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BrightGreen

Lender
Specialties:
Purchase Loan,
Refinancing,
Home Equity,
Mortgage Planning

Advice

  • (19 Contributions,
  • 0 Best Answers,
  • 7 Helpful)

Contributions are sorted newest to oldest.

FDIC takes over IndyMac Bank - Second largest bank ever to fail

Response

Sunday Nights ABC national news coverage on Indymac was the lead story. They called it the 3rd largest to fail ever. But I thought it was interesting to see and hear the comments from the interview about Schumer (D-NY) high profile comments leading up to the Fed taking over control.He stoked the fire that got the last push for the big heavy run on deposits. It was something like 1.9 billion had been taken out after his lasts few comments.

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FDIC takes over IndyMac Bank - Second largest bank ever to fail

Response

Shapiroamg- After the closing of the wholesale division and the official word came in from Indymac they were just going to close wholesale and going to focus on Retail Banking, Reverse Mortgage lending and Retail mortgage business. I could understand it. When the news hit on Wedensday afternoon that they sold 60 Retail branches to a different company called Prospect Mortgage(not quite sure of the full company name) - I knew something was up. Either they had the deal in the works for a long time or they just had to good of an opportunity and wanted to down size the 160 retail branches. So the Financial Freedom division we be interesting to see if they stay open or have to be sold to a different company. It has to be one of the best assets they own. What will the Fed do with the reverse mortgage division. Hope they can fund your reverse mortgage deal - keep us up to date on your findings.  

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FDIC takes over IndyMac Bank - Second largest bank ever to fail

Submitted by Joe Dahleen on July 11, 2008 - 9:04pm.After a shocking day on Wall Street and the fears of Fannie and Freddie - this is very big news. Choosing today to make it happen after the news this morning with Hank Paulsen and President Bush news conference. Wow - do you think Schumer (D-NY) has any second thoughts for all of the comments about the bank over the last 11 days? If you locked your mortgage rate yesterday you got a great deal. Many investors had their rates change about 5 times today. Chase moved at least 4 time and the latest move was large at .75 bps worst after the new hit about IndyMac. I got the news flash at 4:36 pm and Chase made another rate change by 4:52 pm.Due to an unfavorable market, effective 6:00 PM, there will be an immediate re-price, for the worse, of approximately .75 to 1.125. Keep in mind, the change is approximate and may vary based on product and note rate. The newly revised rate sheets will be available shortly. Any new locks will receive revised pricing. Monday could be an interesting day for financial stocks.http://www.goliveloans.com

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Would $8,000 make first time home buyers buy now?

Response

OK there is a small catch to the new proposed bill.Income restriction of $75,000 for singles, $150,000 for married joint filers.Sorry Southern CA you get a raw deal again. 

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Would $8,000 make first time home buyers buy now?

If you got $8,000 for a tax credit, would that make you want to buy a home today? That's what congress is proposing. From the new law that's going through congress today. They are proposing a better way for you first time home buyers to get up to an $8,000 tax credit for buying your first home. It's up to $8,000 for couples, $4,000 for individuals. But is that enough for first time home buyers to enter the market? Those who benefit would have to pay back the credit over an extended period (two reports I read show up to 15 years). Or if you sell the property, convert it to a rental or second home - you would need to repay the credit. Since it was a tax credit it would be easy to track for the IRS because it is on your tax returns. But would this really get first time home buyers back into the market?

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To foreclose or do short sale???

Response

Here is a great resource for your parents and its free.Get Help Call 1-888-995-HOPE (4673)http://www.hopenow.com/ I saw a few real estate agents give you some good advice but yes, the state of CA has just recently passed a new law about foreclosure notices. You never said that your parents were in default on the payments. It sounded like they were just upside down on the property and wanted out.If this is the case and the 150K second was a cash out refi - yes they might try and go for a default judgement. 

