CJ
Long time since I have been here. Been busy with notes I own, and look to own.
75% ltv derived now or then?
First lets define performing
Is it performing from day 1 with a clear history?( 2 mos - 2 yrs)
Has it been non performing for first 2 yrs and now payments starting again for last 2 months?
Is there equity in the property?
Is there life in the note? ie 10 yr note originated :Sept 99?
Lots of variables here which affect value.
As always I enjoy your input
Mike R
new email is **Please See My Profile**
Quote:
On 2008-06-10 22:20, boardwalk1201 wrote:
CJ
Long time since I have been here. Been busy with notes I own, and look to own.
75% ltv derived now or then?
now based on discount
First lets define performing
Is it performing from day 1 with a clear history?( 2 mos - 2 yrs)
There is a lot that goes into pricing a note. What is the credit? What is the equity? How is the payment history and how much down did the buyer pay? What area of the country is the property in and what is going on with values in the area? What are my rights as a buyer according to the loan and sale documentation? Not all loans are created equal. There is so much paper on the market right now with all of these banks going belly up and having to sell that we can pick and choose what we buy where as we were having a hard time finding quality notes 2 years ago!
[addsig]
Since you can be sued for the deficiency when defaulting on a mortgage, I would say it is a recourse.
Jim
What about an acquisition mortgage loan made in California for a primary residence?
Any ideas?
Thanks,
JS.
CJ
Long time since I have been here. Been busy with notes I own, and look to own.
75% ltv derived now or then?
First lets define performing
Is it performing from day 1 with a clear history?( 2 mos - 2 yrs)
Has it been non performing for first 2 yrs and now payments starting again for last 2 months?
Is there equity in the property?
Is there life in the note? ie 10 yr note originated :Sept 99?
Lots of variables here which affect value.
As always I enjoy your input
Mike R
new email is **Please See My Profile**
Quote:
On 2008-06-10 22:20, boardwalk1201 wrote:
CJ
Long time since I have been here. Been busy with notes I own, and look to own.
75% ltv derived now or then?
now based on discount
First lets define performing
Is it performing from day 1 with a clear history?( 2 mos - 2 yrs)
correct
Is there equity in the property?
Yes. Am I missing your terminology? a 75% LTV, would indicate 25% equity correct?
Is there life in the note? ie 10 yr note originated :Sept 99?
most originated in last 2 yrs, most 30 amort due in 10
There is a lot that goes into pricing a note. What is the credit? What is the equity? How is the payment history and how much down did the buyer pay? What area of the country is the property in and what is going on with values in the area? What are my rights as a buyer according to the loan and sale documentation? Not all loans are created equal. There is so much paper on the market right now with all of these banks going belly up and having to sell that we can pick and choose what we buy where as we were having a hard time finding quality notes 2 years ago!
[addsig]