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Financing in South Florida : Real Estate Advice

  • All103
  • Local Info5
  • Home Buying60
  • Home Selling4
  • Market Conditions2

Activity 4
Sun Jan 22, 2012
Gary and Karina Youngman answered:
Yes for sure as the other individuals have stated the banks a in a better position... The more a person has to lose the stronger they will fight to retain good standings with there mortgage... The banks have more leverage and the consumer must meet much stiffer qualifying prerequisites... However, this creates a huge barrier to home ownership. If we place such stringent rules we may not see the recovery that we would like to see... Mind you, I am not in favor of "irresponsible" lending and hope we can let the free market rule!... Traditionally; risk equals rate as well as reward! So lets find the happy medium that will allow people with the ability to pay the mortgage the opportunity to obtain one!

Gary Youngman Coldwell Banker
(561) 306-SOLD (7653)
... more
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Sun Mar 7, 2010
Sam Thompson answered:
One other point is that once you have obtained the judgment satisfaction information, you will need to send a copy to all three credit reporting agencies so the information can be updated in your credit report. Simply sending it to your lender will not get that accomplished. That is a very common mistake that consumers don't realize. ... more
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Sun Dec 27, 2009
Robin Silverberg answered:
The most important thing to ask yourselves is: can you afford the payments as they are, and do you like your home? If the answer to these questions is yes, there is no reason to short sell. Your value will eventually come back. Your rate on your first mortgage is not terrible, and right now you probably have a low rate on your HELOC because it is most likely tied to prime, which is very low now. If you can make extra payments towards that loan, it would be a good idea. It is true that you cannot take advantage of a refinance because regardless of your loan being Fannie Mae, Freddie Mac or FHA, the program is not able to be used with subordinate financing, which is what the HELOC is. ... more
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Tue Apr 28, 2009
Jacqueline Clarke answered:
What is an AVR loan? Why Direct lenders only?
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