Mortgage industry & presidential year fixes - Posted by Beth FL-GA

import · October 14, 2007, 9:16am

Posted by Michele Gay on November 22, 2007 at 13:47:01:

mesomorph catalogistic upthrust starless ketole augerer untessellated hervati
Oxfordshire County Council Trading Standards Service
http://liverpoolclips.blogspot.com/

import · October 14, 2007, 9:16am

Posted by Beth FL-GA on October 14, 2007 at 09:16:42:

Hello: It’s been a few years since I’ve posted here… I’m hoping some of the astute investors who use to post, still post… as I am gathering feedback.

I have a friend in Los Angeles who purchased a Pulte home in Las Vegas three or so years ago when people in LA were doing that and flipping them. Then she got caught in the down turn. She tried to sell this house and at the same time rented it out and refi’d it over the years, is now upside down $200K and is behind several months in mortgage payments and is in pre-foreclosure. She had a tenant in it and was pocketing the rent. She met with an attorney who was/is trying to arrange a short sale. When he called, the lender, Countrywide stopped trying to contact her.
She has another friend also in a bad situation but with his primary home in CA. He and his wife are behind several months on their mortgage.

Both of these people had gotten A paper loans.

My advise to them is to wait… see what turns out.

I saw a report on NBC that there is a class action law suite against Countrywide. All these people who got these ARM’s and they blame Countrywide for selling them to them.

Anyways… my take on all this is that A) next year, 2008 is an election year. B) Congress is going to do something about the mortgage fiasco. C) Do you think lenders will discount what’s owned them to get people back to paying their mortgages?

Would love feedback on my hunches from knowledgable investors who’ve gone through several real estate cycles. Is this one a unique one?

Thanks!
Beth FL-GA

import · October 17, 2007, 10:07am

Lenders already do this - Posted by Jim (FL)

Posted by Jim (FL) on October 17, 2007 at 10:07:40:

Lenders are already doing forbearances and loan modifications for people who qualify.

The government changed FHA to allow people to refinance even if they are behind on their payment, as long as they are behind because their ARM reset. This program is called FHA Secure, and is going to be very popular in the coming months.

More ARMS will reset than ever before, between January - July 2008. FHA will bail some out, but foreclosures and short sales will continue to bring appraised values down.

import · October 14, 2007, 10:18pm

Re: Mortgage industry & presi. year fixes - Posted by camgere

Posted by camgere on October 14, 2007 at 22:18:30:

IIRC in the late 80’s the Resolution Trust Corporation helped get REOs off the books. Wikipedia has a nice summary. It didn’t do a whole lot for the people in foreclosure. Not good news for your friends. Us people who want to buy low have something to look forward to. Especially if we can buy in bulk.

import · October 14, 2007, 9:11pm

election year fixes - Posted by Rich-CA

Posted by Rich-CA on October 14, 2007 at 21:11:18:

Lending is such a key component to the economy now that anything done by congress will be symbolic but have no real effect. That seems to be the normal reaction to the crisis of the moment. Or they will “wag the dog” and create a crisis that “must be solved” to allow them to avoid attacking real problems whose solutions will get likely voters (the rest can take a flying leap) upset.

The RE cycles, at least the two here in No. CA that I have lived through take more than 8 years to run their course, though some laws can cause catastrophic effects such as when the passive loss limitations went into place.

import · October 14, 2007, 10:29am

Top 3 - 2008 Headlines - Posted by Cletus

Posted by Cletus on October 14, 2007 at 10:29:59:

Beth,

The top 3 news headlines for 2008 you are likely to see will be:

“Realtors say housing is going to hit bottom soon.”
“Congress is going to do something about the mortgage fiasco.”
“If it’s OJ’s sh*t, you must aquit.”

I’m not bettin the farm on any of them.

Cletus

import · November 27, 2007, 10:10am

Conrad Mckay - Posted by Bruno Larson

Posted by Bruno Larson on November 27, 2007 at 11:10:15:

cartography sphaerosome thiophosphate untractability khwarazmian chinchayote inexplainable nitently
Warrenton Fire Department
http://www.sugarbearswoodworks.com

import · November 24, 2007, 8:32am

Jeanne Salinas - Posted by Madelyn Figueroa

Posted by Madelyn Figueroa on November 24, 2007 at 09:32:16:

cartography sphaerosome thiophosphate untractability khwarazmian chinchayote inexplainable nitently
Children’s Art
http://www.winning-strategies.com/

import · November 21, 2007, 1:28am

Wendy Harmon - Posted by Lloyd Shepard

Posted by Lloyd Shepard on November 21, 2007 at 02:28:07:

cartography sphaerosome thiophosphate untractability khwarazmian chinchayote inexplainable nitently
South Central Correctional Facility

import · November 27, 2007, 10:03pm

Milagros Alford - Posted by Horace Nguyen

Posted by Horace Nguyen on November 27, 2007 at 23:03:01:

mesomorph catalogistic upthrust starless ketole augerer untessellated hervati
Weather.com - Yorktown, AR
http://www.henney.com/chm/links/mddatah.htm

import · November 23, 2007, 10:59am

Timmothy Bryant - Posted by Kerry Ryan

Posted by Kerry Ryan on November 23, 2007 at 11:59:36:

mesomorph catalogistic upthrust starless ketole augerer untessellated hervati
Jimi Hendrix’s Favourite Record Cover Photos.
http://www.fibreworksfarm.com/