Posted by chucke/fl on 6/6/09 7:17pm
Msg #291514

We are blessed

I am happy to see that we are now getting some work. I know things are not like they were approximately 4 years ago. However, things so far this year are better than last. I hope that we will all do what we can to perform errorless documents and provide superb customer service. I am Just thankful we are now starting to get busy :-)

Reply by LynnNC on 6/6/09 10:58pm
Msg #291517

May was my best month yet since I started closing loans in June, 2005, but I expect that inflation and interest rates will increase and our business will die.

Reply by JanetK_CA on 6/7/09 4:30am
Msg #291520

Re: We are blessed - yes, but don't count on it to last!

I agree. In fact, interest rates have already started to go up. I think we've been slammed lately because so many tried to take advantage of the super low rates. The vast majority of the refis I've been seeing are people with pristine credit. And many of them are saying that they don't expect they'll be doing this again for a very long time.

Lots of those with interest rates adjusting at some point in the future are trying to refi, but aren't getting the approvals. Seems that lenders have gone from one extreme to another. Unless the government can "encourage" them to loosen the purse strings a bit, I think we'll see a continuation for a while of those already in the pipeline, then things could very likely quickly taper waaaay down, especially if rates continue to rise.

Reply by LynnNC on 6/7/09 10:42am
Msg #291522

Re: We are blessed - yes, but don't count on it to last!

Many people who got piggyback loans in the last several years, borrowed up to 99% of the value of their home. A large number of those people will not qualify to refinance as the decline in market value of their home resulted in them being upside-down.

I have closed only two piggyback loans since March 2008, and the total LTV for both was under 80%. By far, in the majority of closings I handle are simple refis to obtain a lower rate, with borrowers are bringing cash to the table. If the borrower receives cash, it is just to round the loan amount and is usually less than $1,000.

Reply by Glenn Strickler on 6/7/09 1:58pm
Msg #291530

Every morning when i wake up alive, I am blessed. Everything else I can deal with.

Unfortunately, according to some of my contacts in the finance industry, it still looks like there are some more foreclosure records to be set, as the foreclosure moratorium that the governator signed into effect a while back has expired and the amount of loans that are behind in SoCal are at record levels. So hang on .... Government intervention never works in the long run ....

http://mortgage.freedomblogging.com/2009/02/25/will-californias-foreclosure-moratorium-work/7033/

Reply by jba/fl on 6/7/09 4:53pm
Msg #291535

More to come -hang on for the next big ride

Despite what some optimists are saying about interest rates not rising, the writing is on the wall, clear for those who know how to read history.

http://articles.moneycentral.msn.com/Investing/ContrarianChronicles/the-next-crisis-has-already-begun.aspx

Get rid of your debt, tighten your belts - be prepared. Buy today, stock up today, more value for your $$ today.

Reply by Susan Fischer on 6/7/09 5:24pm
Msg #291536

'Get rid of your debt, tighten your belts - be prepared.'

That's been good advice throughout the ages. Along with save for rainy days, give to the less fortunate, get a good education, and live by the Golden Rule.

Reply by BrendaTx on 6/7/09 6:40pm
Msg #291538

We have all had to learn about the debt part

right?

I'm glad to report that I am operating on a cash basis, no debt for me.

Every time I go to buy new clothes or almost anything I am haranged about getting an extra 15% off if only I will take on a new credit card.

WTH are these credit card companies thinking? This is not the same economy that was a few years ago.

Reply by Charles_Ca on 6/7/09 11:58pm
Msg #291548

Re: We have all had to learn about the debt part

"I'm glad to report that I am operating on a cash basis, no debt for me."

Wise move Brenda. I've been operating on a strictly cash basis since October of last year when banks started to get 'squirrely" Chase informed me the other day that they willl charge $12.50 for an improper endorsement, they seem to be looking for any reason to charge one!

Reply by Linda_H/FL on 6/8/09 5:36am
Msg #291549

Wonder what would happen in this country

if everyone did away with their credit cards - how much of a ding to the financial infrastructure would that be?? (probably a discussion for the political forum, but...)

We've cut back a bit here too, and with some insurance proceeds coming in we should be debt free very soon...I'm already realizing it's a whole new lifestyle and mindset to get used to - new habits to learn and old ones to do away with - don't grab that credit card for things we need. What a concept - one I never thought we'd ever be in a position to experience - we've had debt for so long it's more a way of life for us...as with many I suppose, but thankfully ours have been manageable and we've not drowned in it. That "debt-free" concept is, still, something we're looking forward to.

Reply by Gary_CA on 6/8/09 10:38am
Msg #291557

All cash here too...almost.

I've got some old student loans I'm still chewing on, like eating an elephant (and the colder it gets the tougher it gets). Other than that it's cash for everything from Sushi to cars.

Funny thing is, I've got a rewards card and some of the stuff that automatically bills a card goes to it. I keep it paid off so it wouldn't cost me a thin dime to use it, pay it and get the rewards.

But when the waiter comes, or I'm at the pump or whatever, I just like grabbing that debit card. Done. Paid for. I've got depression era "Grapes of Wrath" okies in my family tree that went through the hardest of hard time and came out owning a little house in California...

I'm genetically inclined towards cash.

