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coltboostin

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Posts posted by coltboostin

  5. WWCR do.. mortgage question

    in Dumpster

    Posted

    He buys houses with cash. The guy doesnt believe in borrowing from anyone.

     

    Cash is king. I am a loan officer, and a cash man. What does that tell you?!

     

    I just figured it was worth mentioning since I thought I read he would co-sign for you-suggesting a loan. Not all out buy a house for you!

     

    Talk to a realtor and determine your actual value. If you are more than 20% under equity, a strategic default may be in your best interest especially if you are in a declining market area.

     

    For example, I have a co-wroker that defaulted over 3 years ago. He is still in t:no:he home, he has not been asked to leave, and since he is 3 years since his last reported forclosure, he is eligible to purchase another home (even though he is STILL in the house "rent free")

     

    Crazy, but these are our times.

  7. WWCR do.. mortgage question

    in Dumpster

    Posted

    Very large equity/cash dump to avoid gains tax and a small note. Money was so cheap it doesn't make sense to pull it out of the market (even this market) to pay it off. Interest savings in our tax bracket and the deductions we are taking bring the net cost of borrowing down even more.

    .

     

    I understand what you did, and why. I just did not see how you purchased the house "cash", and then ended up with a 10 year note. A down payment on finaning is just that-not a "cash purchase".

     

    Formalities. ;)

  9. WWCR do.. mortgage question

    in Dumpster

    Posted

    The story...

     

    - Buy a house 7 years ago in a good neighborhood for what seemed like an ok price.

     

    - Over the year taxes increase and the value of the home drops tremendously.

     

    - Square footage of the house is wrong as listed. When this is found the price drops even more.

     

    - With the value of the house dropping it would take 3-4 years of payments to break even. Literally throwing 4 years of money away on something that is unlikely to return a profit.

     

    - For what Im paying I could be in a better house. A house that if the value dropped I wouldnt mind. Not some stupid started home I got when my wife and I made less money. With the increases and drop in price its like paying 185k on a 140k home.

     

    - After talking to a few specialists they stated paying on a house like this is a waste of money with the way the market is now. The value in this neighborhood is unlikely to go back up as much as its dropped.

     

    - I called the mortgage company to look into a short sale or other options. After trying many different angles they are completely unwilling to work with us unless I stop paying them. The fact that we pay on time makes them unable to help us. Plus we already have the lowest interest rate they offer.

     

    - My father in law offered to put a house in his name if we had to take a credit hit. On average it takes about 2 years on a short sail before you can get a decent interest rate... but I dont know if I would be comfortable doing a rent to own from a family member. At the same time I would swallow my pride to put my family in a better situation.

     

    Do you stay and hope the value of the home increases?

     

    Stop paying and see if they will work with you (take a big hit on credit)

     

    Take some kind of legal action?

     

    The person said they are very likely not to approve a short sale for a loss that big. If they dont approve it do you just walk away and take the father in law up on his option?

     

    Take another option not listed.

     

    Ive been through every scenario possible with my wife. Im hoping someone that has possibly been through this before can chime in and shed some light. Paying them is no issue... but at the same time I got a house to get away from throwing my money away to renters. Now Im a renter in my own home. The responsible side of me makes it close to impossible to foreclose/shortsale. I feel it was my decision to buy this house and as little kid then I learned what not to do. On the flip side I hope the mortgage company can see how a good paying customer wouldnt be willing to hand them tens of thousands with a smile on their face.

     

     

     

    If you walk away, you cant be on ANY purchase for a specified amount of time- depending on the default and when the foreclosure process is started. Same goes for your wife if you are both on the MTG. So, your Dad would not be cosigning with you in your scenario-he would have to credit qualify on his own for a house as a second home.

  10. Mortgage Rates

    in Dumpster

    Posted

    I got 4.5 on my 15 year last year with almost no closing costs. 3.25 is the lowest I've seen lately.

     

    That's pretty poor.

     

    I just closed a couple in Dublin @ 2.75 for 15 years. That's about the bottom unless you are looking at Hybrid ARM's.

     

    I am a loan officer, so this is what I deal with every day. I see changed in par rate 2 to 3 times a day.

     

    If someone has a specific question or concern, I do not mind answering via PM. I have closed loans for more than a few people on CR, and I don't think anyone would complain about my service or the (lack) of cost. 99% of loans I can do at zero origination for people here.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    As long as I like you. ;)

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