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Started By
Message
re: 7.7% of Mortgages Now in Forbearance
Posted on 5/12/20 at 9:27 pm to fishfighter
Posted on 5/12/20 at 9:27 pm to fishfighter
Dude what the hell? I’m not renting forever. I’m renting for right now. Getting out from my house is the biggest hurdle and it seems like nows a great time to sell because inventory is super low. Even if I have to rent for the rest of the year to let the economy kinda even out, when I’m ready to buy I can make an offer without any pressure.
2
Posted on 5/12/20 at 9:27 pm to stout
man I have so many thoughts on this thread ... waiting to jump in
Let's just say it is scary in this is the type of lagging indicator that all should be looking to as to the prolonged economic pain this shutdown still has yet to cause
We are just getting started economically IMO (Fed/money printer or not)
Let's just say it is scary in this is the type of lagging indicator that all should be looking to as to the prolonged economic pain this shutdown still has yet to cause
We are just getting started economically IMO (Fed/money printer or not)
Posted on 5/12/20 at 9:31 pm to elprez00
I've seen lots of good homes sit for a while now. Mostly unmotivated buyers if i had to guess, but I think it's usually an indicator of buyer power (either now or soon).
Price is too high. Or may be more willing to sell at a better deal soon.
Price is too high. Or may be more willing to sell at a better deal soon.
Posted on 5/12/20 at 9:41 pm to Mahootney
We tried to sell three years ago. My house was on the market for 8 months and showed three times. There were 36 houses for sale in the area in my price range.
This year I had three offers in less than a week. There were three houses for sale in the area in my price range.
Is it ideal to have to rent? Of course not. But there are no guarantees the market would be as conducive in the spring and I could be facing stiff competition when other people unable to sell decide to move. Now I don’t have to do and contingent offers and I’m in position to jump on something of a deal comes around.
This year I had three offers in less than a week. There were three houses for sale in the area in my price range.
Is it ideal to have to rent? Of course not. But there are no guarantees the market would be as conducive in the spring and I could be facing stiff competition when other people unable to sell decide to move. Now I don’t have to do and contingent offers and I’m in position to jump on something of a deal comes around.
Posted on 5/12/20 at 9:43 pm to Mahootney
as always, this shite is so local it is amazing
also results vary by the pricing tier a house sits in ... I mean shite if a good portion of these 7 million don't get their job back or something as good then WTF do we expect them to do?
scary stuff
also results vary by the pricing tier a house sits in ... I mean shite if a good portion of these 7 million don't get their job back or something as good then WTF do we expect them to do?
scary stuff
Posted on 5/12/20 at 9:45 pm to Lasix
quote:
however I'm also considering re financing when it comes to that time
That will more than likely not be an option. 25 year mortgage industry veteran here.
The current info that I am getting is that there will a 12 month pay history required after you are out of forebearence before you will be allowed to refinance into a conventional FNMA/FMHLC or FHA mortgage. Nor would you be approved for a new purchase mortgage until 12 months of timely pay have happened post forebearence.
The best thing would be to get out of forebearence as soon as possible by repaying the payments in arrears. Modification will likely be a tough process and will also cause future hardship on being approved for a new mortgage. Any time a loan is modified current FNMA-FMHLC guidelines require a letter of explanation as to the nature of the modification and if was due to a hardship then there is 12-24 month waiting period for Conventional and FHA-VA.
Posted on 5/12/20 at 9:45 pm to stout
Bank(JPM, WellsFargo, etc) stocks are getting killed right now.
Posted on 5/12/20 at 9:46 pm to spacewrangler
yep.
until they start making new rules / changing the rules on the fly which we know they love to do
(Fannie, Freddie, FHA, CFPB et al)
until they start making new rules / changing the rules on the fly which we know they love to do
(Fannie, Freddie, FHA, CFPB et al)
Posted on 5/12/20 at 9:49 pm to stout
that escalated quickly. open America up and maybe we can get back the way we were.
Posted on 5/12/20 at 10:03 pm to SabiDojo
quote:
Incredible. All of this for a weak arse virus
No shite. You would think it is smallpox or Ebola ravishing the nation.
Posted on 5/12/20 at 10:06 pm to stout
I’ll be waiting for it to pick up a vacation home
Posted on 5/12/20 at 10:06 pm to stout
Nobody learned anything from then, not even the lenders. Stupid on so many levels.
Posted on 5/12/20 at 10:23 pm to AU4real35
no things are different in some ways ... there is a LOT more regulatory infrastructure in place like the CFPB and many more loans are actually sitting with normally well qualified buyers
NO ONE could see this coming, where people had a job one day and the next it was GONE ...
The comparisons are natural, but this real estate recession really is going to be due to different factors
NO ONE could see this coming, where people had a job one day and the next it was GONE ...
The comparisons are natural, but this real estate recession really is going to be due to different factors
Posted on 5/12/20 at 11:15 pm to jclem11
quote:
I do not deny that and I have seen it first hand in my practice. However, the vast majority of people don't make as much money as they think they do when they sell their homes as they conveniently ignore many costs when doing the final accounting.
Also, it's a hell of a lot easier to pack up and move when a lease is over versus selling a house.
Owning a home is not all sunshine and rainbows like some here like to paint it. You can lose your arse just as easily as you can get rich. I've seen both happen many times.
I can certainly agree with this. I bought my first house in 2009 in a nice part of Little Rock at 30. I bought it as a short sale for about 20% under market value for the area and after closing fees of 10k put probably another 10k in interior upgrades to attract craigslist roommates over the course of the first 2 years. Now, it needs a roof, air conditioner (doing floor units now), furnace, and foundation work I can't afford. My dad offers to pay for it all but that comes with that caveat of "yea, I'll give you some of my railroad retirement pension and fix all your problems but now you see I did better in life than you boy." Even though he would never say it I know that's how he thinks.
In 2009 it was my dream to own a home close to where I worked but so many twists and turns in my life since, IDK
Posted on 5/13/20 at 12:01 am to carguymatt
we have nothing to fear but fear itself
just bought a new ride
just signed on dotted line for $112,000 worth of improvements to my house
And, this Friday, I'm gonna purchase some blow and bang a hooker
frick it
just bought a new ride
just signed on dotted line for $112,000 worth of improvements to my house
And, this Friday, I'm gonna purchase some blow and bang a hooker
frick it
Posted on 5/13/20 at 6:53 am to elprez00
I understand were you coming at. That post was not directed to you, but the people that are saying buying is a bad idea.
Posted on 5/13/20 at 6:57 am to stout
Just more fear mongering most of these are people that had underlying credit issues and would've probably missed their payments anyway.
Posted on 5/13/20 at 7:01 am to 007mag
My house will be listed next week. I am hoping to find some distressed sellers trying to et out of their home in a few months.
Posted on 5/13/20 at 7:15 am to armsdealer
quote:Punch her in the titty then choke the bitch with your boner. She can have a brand new cup of shut the frick up.
Good thing it is paid for, but the wife does want a new one... brand new, not just new to her.
Posted on 5/13/20 at 7:20 am to Cosmo
quote:
Cant wait to pick up a ski in/out condo for $350k
I’m going to get the bank to throw in a 30A sticker for my Range Rover later this year
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