P.S. It is fun to buy a car, even a good used car (the only kind I'll buy) cash. Let the salesdude get all wound up with his payment pitch and SLASH cut him off at the knees... then tell him how little you'll pay, all cash, for his silly car. Great entertainment.

Reply by GWest on 6/8/09 10:46am
Msg #291559

Re: All cash here too...almost.

Be careful where you use your debt card. Restaurants and hotels (maybe others, not sure) can add additional charges when you use your debt card to pay. I found this out when I used my debt card at a restaurant and when I reconciled my account the charge was higher. When checking with the bank they stated that restaurants and hotels can do this. I always use a credit card for these places and pay it off when the bill comes in. Last month I gave my debt card at a restaurant in error and when I received my bank statement there was an additional $5.00 added to the final bill.

Reply by Charles_Ca on 6/8/09 11:20am
Msg #291566

Re: All cash here too...almost.

P.S. It is fun to buy a car, even a good used car (the only kind I'll buy) cash. Let the salesdude get all wound up with his payment pitch and SLASH cut him off at the knees... then tell him how little you'll pay, all cash, for his silly car. Great entertainment.

I've got to agree Gary. The first and last new car I bought was in 1974 and then I realized it lost about 20% the minute I signed on the dotted line. Sinve then I buy cars that are a year or two old,, low miles, well cared for and all cash. The last time I bought one the salesperson looked up my creidt and with a concerned look on his face said something to the effect "you ALWAYS buy cars for cash?" I foudn out that they get a comission fromt he credit sale also. anyway its always bettter to have a bit more money in my pocket than theirs.

Reply by Gary_CA on 6/8/09 12:29pm
Msg #291574

A line I like when I have a teenager at a signing.

Well not at the signing, but you know at the beginning or end, if I get introduced to a long-legged, pimply faced nice kid, I often throw him this one-liner...

I'm gonna tell you the secret to retiring rich, if you'll do it... Buy your first old house before you buy your first new car.

The parents always love that one.

Did a purchase signing last week for a 22 year old...love it.

Reply by Shoshana Roller on 6/7/09 5:30pm
Msg #291537

I would rather be an optimist than a pessimist!

We could all be wiped off the face of the earth tonight in a massive terrorist attack! I have already been making do and tightening my belt for the last two years. That's how long my husband has been unemployed.

Reply by BrendaTx on 6/7/09 6:42pm
Msg #291539

Shoshana, me too. I'm an optimist but also a realist.

I've ignored the news, thought positive thoughts, but I've also sought to earn and save every extra dollar I can. My belt is cinched up pretty good, too.

Reply by MikeC/NY on 6/7/09 8:25pm
Msg #291543

It's a cycle... n/m

Reply by MikeC/NY on 6/7/09 9:01pm
Msg #291545

Darn that "Enter" key...

It's a cycle - always has been, always will be. It's hard to imagine when you're at the bottom end of the cycle, but things will eventually get better.

"We could all be wiped off the face of the earth tonight in a massive terrorist attack!"

I realize you're joking, but as one who lived through 9/11 here in NY and knew someone who died at the Towers, I don't find this to be even mildly amusing. Yeah, a "massive terrorist attack" where people are "wiped off the face of the earth" can definitely happen - come to NYC and see the hole in the ground where it actually DID happen, and then let me know if you still think it's funny.

Reply by Linda_H/FL on 6/7/09 9:08pm
Msg #291546

Re: Darn that "Enter" key...Mike..

I was in CT at the time - I too lost some people I knew...I didn't take her statement that way and don't think Shoshana meant to offend anyone at all...

Reply by Shoshana Roller on 6/8/09 9:29am
Msg #291552

Re: Darn that "Enter" key...Mike..

Thanks, Linda. I was born a New Yorker and I always will be one. It's the greatest city in the world.

Reply by Shoshana Roller on 6/8/09 9:27am
Msg #291551

That wasn't meant to be amusing.

Mike, my husband and I were born and raised in Brooklyn. He worked at the WTC from 1973-1978. If he hadn't gone back to school and we hadn't moved to the West Coast, he might have still been there.
I was trying to make the point that nobody knows what tomorrow will bring. If we all start being pessimists then we might just as well lay down and die because there is nothing to live for.

Reply by chucke/fl on 6/7/09 8:01pm
Msg #291541

To all who have responded never did I want to imply that we are safe as far as job security is concerned. My main thought at the moment is that we are working, not like in the past, but working. Nobody knows what the future holds, but we can sure learn from the past. I am quite sure we either have been personally touched by the the economy or know someone who has. Again, I will say we are bless.

Reply by BrendaTx on 6/7/09 8:04pm
Msg #291542

Re: We are blessed - agreed, Chucke

It's funny how threads like this can take a U Turn!

Reply by Claudine Osborne on 6/7/09 9:51pm
Msg #291547

Re: We are blessed - agreed, Chucke

I know I am blessed!! When my phone rings for a signing I know that I am extremely lucky to be doing something that I love. There are no guarantees that we will be working next week or month! Let us all count our blessings and pray for those that are hurting!

Reply by MW/VA on 6/9/09 4:01pm
Msg #291742

I have been very blessed in this business. I get steady work while there are so many in the country on unemployment or worse. This business can be a trial, but in the end of worth it.
One of the best moves I ever made was to get into this business.