equityline: You Can Sleep in Your Car, But You Can't Drive Your House: Should We Bailout The Car Companies, Too? - 10/02/08 09:27 AM
The mortgage crisis has finally hit the car business. Yep. dealerships are closing and car sales have plunged by about 35%. And while the temptation may be to think of "gas prices" as the reason, the real reason is "mortgage crisis".
Fast becoming known as CREDIT CATASTROPHE.
Did you … (17 comments)
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equityline: Roofs That Leak, Decks That Creak: Sorry, Home Depot, Things Are Bleak - 05/30/08 10:47 AM
They sat together, sipping wine, and gazing out at the lake on the creaky old deck that badly needed replacing. They would need to step gingerly for yet another summer, and live with that precarious deck a little bit longer.
They stepped into the garage, which should have been pitch black. But sunlight danced against the … (11 comments)
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equityline: For Listing Agents Only: Nothing But Net Because Rebounds Don't Count - 05/13/08 11:05 AM
Do you realize how many people "forget" to tell their lising agent that they have an equityline behind their first mortgage?
Who don't even understand that an equityline is something different from a credit card (which must be paid off in conjunction with selling their house)?
Who do not understand that unpaid property taxes … (10 comments)
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equityline: Dear Wonderful Bank Customer: You and Your Equityline Have Been Kicked to the Curb - 04/10/08 09:57 AM
If you never take any advice dished out in this blog, please make an exception today. If you have an equityline, YOU NEED TO TAKE ACTION TO PROTECT YOURSELF from a liquidity crisis. You have the opportunity to out maneuver the bank and protect your financial health in these trying times.
But … (14 comments)
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equityline: Unpermitted: California's Secret Little Property Tax Revolt Is a Ticking Time Bomb - 02/29/08 07:31 PM
"Chad" (not his real name) THOUGHT he was one of the lucky ones. His house had sold, and the buyers were lender approved.
Then the appraiser delivered the devastating news that caused the whole transaction to blow up: The appraisal on Chad's house could not include the entire 700 square foot downstairs area that had been converted … (14 comments)
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equityline: Max Out Your Equityline Before You Are Frozen Out by the Bank - 02/27/08 02:40 PM
In my e-mail today from some of the other mortgage brokers in the office:
First E mail:
A friend of mine has a 2nd with Indy Mac. She owes 25k and has a line amount of 100k. THEY HAVE FROZEN HER ACCOUNT. I am starting to hear of this more and more. If … (13 comments)
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equityline: How to Manage That BIG BAD Equityline (Without Losing Sleep) - 02/01/08 11:13 AM
The word EQUITYLINE has gotten a bum rap lately, just like plenty of other words in the mortgage business.
Heck, not to digress, but we've even stopped saying STATED INCOME and instead come up with the more delicate term "reduced documentation".
An equityline is most often mentioned referencing the irresponsible homeowners who tapped … (11 comments)
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equityline: California, Get Ready to Rumble: Rates Are About to Tumble - 01/31/08 08:59 PM
I'm not sure how the West was won. But I am sure of this: No state will benefit more from new mortgage changes about to be approved than California.
Our company is so certain that a boom is about to occur that they have asked us to have clients ready to lock loans … (3 comments)
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equityline: This is NO MUMBO JUMBO: Big Fat Mortgage Rates Are About to Drop, BE READY - 01/25/08 12:25 PM
Are we stimulated enough yet? Wow, what a week. With the rate cut and the announcement of the President's $150,000 billion dollar economic stimulus package, the mortgage office has a buzz that has been absent for months.
The phones are ringing off the hook with homeowners and potential homeowners asking what these … (8 comments)
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equityline: Warning: Do Not Pay For Your Car With Your Equityline - 12/12/07 09:51 PM
Disclaimer: I currently own an auto leasing company and spent 20 years financing cars. Fact: I am a mortgage broker because I love real estate more than I love cars. Please, if you consider this a conflict of interest, read no further. Personally, I feel this gives me a very unique insight on the … (9 comments)
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equityline: The Triple Whammy: Sinking Into Adjustable Rate Quicksand - 10/09/07 06:47 PM
Now, why would anyone be afraid of a little old adjustable rate loan, going up just a little bit, in just a little while? Well, one thing that was not mentioned in Michael Mape's blog today was what I call THE TRIPLE WHAMMY that occurs when an "interest only" loan adjusts. Here's how an adjustable can … (17 comments)
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equityline: 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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equityline: 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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equityline: Reverse Equityline? Tap Equity With No Debt, No Payments - 07/07/07 12:13 PM
A new twist on borrowing from your home's equity is being marketed by a company here in San Francisco: a way to tap equity while incurring no debt. How does it work? Quite, simply, homeowners are given a large up front cash payment in exchange for a share of the home's future appreciation.
For example: … (1 comments)
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equityline: Refinancing? Don't Throw the Baby Out with the Bath Water - 06/26/07 05:41 PM
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equityline: BAD, Mortgage Broker, BAD, BAD, BAD! - 06/25/07 02:13 AM
True Confession: One of my clients is in foreclosure. I know, I know. Somewhere, some reporter is screaming, "BAD, Mortgage Broker, BAD, BAD, BAD! How could you be so heartless as to mis-inform and manipulate this poor unsuspecting borrower?" Quickly now, let's all do something to bail them out!
Well, I've got news for you : … (19 comments)
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equityline: Dirty Little Real Estate Ripoffs: How Real Estate Gets Stolen - 06/12/07 02:21 PM
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equityline: When the Second Lender Holds all the Cards - 06/08/07 05:27 PM
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equityline: The Refi Boom Aftermath: When Refinancing to a Higher Rate Makes Sense - 06/05/07 09:21 PM
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equityline: Strategy: Eliminating the Need for a Contingent Offer - 05/23/07 06:38 PM
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