Financing and Credit

http://www.trulia.com/blog/taranelson/2011/04/5_real_estate_and_mortgage...

Not sure where this post should go.
Will someone who understands 'subject to' please read this persons blog and respond?
I tried but I am not forceful on this subject due to lack of practical experience. Someone like Randy who knows this inside and out can stop this person from diseminating more of her own myths.
My last response did not get posted.

I'll look for your replies!

I found this article very interesting, talking about the future of mortgages in the US.

By Marilyn Lewis of MSN Real Estate

After more than 40 years of subsidizing and boosting homeownership, the federal government is talking about backing away. The Obama administration wants to eliminate federal guarantees for home loans for all but creditworthy buyers "with modest incomes" who otherwise could not get a mortgage from a private lender, according to a report that the administration gave to Congress in February (PDF).

Change like that could make buying a mortgage more expensive. Americans' favorite home loan, the 30-year, fixed-rate mortgage, would lose ground against other mortgage types.

In a previous post, I had reported about the new FHA program that was developed for people that had lower FICO scores than the 640 needed under traditional FHA programs. Well, the early results are in and you are not going to believe this. Out of 10,000 loan apps (this is the good part) that this program generated to Wells Fargo; 5,000 apps have been rejected (this is the bad part), 4,982 apps have not been decided yet and only 18 (this is the ugly part) got approval.

So, if you apply and get rejected, you'll know you're with the majority of other people. FYI.

Has anyone used this company? I have tried locating information, but maybe I am not looking in the right place. They have a website and a FSA number, but the phone number is in Trinidad. I have not been able to get much from the BBB either.

Mon, April 4, 2011 8:03:21
KCM Blog

This is an interesting read about the recommended changes to loan qualifications that will be debated
shortly.

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QRM: Is the Pendulum Swinging Back Too Hard?

Posted: 04 Apr 2011 05:00 AM PDT

There is no doubt that one of the main reasons for the housing collapse was that mortgage underwriting became too lenient. It seemed anyone who wanted to purchase a home found someone to give them a mortgage; whether they actually qualified for it or not. These buyers eventually couldn’t make their monthly mortgage payment and many went into foreclosure.

Hi I'm new to the forms but have been looking into doing real estate for some time now. But I have bad credit and can't get any loans. On top of that I don't make enough money to self finance.

I have looked into finding someone to finance me and I'd do the leg work. But I am worried about scams and of course so are other people so I have been unsuccessful in finding me an investor. My other problem is I'm young so people are worried about experience.

Hey everybody!

We are fairly new to this amazing forum so we wanted to take the opportunity to say hi to everyone.

We wanted to ask everybody out there using credit cards, what's a good number of credit cards to keep balances on and not effect your credit score in a negative way. We've heard we should keep balances on no more than three credit cards at at time. Do you find this to be true? What are your opinions, everyone? How do you all use your credit cards? We think this will be beneficial to the entire community to find out. Are we using them wisely and keeping our credit strong?

Please join us in this exciting discussion on using credit cards and still keeping our credit strong.

Thank you all fellow investors out there,

Anthony & Suzette

How can I become a cash investor?
How do cash buyers purchase property after property?
Do they use equity from other properties?
Do they have excellent corporate or personal credit?
Are they a group of investors using combined funds?
I'd appreciate tips on how to do it . I would love to be a cash investor. Thanks

This is an article originally printed in tThe New York Times. I read it at: http://www.cnbc.com/id/42285568/

A few weeks ago, when the Justice Department decided not to prosecute Angelo Mozilo, the former chief executive of Countrywide, I wrote a column lamenting the fact that none of the big fish were likely to go to prison for their roles in the financial crisis.

Soon after that column ran, I received an e-mail from a man named Richard Engle, who informed me that I was wrong. There was, in fact, someone behind bars for what he’d supposedly done during the subprime bubble. It was his 48-year-old son, Charlie.

Whatever became of DG's private money lending program that they he and his people were brain storming late last year. It was all the rage on this site for awhile, yet I haven't heard anything about it in 2011.

"Rick in Amarillo," Realty Agent