Economy and Mortgage Question

Guest

If the worst happens, the dollar may crash. Sad

In that case, a loan for $250,000 today could then be worth $25,000 or less tomorrow.

Has there been any new regulation anticipating such a collapse that would allow to banks to call in mortgage loans as it would no longer be an advantage for banks to continue with their mortgage arrangements?

jenkin7 · Posted: Fri Oct 23, 2009 10:02 pm Post subject:

Hi Guest,

A collapse in the dollar value does not seem to be imminent. The economy and the mortgage industry are showing signs of recovery from the depression. I have not heard of any regulation anticipating such a collapse and enforcement of any such regulation is not expected soon.

gmakerley · Posted: Sat Oct 24, 2009 11:11 am Post subject:

the calling in of mortgage loans would be a colossal waste of time, wouldn't it? if the dollar were to fail, how would a consumer be able to pay back that mortgage that the lender just called?

if we are in apocalyptic times, so be it. it won't matter then, will it?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

Any drop in dollar value will result it inceased cost of items we buy day today

The drop ion value of dollar wll be only aginst the other currncies, ti will be not be against it self

So any laon which is $250,000/- will be the same even if the vavlue of dollar goes down

raymond · Posted: Sat Oct 24, 2009 3:00 pm Post subject:

All homeowners with FHA-insured Reverse Mortgages are protected if the value of their home goes to zero. If the home was worth $250,000.00 when they got their Reverse Mortgage, and the homeowners decided they'd like to receive a monthly check for $1,200.00 per month - they'd continue to receive the check even if the value of their home plummeted to 0. Same with their Credit Line - they'd have full access to it and it would continue to grow (with Reverse Mortgages, the unused portion of the Credit Line increases).

That's a unique feature that's only provided with FHA-insured Reverse Mortgage programs.

gmakerley · Posted: Sun Oct 25, 2009 7:42 pm Post subject:

just curious raymond - how come you are in irvine, ca and you have a link to puerto rico reverse mortgages? it seems a tad contradictory.

raymond · Posted: Mon Oct 26, 2009 8:56 am Post subject:

I originate for a Federally Chartered National Bank and am enabled to originate in every State, and all our Commonwealths, including Guam, Puerto Rico and the Virgen Islands.

I originate exclusively via the internet, and share lots of websites with my son, who is also a Reverse Mortgage Originator. And I do it all from my Living Room in Irvine, California. It's not contradictory - just different then what you and most other Originators are used to.

Right now Puerto Rico is the hottest spot in the Country for FHA-insured Reverse Mortgage programs.

I'm currently working on 11 files for homeowners in PR, WI, MN, OH, TX, MS, GA and CA.

jveenstra · Posted: Mon Oct 26, 2009 12:58 pm Post subject: Call Loan Due

The value of the dollar is not one of the reasons specifically noted in the NOTE as a reason for triggering the acceleration clause which is the clause that allows for a lender to call a loan due.
There is also no cosideration, and never will be, to have such a reason trigger the acceleration clause.

gmakerley · Posted: Mon Oct 26, 2009 6:13 pm Post subject:

very interesting raymond. i know you're happy with that flow.

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