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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: russwinter who wrote (37743)	8/4/2005 10:44:22 AM
From: Ramsey Su	Respond to of 110194

who is Tom? repayment penalty is usually phased out after first couple of years, may be 3 max. back in 2003, the hybrids are more popular than the teaser option arms of today. If I remember correctly, I think either the 3 yr or 5 yr hybrid was the most popular loans of the time. You can try to roll into one of these. finance.yahoo.com Unfortunately, many will roll into a teaser ARM if they can, or dip into credit cards, or exhaust their relationships with friends and relatives ...... and still that dreaded posting on your door and suffer the indignition that the whole neighborhood knows you are being foreclosed upon.

To: russwinter who wrote (37743)	8/4/2005 11:56:48 AM
From: loantech	Read Replies (2) \| Respond to of 110194

Russ lenders are inserting more clauses stating how long a borrower needs to hold a loan and they are penalizing brokers if a loan gets refi'd or sold during the 1st few months, 6 months or a year in some cases. We had to portfolio a loan that we closed through an outside investor (RFC) that said the seller of the home our buyer just bought needed to hold the home for 90 days. They had held it for just about 11 weeks. Big buyback penalty so we kept it. Getting to be some anti flipping notes that are toxic to the lenders I am not sure about the borrowers will keep my eyes open. Ramsy Su I work in the mortgage industry but it appears as though you have much more knowledge than myself. Spent most of my years selling 30 year and 15 year fixed and subprime 2 year fixed loans. The array of products out there now is stunning and I have not kept up my homework nor do I care to because I see little sense in getting a 3 year ARM IO with neg am for a 100% Loan to value. That is why I say I am now not a loan technician just a future bankruptcy facilitator. Tom