup the loan gaining double the fees.
Huh? Are you talking about commission %?
Yeah, whoops! I just looked back at that and saw how it kinda was off.
2009-01-27 09:13:32
cpt.fass1
The Cap'n Can Make it Hap'n
+329|6999|NJ
Well if they do the work that's fine. But the problem with some realtors and companies(weichert) is they tell the client they can't use an other company for the purchase of the home, and that's very very illegal.. Realtors are allowed to steer the client, but no allowed to swindle the client.
2009-01-27 09:16:21
Kmar
Truth is my Bitch
+5,695|6904|132 and Bush

SgtHeihn wrote:

Kmarion wrote:

SgtHeihn wrote:

You gotta love the ones that double dip. A broker can charge up to 5 points, but you got those shady realtor's that sell the house and setup the loan gaining double the fees.
Huh? Are you talking about commission %?
Yeah, whoops! I just looked back at that and saw how it kinda was off.
There is no cap here.. it's pretty simple though. Don't use Realtor who overcharge. Real estate laws vary by state. Here in Fl you have to disclose any and all affiliations. For instance my Dad (my real estate partner) has to tell everyone that he has a relationship with a certain local title company. (He owns stock in the company)
Xbone Stormsurgezz
2009-01-27 09:18:00
ATG
Banned
+5,233|6832|Global Command
So I had a long conversation with my servicer yesterday.
The gist is that sure, I can restart my reduced payment agreement. As far as a mod, they will only be addressing my interest rates and they have no intention of revalueing my home to current market value.

I asked her if the only way to get the loan amount modified was to file bk, and she said that was a different department and I would have to provide court filings of a bk to talk to them.
She then basically said that if the market continues to plunge they may have to address the values issue. They have a wait and see approach because nobody knows what O is going to do. The entire mortgage entity may become a nationalized thing. If the market improves, it improves, if it don't, they may have to change tactics.

My question; with about 100k in business and personal debts, excluding the home, should I move on a bk in hopes that a judge may reset the loan amount or wait and see?

btw I told her that whatever agreement I made, keeping it was subject to stabizilation of the economy and that if they weren't preparred to be flexible they can plan on adding another one to their inventory. She sounded like she had heard that one before. They also recommended ditching the payment on my second if making the first was too difficult as they will not forclose because I am behind on my payments on my second.

thoughts?
2009-01-27 09:21:53
SgtHeihn
Should have ducked
+394|6790|Ham Lake, MN (Fucking Cold)

Kmarion wrote:

SgtHeihn wrote:

Kmarion wrote:


Huh? Are you talking about commission %?
Yeah, whoops! I just looked back at that and saw how it kinda was off.
There is no cap here.. it's pretty simple though. Don't use Realtor who overcharge. Real estate laws vary by state. Here in Fl you have to disclose any and all affiliations. For instance my Dad (my real estate partner) has to tell everyone that he has a relationship with a certain local title company. (He owns stock in the company)
We had a 5 point cap in CA, I think Realtor's had a 8 point cap. I saw a lot of loans that were done in the LA county that people were just hammered on. I know the laws in CA were kinda loose to help move houses.
2009-01-27 09:27:54
cpt.fass1
The Cap'n Can Make it Hap'n
+329|6999|NJ
The thoughts are the second will probably settle for a ton less then owed because they understand that something is better then nothing.. Most of the banks are accepting loan mods but are not reducing amount owed, they have an FHA Hope loan Idea out there.. But like most other things, no one is doing them; FHA hope is where you refinance at 80% of current home value and your lender forgives the rest..

They are moving in the way of the judge doing the mods and giving values, but it isn't in place yet.. Like everything else it's probably going to take a year till these idea's go into effect..

I say loan Mod at the rate they offer and when/if the other goes into effect jump on it.. Also with the new BK laws being stricter they have caps on income now..

