RE: Hard to feel sorry for Ed???? (Full Version)

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rlj -> RE: Hard to feel sorry for Ed???? (6/9/2008 12:32:45 PM)

quote:

It is EXPENSIVE and time consuming to forceclose. I would assume most lenders will work with owners provided they make reasonable efforts to repay their loans. Lender do NOT want the hassle of evicting an owner, cleaning up the house, and then reselling the property!

As a board, we always will work with a homeowner and make arrangements to establish a payment plan. In the many times we have tried to do this for a homeowner they ****ALWAYS** failed to meet their promises.


That isn't always the case, although I expect what you have said to become more prevelant throughout the slump.



P31W -> RE: Hard to feel sorry for Ed???? (6/9/2008 1:12:07 PM)

So who in the "I feel sorry for Ed" group have sent him a check?



rlj -> RE: Hard to feel sorry for Ed???? (6/9/2008 1:44:52 PM)

quote:

So who in the "I feel sorry for Ed" group have sent him a check?


The government should since they send many taxpayers thousands of dollars in income tax refunds for no reason. More great "conservative" legislation. ; )



P31W -> RE: Hard to feel sorry for Ed???? (6/9/2008 1:54:28 PM)

Let the government pay for it is code for "not me".



rlj -> RE: Hard to feel sorry for Ed???? (6/9/2008 11:52:08 PM)

quote:

Let the government pay for it is code for "not me".


Oh man, who let the conservative look at the code book? [sm=fireanger.gif]



NoShow -> RE: Hard to feel sorry for Ed???? (6/10/2008 10:10:18 AM)

Maybe Ed and Evander can become housemates:

http://www.foxnews.com/story/0,2933,363541,00.html



rlj -> RE: Hard to feel sorry for Ed???? (6/10/2008 12:08:15 PM)

Ed could always enter the Publisher's Clearinghouse Sweepstake and pray he's picked. :D He could also sow the seeds of cash into Todd Bentley's Lakeland revival. There's many ways to get money. ; )



relady -> RE: Hard to feel sorry for Ed???? (6/10/2008 4:29:49 PM)

quote:

It is EXPENSIVE and time consuming to forceclose. I would assume most lenders will work with owners provided they make reasonable efforts to repay their loans. Lender do NOT want the hassle of evicting an owner, cleaning up the house, and then reselling the property!
I am a realtor and have not found this to be true, although it is the spin they want you to swallow. Also, one of my best friends does foreclosures exclusively and she agrees with me. The banks are spinning to make themselves look good.

And if you have some proof to offer behind that "redlining" comment....I'd look at it but it borders on a racist comment. Redlining is against the law, as it should be. But that does NOT mean banks were forced into lending to people who shouldn't have had loans. Banks were not at all forced into that...that was their choice. In fact, BANKS CHOSE to lend to LOTS of people who probably should not have had loans. But they also used some shady loan programs that buyers should have been more well informed on. Caveat emptor should not be the slogan of the day.

IMO, not being a fan of HOAs, I do not believe they should be able to foreclose and take anyone's home. Apparently that is also legal, but it should not be.



colliefan -> RE: Hard to feel sorry for Ed???? (6/10/2008 5:13:29 PM)

quote:


I am a realtor and have not found this to be true, although it is the spin they want you to swallow.


Found WHAT not be true, the difficulty of foreslosure? In terms of red-lining, most of the home that were foreclosed upon were owned by AA. None had ANY equity in their homes and most had negative equity.

When I mention in our annual meeting the propose of an HOA was to, as much as possible make the area a desirable community and to protect the value of one's property. Most of the time I was met with blank stare.
One wanted to know when the HOA was going to throw the community a party.

quote:

IMO, not being a fan of HOAs, I do not believe they should be able to foreclose and take anyone's home. Apparently that is also legal, but it should not be.


Being a REALTOR you should know that a properly run HOA can improve the value of a commonity. And being a REALTOR you should know that when a person purchases a home, he signs a legal contract!.

The HOA is a business, and its charge is to help the homeowners keep their property viable and marketable



lightshineon -> RE: Hard to feel sorry for Ed???? (6/10/2008 11:55:19 PM)

I feel sorry for him, and everyone else who loses their home or car. Please, the manis 85 yeras old. Maybe he has regrets, don't we all? I am a bleeding heart conservative, so sue me.



mapachito13 -> RE: Hard to feel sorry for Ed???? (6/11/2008 6:41:37 AM)

Jay Leno Voices Support for Ed McMahon

HOLLYWOOD - TV host Jay Leno has offered his support to former Tonight Show star Ed McMahon, who is facing foreclosure on his multimillion-dollar home.

