Atlanta Home Mortgage Loans Refinance MR MORTGAGE - BIG BANKS HOME EQUITY EXPOSURE REVEALED
[August 27th, 2008 by admin]
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Mr Mortgage talks about Home Equity Lines of Credit and the big banks exposure. These loans are toxic…almost a total write down. Can lenders foreclosure if you do not pay? Will they offer you a great deal on a loan buyout? Are you in jeapordy of losing your access to the credit on the line? Banks may try to freeze it! This is a must-watch.
Duration : 0:8:1
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KARStarla said,
August 27, 2008 @ 6:10 am
Oh I forgot to ask, …
Oh I forgot to ask, if I’m paying 5.25% on my original mortgage of $150,000 and now my balance is $122,000 when my VA adjustable loan goes up, whats it go up to? I was under the impression it might go up 1% point a year and so (in my thinking) I thought I might need to pay 6% on my current balance of $122,000 which is doable for me, am I wrong? Is there something I dont understand about these loans? Whats my worst case here?
Scared, can you help?
KARStarla said,
August 27, 2008 @ 6:10 am
Am I screwed? I’m a …
Am I screwed? I’m a Veteran and was given a 5.25% VA loan and I’m at the 5 year period where it can adjust. The house we bought was $155,000 our balance is $122,000 and it was appraised at $204,000 we have excellent credit (never paid nothing late, no debt etc) but got turned down only because my house was not “comparable” to houses in my neighborhood… whats that about? I got turned down from my own mortgage company who is financing me already. Is there another reason?
indianrepublican said,
August 27, 2008 @ 6:10 am
I don’t necessarily …
I don’t necessarily advocate drawing down one’s HELOC like you state. However you do make some excellent points in this video and others you’ve posted. God Bless.
moneymagnetelizabeth said,
August 27, 2008 @ 6:10 am
I own my home for …
I own my home for retirement, and if you do not do equity then the banks bleed you through property taxes. Your community is borrowing from the banks - and the banks are involved with the insurance industry and making policies that are not affordable and do not cover minimal. If you want coverage then they try to sell you an umbrella. WHERE IS CONGRESS - SHUT THESE BLOOD SUCKUNG THIEVES DOWN!!!!!!!!!!!!!!!!!!!!!!!!!!!!
vladimir4055 said,
August 27, 2008 @ 6:10 am
Thank you.
Thank you.
robertf97 said,
August 27, 2008 @ 6:10 am
The banks don’t …
The banks don’t need to sell or write down HELOCS they just wait for you to pay them at full value. If you don’t you get to declare bankruptcy, you don’t get to buy it back for “$.30″ on the dollar.
john67elco said,
August 27, 2008 @ 6:10 am
My favorite …
My favorite mortgage guy 100%.
mrbadde1 said,
August 27, 2008 @ 6:10 am
Mark.. Oh how we …
Mark.. Oh how we missed ya!
largo2001 said,
August 27, 2008 @ 6:10 am
*** Mr. Mortgages …
*** Mr. Mortgages for President ***
111harley111 said,
August 27, 2008 @ 6:10 am
Great stuff.
…
Great stuff.
Please do a video on short sells. Thank you!
openuniverse2003 said,
August 27, 2008 @ 6:10 am
Property will “hit …
Property will “hit bottom in 3 years” in America? Look at prices to stabilize by 2009, certain parts of the country are NOT seeing “a bubble bursting”. California, Florida have been hit, etc., but a lot of flyover states have seen less than 10% drops.
PotSmokinFoo said,
August 27, 2008 @ 6:10 am
And Greenspan. We …
And Greenspan. We can debate whether holding rates that low that long contributed X or Y, but Greenspan’s advice to consumers to take ARMs was nothing more than a risk transfer away from his banker buddies to the homeowner.
Benaiahh said,
August 27, 2008 @ 6:10 am
Hey Markmti. …
Hey Markmti. Instead of showing us the link in your video, or telling us the address, just put it in your video description over there ——————–>>
markmti said,
August 27, 2008 @ 6:10 am
back when I yanked …
back when I yanked my heloc Wachovia was paying 5.5 for one year. Now, it is more difficult but the negative maybe worth negative every month to keep that money in your pocket if you really need it.
green1gecko said,
August 27, 2008 @ 6:10 am
Just out of …
Just out of curiosity… where in the world did you find that higher yielding account? (Your financial maneuvering is crazy without it.)
wcoeqpk862 said,
August 27, 2008 @ 6:10 am
telling you your a …
telling you your a boss. im sure your short LEH with me (also short MER) and i should most likely be short every financial i can find but im not. keep these vids coming, gave you a 5 like you asked for (and deserved for that matter). rock on with your bad self
amanderik said,
August 27, 2008 @ 6:10 am
Obviously, given …
Obviously, given the amount of outstanding HELOCs there must be quite a few “retards” out there. I wouldn’t blame Mr. Mortgage as the messenger here, although I agree it is foolish to use these as an ATM. But it is what it is.
louminatti said,
August 27, 2008 @ 6:10 am
“In California, …
“In California, these HELOCs are recourse loans.”
Yep! No walking away from it. For some weird reason people don’t consider this little sticking point.
PotSmokinFoo said,
August 27, 2008 @ 6:10 am
In California, …
In California, these HELOCs are recourse loans. It’s an albatross even if you “walk away.”
Good luck paying off your HELOC with no home equity growth and a job that leaves you broke just before payday.
BTW…Fitch blows. They’re just trying to cover their so people will forget their role in this build up. Nice job with the ratings, dudes. You figured out MBIA in early April. Nobody saw THAT coming.
markmti said,
August 27, 2008 @ 6:10 am
just remember …
just remember everyone, the investment banks in their blood-thirst for yield started all this…the fathers of the bubble are Lehman ans Bear.
jumpyrun1 said,
August 27, 2008 @ 6:10 am
Finally the truth …
Finally the truth comes out!
idahotandj said,
August 27, 2008 @ 6:10 am
We never did a …
We never did a heloc either but that doesn’t mean were not going to get screwed just like the everyone else because of all of these foreclosures.
The banksters greed in all of this was a virus that infected millions, and now the rest of us have been exposed.
What legitiment equity we have built is now sucked away.
FrankenBeenz said,
August 27, 2008 @ 6:10 am
Mr Mortgage: an …
Mr Mortgage: an internet legend in the making. More sermons as they come to you, please.
louminatti said,
August 27, 2008 @ 6:10 am
I don’t have a …
I don’t have a HELOC. Only a retard would take out a HELOC except for emergency, like having to replace the roof. “Extracting equity” is bullshit.
AtomicGayDar said,
August 27, 2008 @ 6:10 am
6.4 on the …
6.4 on the AtomicGayDar for MR. MO-RTGAGE. Excellent video. We all love you MR. MO!