First Time Homebuyers

[mhd]

I hope Congress doesn't step in....folks say they don't want the government in their business and as soon as shit hits the fan, everybody wants them in...if the Government steps in and start to regulate, you would have never own the property you owned...let's not start feeling high and mighty now that you are a homeowner....

the bottomline is that if it wasn't for Reagan de-regulating the mortgage industry, 90% of us middle income folks(and you know what I mean) would never own a piece of this American dream. So pleasssse, stop the "government come save us" nonsense....

48hrs for closing means absolutely nothing with a Lender going out of business...I don't even know what you mean by that...also, I don't know what you mean by the why I timed my moving 30 days after closing statement...that has no bearing on anything!

the feds must and will intervene, regardless of the factors that brought us to this point, further erosion will be disastrous for so many levels of society, from wall street to flatbush suburban soccer moms, homeownership is the holy grail of us economic, political, and social structure...

[mhd]

Not too keen on having tenants. Also as a first time buyer don't I have to live at the property(at least for a period of time)?

no, unless you go through some govt. programs

[MYOR]

48hrs for closing means absolutely nothing with a Lender going out of business...I don't even know what you mean by that...also, I don't know what you mean by the why I timed my moving 30 days after closing statement...that has no bearing on anything!

It means that if the closing doesnt happen he wont be up shits creek.. Since he didnt give his landlord notice..

[mhd]

Just wanted to add that the original point, that the real change came(comes) through economic factors, is reinforced by your post. In the end that's what is transformed the neighborhood to shit and is what is transforming it back.

economic factors are part of it, but, gangs, drugs and civil rights breakthroughs are social and political factors, and economic factors can be controlled and driven by political will and influence, and that has always been our strength

[Fletch]

I hope Congress doesn't step in....folks say they don't want the government in their business and as soon as shit hits the fan, everybody wants them in...if the Government steps in and start to regulate, you would have never own the property you owned...let's not start feeling high and mighty now that you are a homeowner....

the bottomline is that if it wasn't for Reagan de-regulating the mortgage industry, 90% of us middle income folks(and you know what I mean) would never own a piece of this American dream. So pleasssse, stop the "government come save us" nonsense....

48hrs for closing means absolutely nothing with a Lender going out of business...I don't even know what you mean by that...also, I don't know what you mean by the why I timed my moving 30 days after closing statement...that has no bearing on anything!

This ain't about being high and mighty! From reading that broker's thread (are you Scrooge McDuck?!), How do you address a person the day of closing, thinking they are about to have a piece of the American Dream, and they can't get the money? And they are scrambling to get funding from other sources (that's why I proposed a government bailout). And buy the way, as was said, your landlord is expecting you out tomorrow (that's why I made referrence to the 30 day moving!) It's like a carpet being pulled form under them.

Oh, yeah, that same deregulation allowed the market to go unchecked, with predatory lenders to give out these non-traditional loans, mostly to people of color! And guess who's being foreclosed upon! Sorry Ray, but some accountability in the mortgage industry is in order. I said "some", and y'all can't even take that!

What's wrong with disclosures made by lenders of financial status? Oh, yeah, and how 'bout a Consumer Products Safety Commission for mortgages?

Oh, and speaking of middle class, there isn't much of it anymore in New York City!

[liL Ray]

the feds must and will intervene, regardless of the factors that brought us to this point, further erosion will be disastrous for so many levels of society, from wall street to flatbush suburban soccer moms, homeownership is the holy grail of us economic, political, and social structure...

true...but I am just hoping that it don't happen...and if it does, those that are thinking about owning, better borrow some dough and jump into ownership before whatever government changes go into effect....once the government make changes, it will take about 10 to 15 yrs or longer to change it back.

For those in foreclosure or nearing it, don't get embarassed and sit and watch it happen...call somebody (a mortgage loan officer) or pick up those calls that you been getting and see what your options are...one of them maybe you have to sell and take the little equity you have and just move on...maybe ownership was not for you.

[liL Ray]

This ain't about being high and mighty! From reading that broker's thread (are you Scrooge McDuck?!), How do you address a person the day of closing, thinking they are about to have a piece of the American Dream, and they can't get the money? And they are scrambling to get funding from other sources (that's why I proposed a government bailout). And buy the way, as was said, your landlord is expecting you out tomorrow (that's why I made referrence to the 30 day moving!) It's like a carpet being pulled form under them.