The talk-show king has vowed to assist McMahon after he fell behind with his mortgage repayments, reports the New York Daily News.

Leno's representative says, "Everybody loves Ed. Jay and others on the show are discussing how they can help him."


So if they foreclose on our homes we can all just give Jay a call and voila, problem solved. How many people who have lost their jobs and are facing the same fate as Ed has Jay pledged to help? I probably can count them with both hands tied behind my back!



relady -> RE: Hard to feel sorry for Ed???? (6/11/2008 9:28:15 AM)

quote:

Being a REALTOR you should know that a properly run HOA can improve the value of a commonity
The key term is "properly run". Very few HOAs are properly run from what I've seen.

quote:

Found WHAT not be true, the difficulty of foreslosure?
What I found NOT to be true is that lenders want to work with borrowers rather than foreclose. Their spin is that they WANT to, but I have not found that to be true at all.

quote:

When I mention in our annual meeting the propose of an HOA was to, as much as possible make the area a desirable community and to protect the value of one's property.
Well, then I'm sure you also know that foreclosures in a neighborhood NEVER HELP property values, right?

quote:

The HOA is a business, and its charge is to help the homeowners keep their property viable and marketable
I don't see how adding a foreclosure to the neighborhood will help other home values, as foreclosures almost ALWAYS sell for under market value and thus devalue all the other homes in the neighborhood.



mapachito13 -> RE: Hard to feel sorry for Ed???? (6/11/2008 10:05:10 AM)

quote:

ORIGINAL: relady

But that does NOT mean banks were forced into lending to people who shouldn't have had loans. Banks were not at all forced into that...that was their choice. In fact, BANKS CHOSE to lend to LOTS of people who probably should not have had loans. But they also used some shady loan programs that buyers should have been more well informed on. Caveat emptor should not be the slogan of the day.



I got those loan offers all the time. "Pay only $79 a month for the first five years" one said. Of couse, Common Sense 101 told me it was a negative amortization loan with interest being added to the principal so your payment at 5 years and 1 month would be a lot larger! But not many people have taken Common Sense 101 at UHK (University of Hard Knocks) so they found themselves upside down and their finances in ruins as those companies foreclosed on those people who probably felt like a suckers.

What I'd like to see is the government prosecuting these companies (Countrywide, AmeriQuest, etc.) for their predatory practices and make regulations against the structuring of loans in this fashion.



relady -> RE: Hard to feel sorry for Ed???? (6/11/2008 10:24:41 AM)

quote:

But not many people have taken Common Sense 101 at UHK (University of Hard Knocks) so they found themselves upside down and their finances in ruins as those companies foreclosed on those people who probably felt like a suckers.
Actually, I think most people found out the hard way that these guys aren't regulated in much of any way. They naively believed that if these banks were offering these loans that they must be OK because the regulations wouldn't allow lenders to advertise so publicly a product that should be illegal. Many of us found out the hard way that our consumer protections against this sort of thing are NIL. I mean, a lot of lending nowadays is nothing more than legalized loan sharking! And now, we want to lay all the blame at the feet of the buyer? That just doesn't wash with me. There are still lenders out there advertising this kind of drivel and it should be illegal and they should be out of business for such nonsense. [:'(]

quote:

What I'd like to see is the government prosecuting these companies (Countrywide, AmeriQuest, etc.) for their predatory practices and make regulations against the structuring of loans in this fashion.
Me too, but I don't look for it to happen. The banking lobby's power in Washington is probably only rivaled by that of the drug companies, sadly. [&o]



colliefan -> RE: Hard to feel sorry for Ed???? (6/11/2008 5:56:27 PM)

quote:

Well, then I'm sure you also know that foreclosures in a neighborhood NEVER HELP property values, right?


Right, the LAST thing we want is for ANY homeowner to be foreclosed up. The board goes to great lengths to make payment plans for owners who are in their dues.

Our regulations are just to keep the neighborhood loking nice. The rules & regs give great flexibility as to the apearance of the home. Can't have junk cars in the driveway. No furniture on the porch. No business out of the home.



colliefan -> RE: Hard to feel sorry for Ed???? (6/11/2008 6:02:01 PM)

RELADY,

Do you help your clients find the best loan possible, If they do qualify for a loan, but it is not a wise financial move for them, have you turned them down as clients? What about other agents in your profession? Do they always turn down clients when purchasing a home is not in their best financial decision? So, shouldn't some of the blame fall on your profession?



mapachito13 -> RE: Hard to feel sorry for Ed???? (6/11/2008 6:37:18 PM)

quote:

ORIGINAL: relady

a lot of lending nowadays is nothing more than legalized loan sharking! And now, we want to lay all the blame at the feet of the buyer? That just doesn't wash with me. There are still lenders out there advertising this kind of drivel and it should be illegal and they should be out of business for such nonsense. [:'(]

The banking lobby's power in Washington is probably only rivaled by that of the drug companies, sadly. [&o]


You are speaking Gospel truth here!!

