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That article really summed it up nicely. Walking away is a "cultural shift" and the stigma of foreclosure is fading fast.

He can refinance into another reverse mortgage. There's absolutely no qualifying for a reverse mortgage. Easy peasy.

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I see your point. :-)

I'm not a lawyer, but I worked for lawyers in various specialties for nearly 20 years. I'm a loan originator (17 years) and short sale negotiator now. You're right...if the 2nd was originated after the purchase, it's a recourse loan. Let me make sure I understand...in CA, a mortgage...

Why not? You got somethin' against Craigslist?

graphrix, you're right; I should've qualified my answer by the new "declining markets" edict. Only CalHFA still does 100% financing whereby you can't make more than $88,000 per year.

jbatzmaru, your agent is absolutely, utterly, completely and irrevocably correct: REO offerings are far less troublesome, frustrating and nerve-wracking than pursuing a short sale. I think you should take her advice and stick with REOs. Just because she doesn't want to put in the time to do a...

Obviously, you've never worked on commission, where the commissioned salesperson decides how much money s/he will make on an hourly basis. Why should a real estate agent put all the time in to do a short sale when s/he can simply pursue a far less labor-intensive type of transaction by which to...

Well, I don't know about "preposterous." There was a post at another discussion board (which i can't find now to post here) by a guy who claimed to have worked many years as a division manager for a bank's REO department. When discussing short sale vs. foreclosure, he said that foreclosure is...

"6. If you have not refinanced, your purchase money loans are non-recourse, and the lender cannot seek a deficiency in a default. [ONLY ON THE 1ST]" This is wrong. All purchase money mortgages are non-recourse in California. The second lender may not go after him unless the 2nd was a refi...

subprimer wrote: I know now that I can qualify for a conforming or conventional loan but I have no down but the killer is the LTV on a refi. So by going with the no money down super broker I shot myself in the foot. If you NEED--rather than PREFER--to refi to a lower rate, you're...

Right...they don't CONSISTENTLY beat Provident Funding, but I hate PF's guts. :-)

Girl in the OC wrote: I would agree with lighting issues as well... kinda like a 99 cent store feel? Exactly!

interloper wrote: So again, if you want to track mortgage rates the best way to do it is via treasury yields. Actually, Treasury yields don't have anything to do with MBS (mortgage backed securities). I'd like to post an explanation, with graphs, but I don't know how to post the article...

I should've said 95% CLTV--that is "combined loan to value." If you do a combo loan, you don't need PMI. Flagstar Bank is beating the pants off Provident Funding, plus they're much nicer to deal with.

Why is that funny?

You can still get a plain vanilla 30 year FRM with 5% down (conforming; not jumbo), but you must go full doc and have a strong FICO score. Why would the REO seller care how much you put down, so long as they get paid? I think your loan officer is mistaken.

I think the lighting in the Fresh & Easy store in Huntington Beach is creepy. Every time I go there, I want to leave as soon as possible. It's very white and stark, so gives the store an unfriendly feel. I bet the store will close down soon--I hardly ever see anyone in it--I think because of...

If anyone identifies a property and wants to do a short sale, I can handle the loss mitigation for you for a fee (that the bank pays). It's not that difficult; just time-consuming.