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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Ridiculous Anyway.. except for 2nds?? Posted by hard money lender on June 02, 2010 at 7:42 PM In Reply to: Ridiculous Anyway.. except for 2nds?? posted by jmac on June 02, 2010 at 7:18 PM i am really against them changing the rules. a contract is a contract. this is why i will almost never do sfr loans. the govt, with all its liberalism, seems to think that it can give the borrower a break. i tend to like the fact though, that a loan is against just the property. if you want to make a second on a property, then you had better dang well be prepared to keep up the first. OR DONT MAKE THE LOAN. as a lender, the higher rates on 2nds is not nearly enough to match the extra risk involved on most loans that i have seen over the years. of course, i would get rid of bankruptcy procedures, as well. there would be no such thing as a stay. you have a property with a legal loan against it. each party abides by the contract rules. it is an insult to me that a borrower can forestall things by filing a bk. the lender fulfills his part of the bargain by lending the money. the borrower needs to fulfill his part of the bargain, as well. real estate simply is not as valuable an asset any more. that is easily seen by me, since i see all sorts of loan offerings. the ltv is quite a bit lower now, with the same interest rates. that is the only way that lenders will lend. simple supply and demand. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : i am really against them changing the rules. a contract is a contract. : this is why i will almost never do sfr loans. the govt, with all its liberalism, seems to think that it can give the borrower a break. : i tend to like the fact though, that a loan is against just the property. : if you want to make a second on a property, then you had better dang well be prepared to keep up the first. : OR DONT MAKE THE LOAN. : as a lender, the higher rates on 2nds is not nearly enough to match the extra risk involved on most loans that i have seen over the years. : of course, i would get rid of bankruptcy procedures, as well. : there would be no such thing as a stay. you have a property with a legal loan against it. : each party abides by the contract rules. it is an insult to me that a borrower can forestall things by filing a bk. : the lender fulfills his part of the bargain by lending the money. : the borrower needs to fulfill his part of the bargain, as well. : real estate simply is not as valuable an asset any more. : that is easily seen by me, since i see all sorts of loan offerings. : the ltv is quite a bit lower now, with the same interest rates. : that is the only way that lenders will lend. simple supply and demand. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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