I think they actually have MORE clout because who does the government have to go to to finance their debt. Or the politicians go to for those "personal" loans.

What's ironic is that the banks have swung the pendulum the other way on loans and now they want you to have perfect credit before they'll OK a loan. I wonder how much this has put a screeching halt on the economy!



relady -> RE: Hard to feel sorry for Ed???? (6/12/2008 5:29:47 PM)

quote:

Do you help your clients find the best loan possible, If they do qualify for a loan, but it is not a wise financial move for them, have you turned them down as clients? What about other agents in your profession? Do they always turn down clients when purchasing a home is not in their best financial decision? So, shouldn't some of the blame fall on your profession?
Actually, because of the wide variety of loan programs and since I'm NOT a loan officer, I try to get my clients to use a reputable local lender whom I can trust. HOWEVER, it is not my responsibility to determine the creditworthiness of my clients. That is the loan officer's responsibility. Solely. I am not a lawyer, accountant, appraiser, inspector, loan officer, etc., etc. My job is to find them a house in their price range, not qualify them.

What I WILL do is let my buyers know if I think they are using a questionable lender, because I DO know the signs there. And I've been at the closing table with a few who are now out of business. And good riddance. [:'(]



colliefan -> RE: Hard to feel sorry for Ed???? (6/12/2008 10:56:49 PM)

quote:

HOWEVER, it is not my responsibility to determine the creditworthiness of my clients



So you can show your clients any property without having to qualify them; you can show them a mansion? GET REAL

You did not answer my question. Do you tell a client that purchasing a home in not in his best financial decision at the time and that contining to rent would be a better option.



relady -> RE: Hard to feel sorry for Ed???? (6/12/2008 11:18:59 PM)

quote:

So you can show your clients any property without having to qualify them; you can show them a mansion? GET REAL
No, I send them to a lender for preapproval and then i show them homes in their LENDER preapproved range, or wherever within that range that the client wants to look. I have to be very careful in guiding people to homes so as not to run afoul of fair housing laws. AND I DO NOT PROVIDE THE FINANCIAL PREQUALIFICATION. EVER.

quote:

You did not answer my question. Do you tell a client that purchasing a home in not in his best financial decision at the time and that contining to rent would be a better option.
I don't believe that I have ever had a client that I knew without a doubt would be better off continuing to rent. I don't believe i am actually qualified to make that decision, nor is it my responsibility. That's why we have loan officers.

I have, however, dropped plenty of customers who refuse to talk to a lender.



colliefan -> RE: Hard to feel sorry for Ed???? (6/13/2008 12:31:16 PM)

quote:

I have to be very careful in guiding people to homes so as not to run afoul of fair housing laws


Just proved my point!



colliefan -> RE: Hard to feel sorry for Ed???? (6/13/2008 12:32:18 PM)

quote:

I don't believe i am actually qualified to make that decision, nor is it my responsibility


Just want your comission



P31W -> RE: Hard to feel sorry for Ed???? (6/13/2008 1:46:36 PM)

quote:

Do you tell a client that purchasing a home in not in his best financial decision at the time and that contining to rent would be a better option.


We do this pretty often. We just believe it's in our best interest and in the best interest of all parties concerned if we are completely honest with people. Even if that means in the short term we lose money. In the long term the Good Lord has a way of working things out if we just live by the standards He set for us.



colliefan -> RE: Hard to feel sorry for Ed???? (6/13/2008 3:27:01 PM)

quote:

We do this pretty often. We just believe it's in our best interest and in the best interest of all parties concerned if we are completely honest with people. Even if that means in the short term we lose money. In the long term the Good Lord has a way of working things out if we just live by the standards He set for us.


Blessings to you. Wish there were more business people such as you.



relady -> RE: Hard to feel sorry for Ed???? (6/13/2008 5:43:09 PM)

quote:

Just want your comission
This is an insult. NO, I am prohibited BY LAW IN THE STATE I WORK IN from acting as a loan officer. That is NOT what I am. I am in business to find people homes who have preapprovals from a bank. I'll drop em in a heartbeat if they can't or won't be preapproved and on more than one occasion I have counseled people against taking interest only loans and those people have subsequently decided to keep renting. But it is totally out of my sphere of knowledge to determine whether or not they "should" buy a home. If you can't understand that I'm not a loan officer and making loan preapprovals and such decisions are not up to me then we have nothing more to discuss.



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