[AsburyPark] Re: Some comments on H4H and how the mortgage system crashed the economy

[Jennifer]

--- In AsburyPark@yahoogroups.com, "oakdorf" <[EMAIL PROTECTED]> wrote:
> 
> 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.

That may be true, but according to Monmouth county lis pendens (notices 
of foreclosure) records, 68 properties have been put into foreclosure.  
It takes awhile from foreclosure to bank ownership and a lot can happen 
in between (deed-in-lieu, short sales, loan modification or just plain 
sale).  68 may not seem like a LOT, but do consider the size of AP.  I 
believe it is only 1.25 square miles.  We're averaging more than 5 
foreclosures per month.  That's a lot for such a small area and it's 
unfortunately just the beginning of the crisis.  A small city hurts 
worse in a crisis than a larger one.  I'm not sure how many blocks are 
in AP, but there are fewer than 68 streets.  I see homes everywhere - 5 
blocks from the ocean on Deal Lake drive to Prospect Ave on the 
southwest side of the city.  It's a mess with emotional complications 
and larger tremors for the rest of the community.  





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[AsburyPark] Re: Some comments on H4H and how the mortgage system crashed the economy

[oakdorf]

--- 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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