Tough times in my business (mortgage)

[Cappy_TX]

Faithful ... you don't have to wait. Used to be that whenever your mortgage balance had decreased to less than 80% of the current appraised value, your lender MUST agree to remove the PMI premium. Here's a link for more info ... http://www.nakoni.com/id13.html

[Skeeter]

sheesh...you guys are depressing....this is not the thread i need to be reading....I am currently trying to sell a second home in the NE Jackson area.....listed for 1 month and not even a freaking sole has looked at it....I know now why my mama told me to save for a rainy day....its about to eat me alive....

if you want it, its listed on Nix-Tann realty's website...

D

[Faithful Retrievers]

It appraised for more than my down payment over the loan amount. Like the example of $20k down it appraised for $23K over the loan amount. I am thinking it may be in my best interest to refi and see if I can get rid of PMI or lower my payment to pay more on the principal.
I called them and they said that I could pay 20% of the loan amount and drop the PMI. I said I did that on the front end and still got PMI. If I am correct PMI only protects the lien holder if you default, so wheres the gamble in them taking my loan. I could understand if it was a true 100% financing. If I give them another 20% thats almost 60% of the home paid for and I won't have a nest egg. Which isn't going to happen. I just feel like I am pissing that portion of the payment down the drain.

[Faithful Retrievers]

Cappy- If I get a new appraisal on the home and it documents that the home is valued at over 20% of the principal amount, I can get the PMI removed?

[Cappy_TX]

It appraised for more than my down payment over the loan amount. Like the example of $20k down it appraised for $23K over the loan amount.

Sorry, don't quite follow that.

If the home was purchased and appraised for $100,000, and you put $20,000 down, you did not need PMI. You may be enitled to a refund of PMI premiums that you have paid if you can prove the broker or lender made an error originally.

If you bought the home six months ago or longer, and the home is now worth $100,000 and your mortgage balance is now $80,000 or less, you are entitled to have the PMI removed. Capice?

[Faithful Retrievers]

Yeah I got it. Thats what I was asking. Thanks.

[Bankermane]

Not to hijack the thread but to take it in a slightly different direction, my question for you is this: When will the speculative bubble in hunting land/hunting leases bust?

3 and 30

[torch]

Amen bankerman!

[regishay]

[

If you bought the home six months ago or longer, and the home is now worth $100,000 and your mortgage balance is now $80,000 or less, you are entitled to have the PMI removed. Capice?[/quote]


better read the fine print of the loan regarding the PMI, some can read 3 years before you can take off the pmi even if your below the 20%.

[Dutch Dog]

I saw somewhere that it will automatically drop off at 78%?????

[Duckdawg10]

I think it is funny. Although my house has been on the market for almost 6 months. Who in the right mind goes out and loans people money with 0 down, 0 payments for a year, interest only, etc.....The greedy mortgage companies have now been hit with what they deserve. I do feel sorry for the people that work for these companies and the hits you guys will be taking, but these subprime mortgages kill neighborhoods and housing values. I work hard for my money and I paid for my house in a traditional 15yr loan that I could afford. My LOWLIFE, REDNECK,WHITE TRASH neighbors put theirs on an interest only and stretched it check to check. My entire neighborhood is well-maintained and looks wonderful EXCEPT my neighbors. They cant afford lawn work, their grass is cut 3 times a year, and their bushes look like crap. Now, they have been forclosed on and once again that hurts my value. Oh well. Screw them, I hope they live under the bridge for the next few years.

[Dutch Dog]

ONE single foreclosure in your hood ain't gonna bother your value any. As a matter of fact, from the sounds of things it can only get better.

[Cappy_TX]

I think it is funny. Although my house has been on the market for almost 6 months. Who in the right mind goes out and loans people money with 0 down, 0 payments for a year, interest only, etc.....The greedy mortgage companies have now been hit with what they deserve.

Before you laugh too hard, keep in mind that a large portion of the real estate mortgage loans made by those "greedy mortgage companies" are not kept in their portfolios. Rather, they are "securitized" and sold off to Wall street in lots of $10 to $100 Million dollars worth. That's why many borrowers receive notices to make their payments to someone other than the company that made their loan originally ... it's been sold off already. In turn, those loans are often bought by Pension Funds and other investment vehicles that handle the retirement benefits for Mr. and Mrs. John Q. Public. A high percentage of non-performing loans on homes that are way upside down = a very serious threat to some of those pensions.

[Spoonallard]

Years from now, college students will study the events that have occured in our industry over the last 12 months and the period leading up to it. I predict that the real estate industry lanscape and supporting cast will forever be changed.
I truely believe that this could be the thing that forces us in the "now" and "live on credit" society to change our ways.
Funny thing, I have done several loans for people on this board and it seems like the people that hunt and fish, appreciate the simple things in life have had the best credit and taken better care of themselves financially. Interesting!

I'm an appraiser and I have seen this coming for a while. You would think the S&L scandals of the 80's would have changed things for ever, but here we are again.
Spoon

[Po Monkey Lounger]

As Big George Brock might say: " hard times......you don't know what a hard time is.....".

STAY HOME!!! (or in yer tent).