Sell While You Can, Bank Your Equity. Ride Out the Storm as a RENTER - 08/30/07 09:51 AM
I own 400 shares of Intel stock. On August 31, 2000, this stock reached its all time high: $74.87 a share. Today it trades at around $25 a share. Do I wish someone would have told me to SELL THAT STOCK while the value was still this high (and then buy it back when it … (15 comments)
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Far Flung Suburbs and Commuting: An Idea Going BUST - 08/27/07 11:08 AM
Within the past decade, thousands of homeowners made a decision that they have come to regret:Instead of buying expensive real estate near their jobs (and modest, older homes) they were lured to bigger, much cheaper new homes (McMansions) in outlying areas. This required the bread winner to spend several hours each day COMMUTING. Was … (49 comments)
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One Brown Eye, One Blue Eye, and the Mortgage Still Blew Up - 08/23/07 08:22 PM
Just when we found the one buyer the bank would approve, you know, that guy with one blue eye, one brown eye, an 850 score and $300,000 down? Yeah, that guy. Guess what? The bank takes one look at the appraisal (of a property that appears to be a give-away price) and slashes it … (38 comments)
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Mortgage Lenders Never Considered Anyone Would Be UPSIDE DOWN - 08/22/07 12:09 PM
There is a place where being upside down in a loan is the NORM. It doesn't create a crisis. Lenders don't close their doors because of it. Borrowers accept it, and still willingly buy. Where is this place? It is none other than your SECOND biggest asset: Your car. Your truck. Your SUV. … (23 comments)
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Mortgage Advice: Keep Your Big Fat Assets to Yourself - 08/20/07 11:17 AM
I have clients who are asset rich. They want to tell me about jewels, gun collections, vehicles, boats, side businesses, land, and secret cash. They want me to write this on their credit application so the lender will feel all warm and fuzzy about the loan application. No, no, NO! Never, … (4 comments)
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Why A Rate Drop Won't Save the Real Estate Market - 08/16/07 06:10 PM
Let me get straight to the point: It isn't about RATES. Rates could go MUCH LOWER, but if no one can MEET THE REQUIREMENTS to buy or refinance a house, it just doesn't matter. What will drag real estate down in the near future is not getting better and won't get better … (19 comments)
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Wecome to Stated Loan Rehab (How to Document Your Income) Part 1 - 08/13/07 12:11 PM
Okay, I know for sure there are mortgages out there that need surgery. There are credit scores that need to be diagnosed. And some of you wish I could prescribe a remedy for your adjustable rate loan. But the DOC in FULL DOC means something else. Heads up, home buyers, refinancers and investors. … (3 comments)
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Outsmart the Market Mentality and Emerge A WINNER - 08/11/07 03:35 PM
Market mentality is an interesting thing. In today's Internet era, it moves as fast as wildfire and seems to grip our brains and cripple our thinking. It explains why very few people are able to buy low and sell high. With very little effort, it is easy NOW for all of us … (13 comments)
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Jumbo, Please Come Home - 08/10/07 09:55 AM
Out here where prices are high, and there is still competition to buy $1.5 million digs in San Francisco, we're begging: Jumbo, will you please come home?
Somehow or other, JUMBO got swept up in the whole subprime mess, and is now MISSING. Gosh darn it, what did JUMBO DO WRONG?
JUMBO isn't one … (5 comments)
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Equityline Lenders Seize the Opportunity to Slash Limits and Demand Pay Off - 08/09/07 03:53 PM
As borrowers flock to refinance out of adjustable rate mortgages (before any further mayhem in the mortgage industry), we are seeing a NEW ISSUE that is causing loans to fall apart: equitylines that are having limits slashed, or requiring borrowers to pay them off.
How can they do this, and what does an … (1 comments)
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The LOVE/HATE Relationship of Husbands and Wives that Work Together - 08/09/07 01:29 AM
Husbands and wives who work together, please confess: How in hellfire do you do this? I was always the boss's pet, and a shining star wherever I worked. That was until I landed in my husband's office where I was demoted all the way down to the lowest position in the company: "the boss's wife".
In my opinion, there is … (6 comments)
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A Day In the Life of a Mortgage Crisis (As panic and tumoil take hold) - 08/06/07 07:52 PM
A sampling of E-mails, all from different lenders, to this California mortgage broker on August 6, 2007, (Black Monday?) Word of the day: TURMOIL
10:03 AM "Please note that our rates have worsened today." (RATES ARE GOING UP)
11:52 AM (Subject line reads "This is SERIOUS") "As many of you may now know, another lender has … (5 comments)
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Mortgage Crisis: An Unprecedented Chain Reaction is Bringing Real Estate to Its Knees - 08/04/07 10:31 AM
As summer has worn on, and with very little fanfare, a crisis has been developing in the mortgage industry that will CHANGE THE REAL ESTATE INDUSTRY FOREVER. This is far more than simply "the summer of discontent" for loan officers. It is imperative that all of us understand these developments and what they mean to … (26 comments)
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Buy Real Estate NOW: 5 Keys to Taking Advantage of a Down Market - 08/03/07 11:42 AM
Just when you became convinced prices were low enough to buy some real estate, along comes the mortgage meltdown. No more 100% financing. Highly restricted stated income. Higher rates than last year. Bad things happening to people with adjustable rate mortgages. Stop waiting. Now is the perfect time (while everyone else is trying … (5 comments)
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A Big Fat "I TOLD YOU SO"...Why Stated Loans are Nearly Extinct - 08/01/07 10:35 AM
"LOOK FOR STATED INCOME LOANS TO SALARIED BORROWERS TO BE SEVERELY RESTRICTED OR ELIMINATED."
The above statement was written in my blog on June 1, 2007. Here we are on August 1, and as any mortgage broker will tell you, the above statement has come true in a big way. Stated income, so … (45 comments)
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