Countrywide And Investment Properties
Has anyone had any experience renegoiating a Pay Option ARM with Countrywide?
The current bailout news keeps referring to Home Owners, as if they are denying investors. But this whole bailout thing on Wall Street was for "investors". Why does it look like us little "investors" may get passed up on, help! Has anyone succeeded with Countrywide?
Sorry you misunderstood who the whole bailout thing was for. It was for the Wall Street Investtment houses and the major banks that were running out of money and quit lending to each other. The credit markets had frozen and Main Street businesses with cash flow problems could not borrow any money to stay afloat.
The bailout was never for the real estate investor.
Well Chris, I agree with you that its a fiasco. But its not as bad a fiasco as all that , 700 billion divided by 300 million Americans is only $2,300 each not 23,000.
Not that 700 billion is anywhere near the price tag-- my guess is 3 to 4 times that.
As I said, the Fed has put up two trillion so far, not 700 billion. Average family size is about 3.8 people. Two trillion divided by 300 million times 3.8 equals $25,333 per family.
Chris
Wow, highly dangerous to buy your first rental prop so far away. I would not do it. Buy something in Manchester or Salem, NH or even Methuen, MA, but so far away and in FL--asking for trouble.
rp0029, the only thing going for you if you misrepresent is that you are a beginner (no NOO property yet, no mortgages on credit report, etc.) and they will probably not scrutinize you too much. rglover548, the mortgage company will not change your rate, they will call the note due. In NC, brokers and closing attorneys cannot plead ignorance as a defense. rp0029, since you are in FL, check out "Florida Leads Nation in Mortgage Fraud for Second Year" (http://www.thetruthaboutmortgage.com/florida-leads-nation-in-mortgage-fraud-for-second-year/)
See also "Knock Knock, Who’s There?" http://www.nationalmortgagenews.com/fraud/stories/?storyid=20080402a.htm and http://www.metacafe.com/watch/1303430/jon_goodman_slow_market_heats_up_mortgage_fraud_cases/
Honestly speaking, I preferred renting an apartment right now rather than acquiring my own house. It’s easy for me to transfer whenever I needed because of the nature of my job. Good for me also that the rental fee nowadays is declining.