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IrvineRenter, what's the benefit to the bank of listing the property? How does an appraisal help the bank? In their view, a BPO is sufficient. How does disclosure of the parties' affiliation help the bank? The lie of "We are not related" is so easy to do, anyway. A lie detector test...

The only 100% financing I know of is CalHFA, which has income restrictions and is limited to first time homebuyers. http://www.calhfa.ca.gov/

Then the law should be called the "Home Sales Stimulus Act of 2008." It's called the "Economic Stimulus Act of 2008." If refinancers were able to refinance to a lower interest rate, they would have more discretionary income with which to stimulate the economy. I guess this was lost on the...

hs_teacher, with all due respect, you're fundamentally incorrect. (1) The property need not be listed. (2) No appraisal is done; only a BPO (broker's price opinion). (3) It's easy not to disclose, particularly if your last name isn't the same as the homeowner's. Properties are purchased from...

I hear you, lawyerliz. I, too, would like to make several improvements, but I'm not willing to spend anything at this time. It's true that the new Jumbo Lite loans allow for no consolidation of mortgage indebtedness < 729750. "Economic stimulus" indeed! Huh.

For the first 12 months of your ownership (called "seasoning"), the lender will use the appraised value or purchase price, WHICHEVER IS LESS, to calculate the LTV (loan-to-value) or CLTV (combined loan-to-value). Here's a further explanation. Do Mortgage Lenders Recognize Bargain Prices...

During the last downturn, when short sales were prevalent, I arranged a loan for a couple of Middle Eastern descent who were buying a home via short sale from another Middle Eastern couple. I went to the home where the homeowner was "hosting" the purchasing Middle Eastern couple. They all...

I just read an article about a hedge fund that was leveraged 2:1, also with a high quality portfolio and it, too, went under. Collateral damage. This is from John Mauldin's newsletter. Leverage in Reverse Gear Leverage is going in reverse, and with a vengeance. And it is happening...

<< Funny, so i want the government to help some flipper or speculator to save their home. >> Vulture capitalists...of which I are one. So shuddup. < teasing >

With a platinum portfolio, I don't know what WOULD be comfortable leverage, do you?

<< So who can I go to now and get a $1mm+ mortgage? >> CMG Mortgage / MacQuarie Mortgage / LuxMac

Poor Thorny. March 7 (Bloomberg) -- Thornburg Mortgage Inc., the New Mexico provider of ``jumbo'' home loans, said the company doesn't have enough money to meet $610 million in margin calls and its survival is in doubt. Bankers have agreed to freeze their demands for payment while...

<< On a primary residence, existing subordinate liens must be resubordinated. The new loan cannot "cash out" an existing subordinate lien. >> I'd have to see the guidelines on this provision. It doesn't seem plausible that Fannie/Freddie won't rate-and-term refinance an existing jumbo loan...

Maximum loan amount for Orange County is $729,750.

Current Trend Direction: Reversing lower off the 200-day Moving Average after a morning rally Risks favor: Very Carefully Floating Current Price of FNMA 5.5% Bond: $98.22, +78bp and changing rapidly Is it crazy enough for you? Since the removal of the "up-tick rule" last...

Well, I guess I've been in the mortgage biz too long. Been there...done that.

"Through the roof." Rates are STILL near historic lows.

Trooper, you're absolutely right. No matter what anyone writes or speculates or claims about short sale vs. foreclosure or deed in lieu, all three outcomes result in EXACTLY the same hit to your FICO score and they all require the EXACT same seasoning time with respect to getting approved for...

"You [giltee] thought it out and stuck to your plan. Congratulations!" Exactly my point.

Nude, yes, I'm a mortgage broker, but I'm also a consumer, as you are--a purchaser of loans for my own properties. I selected an ARM (several) for reasons similar to giltee's very sound approach. You based your choice on stability, which sounds emotional to me; that is, your fear (emotion)...