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This is by far the most uptight board I've ever read. People get upset over the slightest thing. Caps indeed.

Someone at the beginning of this thread (I've forgotten who) wrote: In all seriousness, though, as much as people hate to admit it, finances are a huge part of any relationship. Finances are a huge part of life! Last weekend I attended T. Harv Eker's 3-day "Millionaire Mind Intensive"...

Except that a mortgage is the very roof over their heads--not credit card, etc. debt--so it doesn't follow that subprime always don't pay their mortgage.

SacRenter, you're "fascinated" by the "frenzy" while long time real estate investors are licking their chops. The situation in which we find ourselves is when/how fortunes are made in real estate. I know several successful real estate investors who have waited a long time for this moment...

<blockquote>Are banks there really doing short sales. I hear rumors of them; a former client called 3 weeks ago, but they don?t seem to actually be happening.</blockquote> I currently negotiate short sales all over the country. They most definitely are happening.

<blockquote>Just because they are asking more money for a house the appraisel can come in low and you are forced to accept that or use another lender and hope to get more.</blockquote> An appraisal is the appraiser's opinion of what the house is worth. Any buyer can pay more than the house...

<blockquote>so i guess those who are thinking of walking now should cause by the time the house market recover your credit should be good again. </blockquote> "Seasoning" for foreclosure, deed-in-lieu and short sale has recently been increased by Fannie Mae from four years to five years...

<blockquote>Yet somehow this one infraction holds me down.</blockquote> The reason "this one infraction" is majorly messin' up your FICO score is that it results in the dreaded Score Factor Code #22--"serious delinquency, derogatory public record or collection." The FICO scoring algorithm...

When "interest only" came to market as a feature of a loan, lenders were giving it away. Then they started pricing it to fee (not rate). It became so popular that they now price it to rate (not fee) which, in my opinion, makes no sense unless you plan to pay interest only every single month...

Add .25 (to rate, not fee) for interest only.

ipoplaya, here you go. (O/O, R/T, full doc, SFR, 700+ FICO) 3/1 ARM fully amortized Rate Disc. 5.500 #N/A 5.375 (1.250) 5.250 (1.000) 5.125 (0.875) 5.000 (0.750) 4.875 (0.500) <strong>4.750 (0.375) 4.625 (0.250)</strong> 4.500 0.125 4.375 0.375...

<blockquote>Lenders are just not lending right now.</blockquote> Oh Merchants of Doom, I just don't see this. Every day, my email queue is flooded with program offerings. Granted, guidelines have tightened and turntimes have expanded, but plenty of lenders are lending lots 'n lots of money...

Whew! ipoplaya, you're right. They don't do so well on a retail basis. Erase...erase...erase. Their wholesale rates are always good...if one can stand to deal with them, that is.

Using cheekymonkey's situation as an example, here's the correct way to request a rate quote. The loan provider needs the following terms, property and borrower parameters to accurately quote a rate. 1. Purpose of loan 2. Occupancy 3. Type of property 4. Current principal...

<blockquote>Would we save alot by going to the lender direct?</blockquote> No. A mortgage broker buys wholesale and sells to you retail, just as a direct lender sells to you retail. The website posted by ipoplaya is on the money re some coupons (interest rates) but way off re other...

"Save yourself the headache and wait for the property to become REO." What's the difference if you wait for the short sale to be approved or you wait for the property to become an REO. Either way, you're waiting. In the former situation, you're the buyer; in the latter, you may not be.

Condo Seeker wrote: Clearly, it should sell for less..to compensate for the associated wait time and effort on the part of the buyer. Actually, the lender doesn't look at it that way. At least this line of thinking has never (yet) come into play when I'm negotiating with the short...

Let's call them Situation #1, #2 and #3. You're not really going to negotiate with a homeowner who is underwater (#2) or short sale (#3). It's the lender that holds the note with whom you're going to negotiate. How can an owner who's underwater negotiate? He needs the lender's permission to...

If you offer approximately 82% of current appraised value, your short sale offer will probably get approved. I negotiate short sales with various lenders, and this is what I'm seeing.

Unfortunately, when you dispute at the three credit bureaus, the bureaus will contact the collection agency and alert it that you're disputing the account. Your phone may start ringing, at which point you send them, pursuant to the Fair Debt Collection Practices Act, a "cease and desist"...