[airics]

[quote=kenco80233;3343803]

Originally Posted by needquestionsanswered

Let me ask a question please. If you owe more on your house than it is worth, is it viable to buy another house for a lower payment and then just let your house you live in now go into foreclosure. Thus, having a newer house with a smaller payment and not worrying about losing it.[/QUOTE I live in a new subdivision,and several of people that I have met that purchased new houses have bought with no money down,and said they were going to rent there old house,wait a few months and stop making payments on it,turn it back to the lender.They said lender told them that it would show up on there credit as a late payment.Maybe these people are helping create the problems?

so someone is going to take a good renter, put them in a house, and not make the payments, so the renter will eventually be kicked out? nice real nice, thats just wrong... its one thing to ruin your own credit , but to hurt others, there should be a law about this.. once you are 60 days past due, you should be required to inform the tenant, or better yet, if you rent the house and collect the money and it goes in foreclosure, the bank or tenant should be able to sue.

[dynimagelv]

That was done by a LOW LIFE Scum already [he's in jail I believe] was buying houses, renting them out, not making any payments[but collecting the rent] then letting them default.........

[Daddys///M3]

Originally Posted by kenco80233

I see it happening with new homes, sales people are pushing hard to sell new homes,with home buider loan originaters.People who bought homes in the 2004-2006 timeline.One neighbor mentioned that she got the idea from the salesperson for the builder.

Don't get me started on builders. Just the fact that these greedy bastards own mortgage companies and title companies, coupled with the fact that offer incentives contigent upon closing with said mortgage companies and title companies, is a blatant RESPA violation due to anti-steering clauses in the RESPA verbiage. Their lobby must be extremely powerful.

[Daddys///M3]

Originally Posted by gulfer

What would happen then to the renter who is in your house that you are going to let be foreclosed? People will end up out on there backsides when they come and lock the door out on these folks. I know I could never do that to anyone. I've read articles where this has happened (I think it was in the Las Vegas Review Journal) just a short time ago. Please think it through.

Just an FYI, one of my Realtor partners and I have a resource that will allow renters to see if their landlord is in default. If anyone is interested, I can DM a link, but will not post here due to advertising rules.

[johnrex62]

Originally Posted by Daddys///M3

Don't get me started on builders. Just the fact that these greedy bastards own mortgage companies and title companies, coupled with the fact that offer incentives contigent upon closing with said mortgage companies and title companies, is a blatant RESPA violation due to anti-steering clauses in the RESPA verbiage. Their lobby must be extremely powerful.

How many builders do you know of that own their own mortgage companies? I have known hundreds of builders over the years and have only heard rumors of 1 even trying to get an interest in one and he couldn't float the capitol. he was the biggest in my area by a good margin. Most relationships I am aware are contractual agreements to get better rates for their clients.

I don't deal with many national builders, but I would be surprised to find many of them with majority ownership in a mortgage company either. Let me know who you know of that do this, I am interested now.

[Daddys///M3]

Originally Posted by johnrex62

How many builders do you know of that own their own mortgage companies? I have known hundreds of builders over the years and have only heard rumors of 1 even trying to get an interest in one and he couldn't float the capitol. he was the biggest in my area by a good margin. Most relationships I am aware are contractual agreements to get better rates for their clients.

I don't deal with many national builders, but I would be surprised to find many of them with majority ownership in a mortgage company either. Let me know who you know of that do this, I am interested now.

Pulte, Ryland, Kaufman and Broad, Centex, and US Home off of the top of my head. As for the others that have joint venture agreements, it is still a RESPA violation to offer incentives to a client for using a certain mortgage or title company, per the anti-steering guidelines. They claim the purpose is to control the process, not to make more money, which would make sense if their LO's were not making large amounts of YSP. Not only that but I can actually beat near any builders in-house lenders rates, as well as most banks.

Please read links for some more interesting tidbits on the national builders and their mortgage companies:

New Home Builder Mortgage Companies Scam Home Buyers Daily

Realty Times - Feds Investigating Home Builder Mortgage Programs for Consumer Abuses

If that doesn't upset you, how about this one:

Builders, mortgage companies get additions, subtractions they asked for in Senate housing deal - AOL Money & Finance (broken link)

Good old Harry Reid. I thought Democrats were supposed to look out for the little guy.

[dynimagelv]

They do......they have this midget that carries a black bag filled with cash....he's the "Little Guy" the politicians are lookin out for.

[il4u]

Originally Posted by SonOfHender

So what happens to someone who bought a house in the hot market, now the house is worth a whole bunch less...

I know that mortgage companies will sometimes allow a "short sale", but how about a short sale to yourself? In other words, you tell the bank that you can not afford the house at the original mortgage amount but would they forgive part of the debt? Would that be a solution for some people who are suddenly upside down but want to remain in their houses?

Just thinking out loud here.

[FONT=Verdana] [/FONT]
[FONT=Verdana]Lender will consider a Short sale ONLY if the homeowner is at least one payment behind and MUST show some sort of Hardship: what happened from the time the homeowner bought the property to the time he can no longer keep up with the mortgage payments? lender might modify loan terms/interest rate, but most likely will NOT reduce the principal amount, not if homeowner wishes to keep occupying the property.[/FONT]
[FONT=Verdana]For more info, visit[/FONT]
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