Reply With QuoteWhenever they get around to it but usually 3 mos.
Quicker than I thought.
When do defaults start at 4 months 6 months...
Whenever they get around to it but usually 3 mos.
Whenever they get around to it but usually 3 mos.
Quicker than I thought.
I am talking about a paper rates, bank pays all costs, one loan, all with a 40 year term. That is way different!!!!!
You are right....banks are thinking of creative programs to get these folks into....they are not going to let all this crap go to hell and a handbasket....in 6 months there will be a lot of transition programs for folks in the toilet.
You are right....banks are thinking of creative programs to get these folks into....they are not going to let all this crap go to hell and a handbasket....in 6 months there will be a lot of transition programs for folks in the toilet.
As it should be. Taxpayers are getting tired of bailing out the most profitable businesses out there. (Banks /lending institutions) The lenders created these conditions.. they should also sink or swim with them.. Funny how history keeps repeating itself.
cash is king
Is that the sky falling? :cry:
There's supposed to be something on the order of $4 TRILLION dollars of the "creative" loans coming to the roll-over point in the next 2 to 4 years. There will be a lot of defaults when that happens should the interest rate climb much beyond the present level. Neg-am's, Interest only - roll to VarInt, 1% loans - now I heard about the newest screwball package - the 1/4% loan. Geez...when will people learn to live within their means. Oh, yeah, I almost forgot...most of us big ballers with the fancy boats don't know that either!Just kidding........I know all of you MUST have paid cash and not raided your equity or have 20 year loans and such. :rollside:
Rufus
More like the ceiling.
I will say, the "cash is king" comment holds true.
This Feb I bought a property from a sheriff's sale. The closing is the 28th of this month. After all expenses we will have an easy 25% net gain. There will be plenty to be made off this dip if you are positioned correctly.
You don't know where to look. When a homeowner gets a NOD recorded (Notice of Default), the vultures swoop in - on all the ones with equity. You can go onto the county recorder's website and search for these.
And, it does not take a rocket scientist to figure out when you have record high number of home owners that you will soon see a record number of foreclosures - regardless of the market.
HM,
I want to know where I can find that site. Do you have the address? I m spreading my wings.
Currently I am getting 3-5 calls a week from realtors/brockers for me to bid repainting the inside of repos. I even had one thru hot boat...There are tons of them out there. You just have to look.
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