Last edited by cpt.fass1 (2009-01-27 09:31:54)

2009-01-27 09:30:10
Pug
UR father's brother's nephew's former roommate
+652|6845|Texas - Bigger than France
I slept at a Holiday Inn Express last night...

jokes aside, cptfass is giving out good information, however, the best advice is to look at your budget before taking a loan. 

loan officers used to ask you "how much can you afford?" and then some would try to give you the highest loan.  it never has been a good practice, and it's doubtful that people are doing this anymore.

note to cptfass - this is not a shot at you or your industry - i'm just telling people to be wary of the industry.  a loan officer can break you as well as help you realize your dreams...
2009-01-27 09:33:43
Kmar
Truth is my Bitch
+5,695|6904|132 and Bush

SgtHeihn wrote:

Kmarion wrote:

SgtHeihn wrote:


Yeah, whoops! I just looked back at that and saw how it kinda was off.
There is no cap here.. it's pretty simple though. Don't use Realtor who overcharge. Real estate laws vary by state. Here in Fl you have to disclose any and all affiliations. For instance my Dad (my real estate partner) has to tell everyone that he has a relationship with a certain local title company. (He owns stock in the company)
We had a 5 point cap in CA, I think Realtor's had a 8 point cap. I saw a lot of loans that were done in the LA county that people were just hammered on. I know the laws in CA were kinda loose to help move houses.
California has there own weird set of laws. Some states will mutually recognize a real estate license.. I think CA is all alone..lol.
Xbone Stormsurgezz
2009-01-27 09:36:08
cpt.fass1
The Cap'n Can Make it Hap'n
+329|6999|NJ
Well this industry is very very broken right now.. I know people out there are desperate, I'm a third party who is not going to make any money so I will be giving out my advice to potentially help people.. Remember it's only ADVICE, I'm very ethical and that's why I'm still in the business. A good portion of LO's are out of it, or in court.. I know sooner or later this business will pick up again and I'm trying(it's hard at every end, I have 5 loans submitted all of which are good under the guidelines, but I'm relearning this business every day) to stay in it so when it does I'll be at the lead.
2009-01-27 09:39:35
Kmar
Truth is my Bitch
+5,695|6904|132 and Bush

Consider the industry is almost completely reliant upon referrals and repeat customers. A couple screw overs and you can call it quits.
Xbone Stormsurgezz
2009-01-27 09:40:47
ATG
Banned
+5,233|6832|Global Command

Pug wrote:

I slept at a Holiday Inn Express last night...

jokes aside, cptfass is giving out good information, however, the best advice is to look at your budget before taking a loan. 

loan officers used to ask you "how much can you afford?" and then some would try to give you the highest loan.  it never has been a good practice, and it's doubtful that people are doing this anymore.

note to cptfass - this is not a shot at you or your industry - i'm just telling people to be wary of the industry.  a loan officer can break you as well as help you realize your dreams...
oh put a sock in it.
Budget, lol. I saw a 80% plunge in gross revenues in my business. Other owners I talk to report anywhere from 40% to 95% in their business revenues.
How in the hell do you plan for that bro?

If you are sucking on the tax payer teet you may be stable. America lost 70000 jobs yesterday.
I dare you to stand in front of a father that just got a pink slip and preach to him about a budget.
2009-01-27 09:42:47
cpt.fass1
The Cap'n Can Make it Hap'n
+329|6999|NJ
Well I'm sure you're going through my pains too kmarion, it's really hard on the loan end not to screw up right now.. We need to make qualifying for loans easier again, not as easy(at least verify income), but where we're at as a country we need to losen up on credit restrictions. Maybe reintroduce a 100% financing loan again and try to move things forward..
2009-01-27 09:44:24
cpt.fass1
The Cap'n Can Make it Hap'n
+329|6999|NJ

ATG wrote:

Pug wrote:

I slept at a Holiday Inn Express last night...

jokes aside, cptfass is giving out good information, however, the best advice is to look at your budget before taking a loan. 

loan officers used to ask you "how much can you afford?" and then some would try to give you the highest loan.  it never has been a good practice, and it's doubtful that people are doing this anymore.

note to cptfass - this is not a shot at you or your industry - i'm just telling people to be wary of the industry.  a loan officer can break you as well as help you realize your dreams...
oh put a sock in it.
Budget, lol. I saw a 80% plunge in gross revenues in my business. Other owners I talk to report anywhere from 40% to 95% in their business revenues.
How in the hell do you plan for that bro?

