12-12-2010, 12:25 PM
About the refi, Dirk, just want to be sure that you ruled out the Obama refinance program. I don't know the requirements on it, but if you qualify for it you should be able to get it. I do think, though, that it's for owner-occupied properties.
It is a risk of buying into Lava Zones 1 & 2, that there may not be financing or affordable insurance available later on, despite it being there when you buy. That was a factor that caused me to walk away from buying in those zones in 2007. If there were only one or two lenders willing to underwrite Zone 2 at that time, would I have to look for a cash buyer when I wanted to sell or do seller financing? As for refinancing, it never occurred to me that I would have the option.
Wells Fargo is a bastard of corporation and one of the worst for screwing people over, so I fundamentally agree with your point, but I do think you need to own the decision to buy in a zone where financing has been a problem in the past. Agents have told me that in the past there were lots of agreements of sale and other seller-financing in those loans, and that it's been more in recent years that conventional lending has been available.
Anyway, I'm not down for all the blaming of the consumer on this stuff, so back to the bank issue. One thing I've seen is that the buyers who put a lot down but don't buy the places outright are most being screwed with this situation. Anyone who has a shadow of equity is a target for these predators. They want you to walk on or lose the property. It's the people who put nothing down that will get offers of assistance.
Hate to see you walk away from so much investment; hope you find another way. [
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I wonder if you were owner-occupied if you could qualify for a program. Suggest you at least talk to HUD's HOPE for homeowners people, or read what's out there for owners. I've heard the HUD people are not that helpful, but OK if you have the patience to deal with them and expect information, not miracles.
It is a risk of buying into Lava Zones 1 & 2, that there may not be financing or affordable insurance available later on, despite it being there when you buy. That was a factor that caused me to walk away from buying in those zones in 2007. If there were only one or two lenders willing to underwrite Zone 2 at that time, would I have to look for a cash buyer when I wanted to sell or do seller financing? As for refinancing, it never occurred to me that I would have the option.
Wells Fargo is a bastard of corporation and one of the worst for screwing people over, so I fundamentally agree with your point, but I do think you need to own the decision to buy in a zone where financing has been a problem in the past. Agents have told me that in the past there were lots of agreements of sale and other seller-financing in those loans, and that it's been more in recent years that conventional lending has been available.
Anyway, I'm not down for all the blaming of the consumer on this stuff, so back to the bank issue. One thing I've seen is that the buyers who put a lot down but don't buy the places outright are most being screwed with this situation. Anyone who has a shadow of equity is a target for these predators. They want you to walk on or lose the property. It's the people who put nothing down that will get offers of assistance.
Hate to see you walk away from so much investment; hope you find another way. [
]I wonder if you were owner-occupied if you could qualify for a program. Suggest you at least talk to HUD's HOPE for homeowners people, or read what's out there for owners. I've heard the HUD people are not that helpful, but OK if you have the patience to deal with them and expect information, not miracles.