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Shaquille O'Neal wants to help Florida foreclosure problems

Response

Actually he could do this with the same type of plan that Fannie Mae Home Saver is doing. Short term loans to get people current on there mortgages and work with them and the lender to offer modification of the current terms. Shaq would have a great investment and the borrower could use the cash to help with leverage over the lenders. Lenders would bend over backwards to help the clients with a really good modification of terms if they could bring the loan current.Cash is King. Way to go Shaq.My company has a servicing company www.acqura.net which is part of Hope Now and we would love to talk with Shaq. Tell him to call me.https://www.efanniemae.com/sf/servicing/homesaveradvance.jsp

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Buying a New Home - Do I need an agent

Response

I purchase a home directly from the builder in Southern CA. Love the home and love the Builders agent. The home I purchase was also a base home with very few upgrades because I really couldn't afford anymore at the time of purchase. The biggest problem with most new homes is that you are required to finish your exterior landscaping within 6 months of purchase.So make sure read the contract regarding this requirement. Otherwise you could face a penalty from the HOA. So things to really think about with a builder purchase. Since builders are ready to deal it might make sense to have purchase the upgrades becuase you might get a great price in today's market. But be careful for with the exterior landscaping requirement. Better yet - have the builder build it into the price. My wife and I over paid for the work we did and it cost us more down the road then it should have cost. If I had to do it over again I would have built the exterior landscaping into the price. Good Luck with the new purchase - in your case there is no need to pay out of pocket for a realtor. But it might be helpful to call around to the local agents and see if they would be willing to take a look at it for you. Realtors provide a great service but I am not so sure this case it would be necessary. 

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Here is an HTML flyer

<!--HTMLSTART--><div style="padding:0 0px 30px 30px ; padding-top:20px; font:12px verdana; padding-bottom:20px; background-color:#ECE8C5; text-align:center"> <table cellpadding="0" cellspacing="0" style="width:780px; border:solid 1px #000000; text-align:left; "><tr><td style="background-color:#38362A; color:#ffffff; padding-top:10px; padding-bottom:10px; padding-left:5px; padding-right:5px"><div style="font-family:arial ; font:16px verdana; font-weight:bold ; ">742 West Bel Espirit Circle</div><div style="font-family:arial ; font:12px verdana">San Marcos, CA 92069</div></td><td style="background-color:#38362A; color:#ffffff; padding-top:10px; padding-bottom:10px; padding-left:5px; padding-right:5px; vertical-align:bottom; text-align:right;"><div style="font-family:arial ; font:12px verdana; font-weight:bold ;">For Sale $459,900</div></td></tr><tr><td colspan="2" style="background-color:#85815E; color:#ffffff; padding:10px"><table id="tblImage" style="width:100%; background-color: #ffffff; border-right: #646345 2px solid; border-bottom: #646345 4px solid; " cellpadding="0" cellspacing="5"><tr><td style="background-color: #CCE3F3; width:480px"><a id="linkImage" href="http://www.742belesprit.com/wfPhotoGallery.aspx"><img src="http://www.742belesprit.com/wfRenderResource.aspx?data=931df613-ac42-4e52-9317-9d23e106021e&type=propertyimage&maxlength=480&DisplayBanner=DisplayBanner" id="imgMainPhoto" style="border:0px" /></a></td><td style="background-color: #CCE3F3;"><table id="dlThumbNails" cellspacing="0" border="0" width="100%"><tr><td align="center" valign="middle" height="76"><a id="dlThumbNails_ctl00_linkImage" href="http://www.742belesprit.com/wfPhotoGallery.aspx"><img src="http://www.742belesprit.com/wfRenderResource.aspx?data=532753e2-b334-4151-88b1-b093e9b8d149&type=propertyimagethumbnail" id="dlThumbNails_ctl00_imgThumb" style="border:solid 1px #ffffff;height:60px;width:80px;" height="60" width="80" /></a></td><td align="center" valign="middle" height="76"><a

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