If you are sucking on the tax payer teet you may be stable. America lost 70000 jobs yesterday.
I dare you to stand in front of a father that just got a pink slip and preach to him about a budget.
I don't think pug was being personal, it's easy to preach when it hasn't hit you yet.. But the bottom is dropping out and it will probably be hitting everybody soon..
2009-01-27 09:46:11
SgtHeihn
Should have ducked
+394|6790|Ham Lake, MN (Fucking Cold)

cpt.fass1 wrote:

Well I'm sure you're going through my pains too kmarion, it's really hard on the loan end not to screw up right now.. We need to make qualifying for loans easier again, not as easy(at least verify income), but where we're at as a country we need to losen up on credit restrictions. Maybe reintroduce a 100% financing loan again and try to move things forward..
The banks don't want to take that chance, we wont see 100% loans for a long time. They are circling the wagons and trying to drive off the injuns.
2009-01-27 09:48:19
ATG
Banned
+5,233|6832|Global Command
" put a sock in it " was a little rough, eh? Sorry pug.

Perhaps this thread should  be restricted to extended members of The Losers Club.
2009-01-27 09:50:55
cpt.fass1
The Cap'n Can Make it Hap'n
+329|6999|NJ
Well right now even loans that were at 80% are at risk.. Bottom line is that we're not going to be able to stop the bleeding without taking risks, obviously risk taking is what got us here but we know that stated loans for w-2 employees was a bad idea.
2009-01-27 10:02:10
ATG
Banned
+5,233|6832|Global Command

cpt.fass1 wrote:

Well right now even loans that were at 80% are at risk.. Bottom line is that we're not going to be able to stop the bleeding without taking risks, obviously risk taking is what got us here but we know that stated loans for w-2 employees was a bad idea.
As a percentage, what blame do the LO's share in the meltdown?
i.e.
20% for writing questionable loans?
5% percent for the governments encouragement of subprime?
2009-01-27 10:17:27
Kmar
Truth is my Bitch
+5,695|6904|132 and Bush

cpt.fass1 wrote:

Well I'm sure you're going through my pains too kmarion, it's really hard on the loan end not to screw up right now.. We need to make qualifying for loans easier again, not as easy(at least verify income), but where we're at as a country we need to losen up on credit restrictions. Maybe reintroduce a 100% financing loan again and try to move things forward..
I am, relatively speaking. Last summer I had 4 closing fall through on a project. The build out took longer than expected and the lenders change the requirements before completion, even though they had already approved them. They wanted 30% instead of 20% (commercial loans).
Xbone Stormsurgezz
2009-01-27 10:20:46
cpt.fass1
The Cap'n Can Make it Hap'n
+329|6999|NJ
Well that's really a tough call, there are tons of people who made 30k a year who bought a house 4 years ago then sold it at a profit. Most Loan Officers had a product that they could sell and make money.. This whole crisis isn't even really because of the subprime loans, there are tons of different reasons we are here.. The main one that I can see is that we haven't had a REAL economy since the early 90's, it's been floated on bubble after bubble..

I've used adjustable rate mortgages as a band aid on people to fix they're credit to get them 30 year fixes.. The main problem I can see with where we are at, is that Peoples homes in almost ever case was used as an investment which caused home values to go up..

Pointing fingers is a waste of time anyway..

Last edited by cpt.fass1 (2009-01-27 10:24:22)

2009-01-27 10:27:55
ATG
Banned
+5,233|6832|Global Command
ok, so how do we re-establish a real economy?

