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madler
190 Posts |
 Posted - 10/15/2008 : 7:45:55 PM
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Remember New Century? They were the sub-prime co that said anyone with a 500 or higher can get an 80% LTV mortgage and the seller can hold a second for the remaining 20%. Are there any private money sources still doing anything like this, even if the buyer has to come up with 5-10%?
(don't flame me) |
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CoralSnake
10822 Posts |
Posted - 10/15/2008 : 7:55:07 PM
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Yes, I remember New Century.
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CoolMtgGuy
3661 Posts |
Posted - 10/15/2008 : 8:12:03 PM
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| Let me see .... oh yeah, I remember New Century ... seems like a "century" ago. |
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clearwaterny
347 Posts |
Posted - 10/15/2008 : 9:34:43 PM
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| just fastqual it. |
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MortgageBoarder
3975 Posts |
Posted - 10/15/2008 : 10:33:37 PM
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| Wow, I'm too young for a high school reunion!! |
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kevinloans
469 Posts |
Posted - 10/15/2008 : 10:58:30 PM
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| how about MLN, allowed you to go 100% stated income with a 600 FICO! |
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rtrefflich
3400 Posts |
Posted - 10/15/2008 : 11:44:17 PM
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| New Century and Argent both had huge buildings down in the OC. I drive by them every now and then and I think they are still empty. |
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MortgageBoarder
3975 Posts |
Posted - 10/16/2008 : 12:33:08 AM
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I believe it was CBRE who built the beautiful "new headquarters" for NC at Jamboree & the 405 right before the company collapsed. They were not able to find a replacement tenant and lost MILLIONS of dollars on the deal.
No bueno. |
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madler
190 Posts |
Posted - 10/16/2008 : 05:18:31 AM
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| We're getting a bit off topic... There has to be a private money source who will plainly look at scores in the low 500s and allow for a seller second. I'm sure they want some buyer contribution of funds. Anyone??? |
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mcmoney
309 Posts |
Posted - 10/16/2008 : 05:43:40 AM
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If you were a seller, would you hold a high CLTV second lien (with what is likely a 35% stake in the sales price) in a declining market for a 500 borrower?
Not saying hard money would not entertain the first, but the seller would have to really have a set of onions to step up to that deal...... |
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madler
190 Posts |
Posted - 10/16/2008 : 05:51:08 AM
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| I happen to know a few sellers who would be willing to do it solely because it is the only way to get their interested buyers financed. |
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