Martin Wareing's Discussions

LP, Did you target specific zip or zips.. Thats a lot of views...  especially for 1 zip...  Just curious.  My plans is that I wll take 1 or 2 zips whree I live and the neighboring one only as I think proximity is key for me.  Just curious about your strategy.

I am sorry to hear of your troubles.  You do have a good rate.  Refinancing would robalay not erase the $200 per month issue you have. Personally, depending on where you live, I would doubt you can sell and clear the mortgage.  I think you should take a hard look at the other costs. Look at credit card payments, then the cars, then the house. Short-selling or foreclosure will destroy your credit rating at least for a while.  So be carefule about that.  Can you pay the house note until the homestead kicks in if you wre to abandon paying Crecdit cards?  If so, remember it is shelter to you. This will be work and sacrifice as there is not an easy answer but you can get through this. Does that help?

Z, An important factor, if not the most important factor, is whether the Lender or Underwriter believes that the new home WILL be your primary residence. If that is the case and they approve the loan as owner-occupied, you would/should not have a problem. I am in FL, and we are dealing with thousands and thousands of homes in litigation that were misrepresented to say the least, so an Underwriter would/will not look kindly on recent mortgage or purchase activity as Andrew pointed out.  You would simply have a first mortgage on the condo (now becoming an investment property) and would take out or apply for a first mortgage on the home to be selected.  It's not difficult, but the major hurdle is about intent for the new mortgage that's all.  Good luck.

I'll look at it (only once though), but when I was reviewing the numbers... isn't it 1 penny per impression?  That is a ton of views  (almost 100,000 impressions)...  How is that possible when I was reading that it is 4mil/month somewhere  nationally or am I missing something..?  KUDOS to you for blanketing the county

At a minimum be prepared to provide the offer/acceptance/contract for employment signed by your hubby and the employer.  There is usually an additional requriement of either a current paystub OR in the event you are desiring to close on the home prior to receiving the first paystub, you husband will be expected to provide one within 30 days after closing.  It's just a way that some if not most Conventional Lenders will want to provide documentation of the new job and income.  Good luck in NY.

Cathy, This is a bad one at least here in Fl.  I'm in O'town and we are only pumping out about 1000 resales per month with 25,000+ on market.  From a lending standpoint, we simply can' allow high-risk borrowers get a mortgage.  Although FL, CA, CO, AZ, NV,  etc are the leaders in the foreclosure category, we are simply over supplied with no marginal financing.  FHA is the new subprime posterchild as well and will make the problem continue.  I personally don't mess with that stuff, but we are laced with it and there is simply no investment value in RE in Orlando.  rents va. mortgage payments mus get closer to find the bottom and that is in the abyss currently. Kudos to you as you are one of the few realists I have seen in our combined industry.  No magic bullet here, just have to trudge through it day after day and some day it will clear.

SS,Funny zinger..  I personally don't klnow anyone purchasing RE for investment.  The sun will rise tomorrow, but it also rises every day in New Orleans and they are still "cleaning up" from Katrina. Cathy, as far as "the others" whor are not in trouble, I simply think it is just changes one's behavior and priorities when a crisis comes.  I remember the FL canes several years agao and I forgot about lending and was simply looking for fuel, water, food and electricity.  7% delinquency is very high and pressurizes all around.  In many areas, we are simply "trapped" for no better term in our homes and most are happy with that, but America likes choices and we don;t have many right.  As far as bottom goes pricie wise, we will se it when LENDER Foreclosures seel at a higher pace than being brought in. I wish everyone well and most people who lived within means will be OK, not unaffected, but OK. 

Here in Central FL... rents are falling.. not by huge amounts, but certainly not rising.. Too much inventory with desparate sellers needing to make ends meet.  We have a classic dog chasing tail syndrome, mainly because of oversupply of housing. The good news for your area is that if rents are rising... housing prices will be rising as well.  Kudos to your area if that is the case.  If rents are rising, but prices are falling and inventory is rising.... just be careful as they all connect for better or worse.  We are dealing with the worse part currently here.

Rocket, MI premium rate or factor is only .32% with 15% down... Even if you borrowed the FNMA max of $417,000... It would be $111.20/month... not $200.. For primary homes it is tax deductible if your adjusted gross is $50,000 for individuals and $100,000 for joint filers and if income is above that... it phases and fades depending on income.  The main question is:  "Is it worth the handcuffs from your 401K loan to yourself for the limited time you would be shackled by MI. That is a personal question that only you and you alone should answer.  Just get the actual numbers to compare and you will make the right decision.  Good luck with your sale and purchase.

lizzy,Your question was whether or not the "constriction in credit" was commonplace or your lender.  The answer is: It is commonplace.  There is not really a special or secret hideaway for money for a specific Lender.  Yes, there are some "niches", but they/we basically all drink/drank from the same well, hence most LENDERS are very ill, some are dead, and some are on life support and we are unsure as to the prognosis. We have really yet to begin the cleanup of the mortgage "Katrina", but I'm sorry if you were wrongfully caught in the crossfire. I hope all works out for you and enjoy the vacation home.