Mortgage company out of business

[sliverbox]

My grandfather grew up in the Depression. I learned alot from that generation. Americans have the worst debt of any country- we are inundated with marketing/spin and easy credit (which later explodes in our faces)

I couldn't agree more. My grandparents grew up in the depression too and we were not exactly rich either. They made due with older cars, older furniture passed down from their grandparents, fixed things when they broke ( lord knows all the duct tape holding things together) and so on. They were never rich, but they had a roof over their heads, a safe neighborhood to live in and a good school for their kids.
I learned a lot from that. I've been making pretty good money out in CA and despite this, I still live the same way, driving the same old car, watch TV on an old non flat screen TV, and eat in. Most people I know don't do this. They spend as much as they possibly can, and then more with credit cards when they run out. Everyone seems to be living above their means. That's why I am not buying a house here, saving my money, and waiting for the day that all this funny business ends and prices fall.

[mbmouse]

As to the original question. The only mortgage companies and lenders that are closing there doors are the ones that did sub-prime only and would finance ANYONE and were almost if not already in the predatory lending devision of things. Sorry, but those kind of companies and lenders needed to go anyway. Allowing and funding most of the loans they did have contributed to the current situation.
Personally, haven't seen much of a change or effect. Only slight and that, I think is for the better. .......Yea yea yea, I know, I'll never be a millionaire, but I DO sleep at night

[Tony1790]

Originally Posted by mbmouse

As to the original question. The only mortgage companies and lenders that are closing there doors are the ones that did sub-prime only and would finance ANYONE and were almost if not already in the predatory lending devision of things. Sorry, but those kind of companies and lenders needed to go anyway. Allowing and funding most of the loans they did have contributed to the current situation.
Personally, haven't seen much of a change or effect. Only slight and that, I think is for the better. .......Yea yea yea, I know, I'll never be a millionaire, but I DO sleep at night

MBmouse,

Good news my buyer was FINALLY approved and it only took 90 days to go from contract to close I've used brokers that made deals happen in 10 days from start to finish. But anyway, the same broker who took that long was the same broker that I had used to purchase in 2005 and she had slid in all of those nasty prepay penalties and high interest rates on my loans, but that was when homes were selling in 1 or 2 days on the market, I'm not sure if she is still as sneaky as that now that loans are dying on the vine.

I can second the fact that you are very straight forward, honest and sincere and have provided an abundance of help to people in business and just on here on the "boards". While we haven't always had the same opinions on things you are extremely civil and a joy to converse with.

My movers are coming on monday to start packing and I've been working with some employers on some job interviews, can't say that I'm thrilled by some of the salaries, but I guess some pay is better than no pay....

Thanks again, see you soon......I can't believe it's almost April!!

Tony

[Tony1790]

Originally Posted by sliverbox

My grandfather grew up in the Depression. I learned alot from that generation. Americans have the worst debt of any country- we are inundated with marketing/spin and easy credit (which later explodes in our faces)

I couldn't agree more. My grandparents grew up in the depression too and we were not exactly rich either. They made due with older cars, older furniture passed down from their grandparents, fixed things when they broke ( lord knows all the duct tape holding things together) and so on. They were never rich, but they had a roof over their heads, a safe neighborhood to live in and a good school for their kids.
I learned a lot from that. I've been making pretty good money out in CA and despite this, I still live the same way, driving the same old car, watch TV on an old non flat screen TV, and eat in. Most people I know don't do this. They spend as much as they possibly can, and then more with credit cards when they run out. Everyone seems to be living above their means. That's why I am not buying a house here, saving my money, and waiting for the day that all this funny business ends and prices fall.

Silverbox,

From what I've read the demographics of the Bay area seems to portend a reduction in population there, which doesn't bode well for the home prices. I was stationed with the Coast Guard in San Pedro and operated from San Diego up to San Fran, I like San Fran, waay to crowded for me though.

Question, your rent has to be less than the corresponding mortgage payment, assuming that you are banking the savings, would you ever consider moving back to TN as an "equity locust" and paying cash for a home and taking a pay cut, but living a totally free lifestyle, or would you rather stay in Cali long term? The answer would give me a clue as to the direction my "fundamental" thought process is geared toward the move back south......I grew up in W. NC but have been gone over 20 years.

Tony

[dreamofmonterey]

Tony- being here to save is good for the equity- but there are alot of dead-end service jobs, esp. if sliverbox is young//just graduated. I wouldn't recommend it to him- Just my 2 cents.

[mbmouse]

CONGRATULATIONS!!!
Glad it finally happened for you.

Originally Posted by Tony1790

MBmouse,

Good news my buyer was FINALLY approved and it only took 90 days to go from contract to close I've used brokers that made deals happen in 10 days from start to finish. But anyway, the same broker who took that long was the same broker that I had used to purchase in 2005 and she had slid in all of those nasty prepay penalties and high interest rates on my loans, but that was when homes were selling in 1 or 2 days on the market, I'm not sure if she is still as sneaky as that now that loans are dying on the vine.

I can second the fact that you are very straight forward, honest and sincere and have provided an abundance of help to people in business and just on here on the "boards". While we haven't always had the same opinions on things you are extremely civil and a joy to converse with.

My movers are coming on monday to start packing and I've been working with some employers on some job interviews, can't say that I'm thrilled by some of the salaries, but I guess some pay is better than no pay....

Thanks again, see you soon......I can't believe it's almost April!!

Tony