--- In AsburyPark@yahoogroups.com, "Jennifer" <[EMAIL PROTECTED]> wrote:
>
> H4H won't work for a lot of homeowners. It's first great drawback is
> that it is for 1 family houses only. The other is that they will
> only finance 90% of the loan to value. It won't work for loans in
> negative amortization (borrower owes more than the house is worth or
> more than the initial loan amount). There are a lot of people I have
> seen in AP who took interest only mortgages. They were betting that
> the property would increase in value and interest rates would stay
> low or someone at some mortgage brokerage saw this as the only way to
> qualify them.
Great post as always Jen.
As I called it the great ponzi scheme.
Couple quick notes.
Year to date, I only see about 14 transfers CURRENTLY where the bank is
the owner of the property in AP. That's current, not whtat transpired.
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