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RE: Hard to feel sorry for Ed???? - 6/9/2008 12:32:45 PM
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rlj
Posts: 1799
Joined: 4/14/2005
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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.
_____________________________
-Roger
1 Thess 5:20 do not treat prophecies with contempt. 21 Test everything. Hold on to the good. (NIV)
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RE: Hard to feel sorry for Ed???? - 6/9/2008 1:12:07 PM
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P31W
Posts: 2080
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So who in the "I feel sorry for Ed" group have sent him a check?
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RE: Hard to feel sorry for Ed???? - 6/9/2008 1:44:52 PM
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rlj
Posts: 1799
Joined: 4/14/2005
Status: online
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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. ; )
_____________________________
-Roger
1 Thess 5:20 do not treat prophecies with contempt. 21 Test everything. Hold on to the good. (NIV)
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RE: Hard to feel sorry for Ed???? - 6/9/2008 1:54:28 PM
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P31W
Posts: 2080
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Let the government pay for it is code for "not me".
< Message edited by P31W -- 6/9/2008 3:33:48 PM >
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RE: Hard to feel sorry for Ed???? - 6/10/2008 12:08:15 PM
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rlj
Posts: 1799
Joined: 4/14/2005
Status: online
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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. ; )
_____________________________
-Roger
1 Thess 5:20 do not treat prophecies with contempt. 21 Test everything. Hold on to the good. (NIV)
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RE: Hard to feel sorry for Ed???? - 6/10/2008 4:29:49 PM
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relady
Posts: 964
Joined: 4/11/2005
From: Greater St. Louis Metro
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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.
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RE: Hard to feel sorry for Ed???? - 6/10/2008 5:13:29 PM
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colliefan
Posts: 2463
Joined: 4/12/2005
From: Raleigh, NC
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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
_____________________________
The grace of God is infinite and eternal. As it had no beginning, so it can have no end, and being an attribute of God, it is as boundless as infinitude.
A. W. Tozer (1897–1963)
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RE: Hard to feel sorry for Ed???? - 6/10/2008 11:55:19 PM
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lightshineon
Posts: 3359
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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.
_____________________________
Remember, whenever you have pearls, there are always plenty of pigs nearby who would be glad to step on them.
F.T., 2007
Be sure you vote for those, whose views you want your children to emulate.
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RE: Hard to feel sorry for Ed???? - 6/11/2008 6:41:37 AM
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mapachito13
Posts: 1837
Joined: 10/1/2007
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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!
_____________________________
Three Nails to protect us!
And Justice for all!
Peace Sells....But Who's Buying!
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RE: Hard to feel sorry for Ed???? - 6/11/2008 9:28:15 AM
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relady
Posts: 964
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From: Greater St. Louis Metro
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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.
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RE: Hard to feel sorry for Ed???? - 6/11/2008 10:05:10 AM
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mapachito13
Posts: 1837
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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.
_____________________________
Three Nails to protect us!
And Justice for all!
Peace Sells....But Who's Buying!
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RE: Hard to feel sorry for Ed???? - 6/11/2008 5:56:27 PM
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colliefan
Posts: 2463
Joined: 4/12/2005
From: Raleigh, NC
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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.
_____________________________
The grace of God is infinite and eternal. As it had no beginning, so it can have no end, and being an attribute of God, it is as boundless as infinitude.
A. W. Tozer (1897–1963)
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RE: Hard to feel sorry for Ed???? - 6/11/2008 6:02:01 PM
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colliefan
Posts: 2463
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From: Raleigh, NC
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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?
_____________________________
The grace of God is infinite and eternal. As it had no beginning, so it can have no end, and being an attribute of God, it is as boundless as infinitude.
A. W. Tozer (1897–1963)
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RE: Hard to feel sorry for Ed???? - 6/12/2008 5:29:47 PM
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relady
Posts: 964
Joined: 4/11/2005
From: Greater St. Louis Metro
Status: offline
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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. 
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RE: Hard to feel sorry for Ed???? - 6/12/2008 10:56:49 PM
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colliefan
Posts: 2463
Joined: 4/12/2005
From: Raleigh, NC
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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.
_____________________________
The grace of God is infinite and eternal. As it had no beginning, so it can have no end, and being an attribute of God, it is as boundless as infinitude.
A. W. Tozer (1897–1963)
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RE: Hard to feel sorry for Ed???? - 6/12/2008 11:18:59 PM
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relady
Posts: 964
Joined: 4/11/2005
From: Greater St. Louis Metro
Status: offline
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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.
< Message edited by relady -- 6/12/2008 11:26:19 PM >
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RE: Hard to feel sorry for Ed???? - 6/13/2008 12:31:16 PM
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colliefan
Posts: 2463
Joined: 4/12/2005
From: Raleigh, NC
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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!
_____________________________
The grace of God is infinite and eternal. As it had no beginning, so it can have no end, and being an attribute of God, it is as boundless as infinitude.
A. W. Tozer (1897–1963)
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RE: Hard to feel sorry for Ed???? - 6/13/2008 12:32:18 PM
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colliefan
Posts: 2463
Joined: 4/12/2005
From: Raleigh, NC
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quote:
I don't believe i am actually qualified to make that decision, nor is it my responsibility
Just want your comission
_____________________________
The grace of God is infinite and eternal. As it had no beginning, so it can have no end, and being an attribute of God, it is as boundless as infinitude.
A. W. Tozer (1897–1963)
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RE: Hard to feel sorry for Ed???? - 6/13/2008 1:46:36 PM
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P31W
Posts: 2080
Joined: 6/13/2005
Status: offline
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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.
< Message edited by P31W -- 6/13/2008 1:54:10 PM >
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RE: Hard to feel sorry for Ed???? - 6/13/2008 3:27:01 PM
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colliefan
Posts: 2463
Joined: 4/12/2005
From: Raleigh, NC
Status: offline
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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.
_____________________________
The grace of God is infinite and eternal. As it had no beginning, so it can have no end, and being an attribute of God, it is as boundless as infinitude.
A. W. Tozer (1897–1963)
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RE: Hard to feel sorry for Ed???? - 6/13/2008 5:43:09 PM
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relady
Posts: 964
Joined: 4/11/2005
From: Greater St. Louis Metro
Status: offline
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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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