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05-02-2007, 02:32 PM
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Hummer Guru
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Join Date: Dec 2002
Location: Anywhere you're not!
Posts: 5,006
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Re: Mortgage Times
I have lenders offering 50, yes fifty, year amortization schedules on their loans. Please understand that while this is a great alternative to interest-only loans, as some principal is being applied, they still all have 30 year balloons.
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05-02-2007, 03:32 PM
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Hummer Guru
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Join Date: May 2005
Location: Virginia Beach
Posts: 5,081
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Re: Mortgage Times
we have a few lenders doing 96 months on HUMMERs
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05-02-2007, 03:49 PM
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Hummer Authority
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Join Date: May 2006
Location: South Western PA
Posts: 1,433
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Re: Mortgage Times
its amazing that they offer a 50 year am on a loan. We're going to have 100 year am loans before you know it just so people can afford to live in a house....its crazy!
What kinda of rate are they charging on a 96 month hummer loan?
__________________
2009 H2 Silver Ice LE
2008 H2 Lux Series, Slate Blue, everything but the air suspension - sold
2006 H2 Lux Series, Uplevel Chrome, DVD's, Slate Blue, Sun Roof - sold
"If Life Gives You Limes, Make Margaritas" - Jimmy Buffett
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05-02-2007, 04:40 PM
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Hummer Guru
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Join Date: Mar 2005
Posts: 3,356
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Re: Mortgage Times
got a job?
no credit, slow credit? even BK
We can get you into a home and new car!
no money down and easy terms
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05-02-2007, 05:05 PM
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Hummer Guru
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Join Date: Jan 2006
Location: Fairfax, VA
Posts: 2,061
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Re: Mortgage Times
Quote:
Originally Posted by mikejr
What kinda of rate are they charging on a 96 month hummer loan?
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NFCU = 7.0%
http://www.navyfcu.org/rates/lease-frameset.html
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05-03-2007, 01:31 PM
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Hummer Authority
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Join Date: May 2006
Location: South Western PA
Posts: 1,433
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Re: Mortgage Times
not a bad rate on a truck, thats a long time to be paying for it though. wow.
I just say an article in our Realtor trade mag that said the foreclosure rate on one particular type of loan is 14%, how can these companies that lend money and take these hits stay in business.....i think it goes to show you just how much money the banks are making!
__________________
2009 H2 Silver Ice LE
2008 H2 Lux Series, Slate Blue, everything but the air suspension - sold
2006 H2 Lux Series, Uplevel Chrome, DVD's, Slate Blue, Sun Roof - sold
"If Life Gives You Limes, Make Margaritas" - Jimmy Buffett
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05-03-2007, 02:58 PM
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Hummer Guru
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Join Date: Dec 2002
Location: Anywhere you're not!
Posts: 5,006
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Re: Mortgage Times
Quote:
Originally Posted by mikejr
not a bad rate on a truck, thats a long time to be paying for it though. wow.
I just say an article in our Realtor trade mag that said the foreclosure rate on one particular type of loan is 14%, how can these companies that lend money and take these hits stay in business.....i think it goes to show you just how much money the banks are making!
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14% is low for these lenders. They get a good percentage of their money back through the forclosure process and they need the remaining losses for Uncle Sam on the rest, anyway.
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05-03-2007, 03:10 PM
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Hummer Authority
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Join Date: May 2006
Location: South Western PA
Posts: 1,433
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Re: Mortgage Times
i know that most of the f/c we do are on subprime loans and they get pounded on them. If i were to hazard a guess i would say the banks are recouping about 50% of the unpaid balance and even less once they factor in f/c costs, property preservation/management and eviction costs.
We've been seeing more and more high end homes going to f/c now. i've got a few million in high end home inventory right now when in years past we'd maybe have one or two a year.
__________________
2009 H2 Silver Ice LE
2008 H2 Lux Series, Slate Blue, everything but the air suspension - sold
2006 H2 Lux Series, Uplevel Chrome, DVD's, Slate Blue, Sun Roof - sold
"If Life Gives You Limes, Make Margaritas" - Jimmy Buffett
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05-03-2007, 03:34 PM
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Hummer Guru
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Join Date: Dec 2002
Location: Anywhere you're not!
Posts: 5,006
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Re: Mortgage Times
Quote:
Originally Posted by mikejr
i know that most of the f/c we do are on subprime loans and they get pounded on them. If i were to hazard a guess i would say the banks are recouping about 50% of the unpaid balance and even less once they factor in f/c costs, property preservation/management and eviction costs.
We've been seeing more and more high end homes going to f/c now. i've got a few million in high end home inventory right now when in years past we'd maybe have one or two a year.
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50% hurts. I'd bet it's more like 70% here.
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05-04-2007, 12:49 PM
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Hummer Authority
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Join Date: May 2006
Location: South Western PA
Posts: 1,433
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Re: Mortgage Times
we just had a file recently that the bank just deeded over to some investor. The unpaid balance was about $50K, we had the property on the market for $20K and the unpaid taxes were $17K. This client wont close a deal with a negative proceeds so they just deeded it over to someone. So in this case, they lost 100%.
__________________
2009 H2 Silver Ice LE
2008 H2 Lux Series, Slate Blue, everything but the air suspension - sold
2006 H2 Lux Series, Uplevel Chrome, DVD's, Slate Blue, Sun Roof - sold
"If Life Gives You Limes, Make Margaritas" - Jimmy Buffett
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