AuthorTopic: WARPED, DISTORTED, MANIPULATED, FLIPPED HOUSING MARKET  (Read 9845 times)

Offline WHD

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Re: WARPED, DISTORTED, MANIPULATED, FLIPPED HOUSING MARKET
« Reply #15 on: February 07, 2014, 08:54:32 AM »
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If you only have a 1st Mortgage with no secondary HELOC loans, DO NOT REFINANCE!

So is a "second mortgage" taken out in leu of a down payment considered a HELOC loan?

If that is the case, then I NEED to buy this house, on a totally different loan.

WHD

Went to the link and answered my own question.

WHD

Offline DoomerSupport

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Re: Deed in Lieu of Foreclosure: Jingle Mail Law in MN
« Reply #16 on: February 07, 2014, 12:17:42 PM »

If you only have a 1st Mortgage with no secondary HELOC loans, DO NOT REFINANCE!


What bothers me with Jingle Mail is that the banks will retaliate by damaging credit.  Sorry, but the terms and conditions of the mortgage are clear, and deed in lieu of foreclosure is a legitimate way of fulfilling the contract.  It should not affect credit rating.  The Mortgage Bankers association of America strategically defaulted on their headquarters when the CRE market imploded.

Second mortgages and HELOC's are not covered in non-recourse, but if the property is handed back to the banks, you can settle for around 5c on the dollar. 

In order to be able to get "clean title" to the property and not have a MERS documentation mess hold things up, the banks will often pay the homeowner to leave the place intact, and to sign a form releasing interest in the property. Going rate a few years ago was around $ 3,000 to leave the house in salable condition.




Offline RE

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Re: Deed in Lieu of Foreclosure: Jingle Mail Law in MN
« Reply #17 on: February 07, 2014, 12:59:56 PM »

What bothers me with Jingle Mail is that the banks will retaliate by damaging credit.

Once you get out from under, why would you ever borrow money from a bank again anyhow?  You are trying to remove yourself from the entire system.  The SUN Corporation can handle any credit needs as a Corporate Person, and then you can be Gifted by the SUN Corporation.  :icon_sunny:

RE
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Offline Petty Tyrant

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Re: Deed in Lieu of Foreclosure: Jingle Mail Law in MN
« Reply #18 on: February 07, 2014, 02:22:06 PM »

What bothers me with Jingle Mail is that the banks will retaliate by damaging credit.

Once you get out from under, why would you ever borrow money from a bank again anyhow?  You are trying to remove yourself from the entire system.  The SUN Corporation can handle any credit needs as a Corporate Person, and then you can be Gifted by the SUN Corporation.  :icon_sunny:

RE

I completely agree with that thinking but you also need to be ready to quit the jobmarket since I understand over there they do credit checks for prospective employees.
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Offline RE

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Re: Deed in Lieu of Foreclosure: Jingle Mail Law in MN
« Reply #19 on: February 07, 2014, 04:11:06 PM »

What bothers me with Jingle Mail is that the banks will retaliate by damaging credit.

Once you get out from under, why would you ever borrow money from a bank again anyhow?  You are trying to remove yourself from the entire system.  The SUN Corporation can handle any credit needs as a Corporate Person, and then you can be Gifted by the SUN Corporation.  :icon_sunny:

RE

I completely agree with that thinking but you also need to be ready to quit the jobmarket since I understand over there they do credit checks for prospective employees.

They do for some jobs but WHD already HAS a job.  They don't check after you are employed.

RE
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