And aren't we epically fucked if we don't?
Like for a century?
2009-01-27 10:30:34
cpt.fass1
The Cap'n Can Make it Hap'n
+329|6999|NJ

Kmarion wrote:

cpt.fass1 wrote:

Well I'm sure you're going through my pains too kmarion, it's really hard on the loan end not to screw up right now.. We need to make qualifying for loans easier again, not as easy(at least verify income), but where we're at as a country we need to losen up on credit restrictions. Maybe reintroduce a 100% financing loan again and try to move things forward..
I am, relatively speaking. Last summer I had 4 closing fall through on a project. The build out took longer than expected and the lenders change the requirements before completion, even though they had already approved them. They wanted 30% instead of 20% (commercial loans).
yeah it's really hard to do work and make money when we really don't and can't have an idea of what's going on.. It's the sad truth but at any given time any one of my loans can die for things I can't control..
2009-01-27 10:44:33
Kmar
Truth is my Bitch
+5,695|6904|132 and Bush

ATG wrote:

ok, so how do we re-establish a real economy?

And aren't we epically fucked if we don't?
Like for a century?
Tampa is on it's way .. maybe.

http://www.bizjournals.com/tampabay/sto … ily29.html
Xbone Stormsurgezz
2009-01-27 10:48:51
Pug
UR father's brother's nephew's former roommate
+652|6845|Texas - Bigger than France

ATG wrote:

Pug wrote:

I slept at a Holiday Inn Express last night...

jokes aside, cptfass is giving out good information, however, the best advice is to look at your budget before taking a loan. 

loan officers used to ask you "how much can you afford?" and then some would try to give you the highest loan.  it never has been a good practice, and it's doubtful that people are doing this anymore.

note to cptfass - this is not a shot at you or your industry - i'm just telling people to be wary of the industry.  a loan officer can break you as well as help you realize your dreams...
oh put a sock in it.
Budget, lol. I saw a 80% plunge in gross revenues in my business. Other owners I talk to report anywhere from 40% to 95% in their business revenues.
How in the hell do you plan for that bro?

If you are sucking on the tax payer teet you may be stable. America lost 70000 jobs yesterday.
I dare you to stand in front of a father that just got a pink slip and preach to him about a budget.
i meant no offense.  a failure of your business has nothing to do with budgeting nor does it have anything to do with getting a mortgage.  if you can get a loan or change your financial situation somehow, then there's a solution.  it's not what has been done or what is happening now, its what are you planning to do.  lots of people are trying to help - and honestly people are being forced to make difficult choices whether they like to or not.

certainly a good loan officer can help you out in the short term although there are drawbacks to every decision.

don't get pissed at me, you're asking for advice...
2009-01-27 10:53:59
ATG
Banned
+5,233|6832|Global Command

Pug wrote:

ATG wrote:

Pug wrote:

I slept at a Holiday Inn Express last night...

jokes aside, cptfass is giving out good information, however, the best advice is to look at your budget before taking a loan. 

loan officers used to ask you "how much can you afford?" and then some would try to give you the highest loan.  it never has been a good practice, and it's doubtful that people are doing this anymore.

note to cptfass - this is not a shot at you or your industry - i'm just telling people to be wary of the industry.  a loan officer can break you as well as help you realize your dreams...
oh put a sock in it.
Budget, lol. I saw a 80% plunge in gross revenues in my business. Other owners I talk to report anywhere from 40% to 95% in their business revenues.
How in the hell do you plan for that bro?

If you are sucking on the tax payer teet you may be stable. America lost 70000 jobs yesterday.
I dare you to stand in front of a father that just got a pink slip and preach to him about a budget.
i meant no offense.  a failure of your business has nothing to do with budgeting nor does it have anything to do with getting a mortgage.  if you can get a loan or change your financial situation somehow, then there's a solution.  it's not what has been done or what is happening now, its what are you planning to do.  lots of people are trying to help - and honestly people are being forced to make difficult choices whether they like to or not.

certainly a good loan officer can help you out in the short term although there are drawbacks to every decision.

don't get pissed at me, you're asking for advice...
Oh I ain't pissed.
I too sometimes post for the sake of posting without having anything meaningful to ad.

If it were only my business that was failing I'd be telling myself to stfu.

 

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