Oh, yeah, that same deregulation allowed the market to go unchecked, with predatory lenders to give out these non-traditional loans, mostly to people of color! And guess who's being foreclosed upon! Sorry Ray, but some accountability in the mortgage industry is in order. I said "some", and y'all can't even take that!

What's wrong with disclosures made by lenders of financial status? Oh, yeah, and how 'bout a Consumer Products Safety Commission for mortgages?

Oh, and speaking of middle class, there isn't much of it anymore in New York City!

I am going to have to make a date and buy you beers and have a healthy debate over this....we could go back and forth for hours on who exactly are these "predatory lenders" and who exactly are responsible for this breakdown....the only reason why the mortgage brokers are looked on as the crooks is because you can actually see them and point at them...meanwhile the real people who created these programs are sitting in the executive offices of these major lenders.

beers and a debate anyone?

[mhd]

true...but I am just hoping that it don't happen...and if it does, those that are thinking about owning, better borrow some dough and jump into ownership before whatever government changes go into effect....once the government make changes, it will take about 10 to 15 yrs or longer to change it back.

For those in foreclosure or nearing it, don't get embarassed and sit and watch it happen...call somebody (a mortgage loan officer) or pick up those calls that you been getting and see what your options are...one of them maybe you have to sell and take the little equity you have and just move on...maybe ownership was not for you.

i get you, and i can see that as a possiblitiy,but, i think the cat is out of the bag and people, more and more, understand the value of homeownership. there will be an increase in homeownership going forward, tighter regs, but also more incentive to get people into homes - the right way

[Fletch]

I am going to have to make a date and buy you beers and have a healthy debate over this....we could go back and forth for hours on who exactly are these "predatory lenders" and who exactly are responsible for this breakdown....the only reason why the mortgage brokers are looked on as the crooks is because you can actually see them and point at them...meanwhile the real people who created these programs are sitting in the executive offices of these major lenders.

beers and a debate anyone?

A DHP afterwork is in order (but not necessarily to debate homeownership! haha!).

Anyway, it's across the board. It is all about doing homework on the borrower side and doing the right thing on the major lender and broker side.

A little story.....I go a prequalification from a major bank. The bank sent me it's proposed settlement sheet with its estimated closing fees. I looked at it, compared it to others I got, and said 'damn'! I called the rep, to inquire about the fees. He says, I kid you not, "man, those fees in New York are expensive"! (his exact words, plus the tone in which he said it!). I ran it by my attorney, and he was like "their fees are a bit high!"

I know that New York has the highest median closing costs in the country! And when they see New York, some of these bankers/brokers start thinking, in the words of Full Force, "I smell pussy!" That's my little issue. Go figure!

I chose another lender. (I won't disclose the lender, unless y'all really wanna know)

[gman]

^

[C hristian]

Everyone whose looking to buy for the first time, or refinance their own home should do themselves a favor and look at getting the best deal you'll ever hope to get through NACA .

https://www.naca.com/index_main.jsp

and then work with agents who work with NACA.

no fees, no closing costs.

Why and how is NACA the best? B/c they sat in and disrupted more than enough shareholders meetings of the big banks, (bank of America , Citigroup, Fleet) and threatened to continue doing so until /unless they got their way. WEll they did get their way to the tune of $2 billion with a B dollars. They got the banks to agree to no closing costs, no fees,30 year fixed rate mortgage.

their rate is GUARANTEED to be 1% below market rate, and you can also buy down your rate too!

It's worth your while to check them out at the local chapter near you. trust me when i say that you'll be glad you did!

[Fletch]

Everyone whose looking to buy for the first time, or refinance their own home should do themselves a favor and look at getting the best deal you'll ever hope to get through NACA .

https://www.naca.com/index_main.jsp

and then work with agents who work with NACA.

no fees, no closing costs.

Why and how is NACA the best? B/c they sat in and disrupted more than enough shareholders meetings of the big banks, (bank of America , Citigroup, Fleet) and threatened to continue doing so until /unless they got their way. WEll they did get their way to the tune of $2 billion with a B dollars. They got the banks to agree to no closing costs, no fees,30 year fixed rate mortgage.

their rate is GUARANTEED to be 1% below market rate, and you can also buy down your rate too!

It's worth your while to check them out at the local chapter near you. trust me when i say that you'll be glad you did!

Some of those examples look too good to be true, but I'll at least take a look into it!

[C hristian]

it's only as a result of one man's persistance at suing or threatening to sue and disrupt the crap out of the banks that make the game by setting the rules to their loans.

that's the only way.