Chino / Chino Hills
- Thread starter roundcorners_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
graphrix_IHB
New member
[quote author="roundcorners" date=1244607174]quick update on my friend...
the bank called yesterday; and the condo is falling out of escrow; apparently the bank was looking into the comps and noticed that about 20% of the HOAs in the tract has not been paid; the bank is afraid that the property will continue to loose value due to the expected delinquencies around; therefore they are holding off lending... my friend and his wife are leaving work early today & the their baby to find another lender... looks like the banks are being super stick, anyone else experiencing this? do you think this trend will continue?</blockquote>
Fannie and Freddie have always had a guideline of no more than 15% of the HOAs being delinquent. This includes years 2000-2006, this is not new. Your friend is most likely not going to find another lender, if they do... they will not like the terms. And I am going to be more blunt than some around here saying the lender did him a favor... Is your friend retarded? WTF? This is common sense that the monkeys in the Santa Ana zoo understand. If the place has 20% delinquencies on the HOAs what does that say for the entire complex? <strong>20% of the place is in some sort of DEFAULT! I bet the mortgages are as bad, if not worse.</strong> Do a google search for when an HOA goes into receivership, and find out how much the HOA dues get jacked up when it does. This is like buying pets.com stock on the way down, it will only continue to tank. You need to be a better friend and be as blunt as me, that is what I would do, and I can guarantee you they would thank me for it and they will thank you.
the bank called yesterday; and the condo is falling out of escrow; apparently the bank was looking into the comps and noticed that about 20% of the HOAs in the tract has not been paid; the bank is afraid that the property will continue to loose value due to the expected delinquencies around; therefore they are holding off lending... my friend and his wife are leaving work early today & the their baby to find another lender... looks like the banks are being super stick, anyone else experiencing this? do you think this trend will continue?</blockquote>
Fannie and Freddie have always had a guideline of no more than 15% of the HOAs being delinquent. This includes years 2000-2006, this is not new. Your friend is most likely not going to find another lender, if they do... they will not like the terms. And I am going to be more blunt than some around here saying the lender did him a favor... Is your friend retarded? WTF? This is common sense that the monkeys in the Santa Ana zoo understand. If the place has 20% delinquencies on the HOAs what does that say for the entire complex? <strong>20% of the place is in some sort of DEFAULT! I bet the mortgages are as bad, if not worse.</strong> Do a google search for when an HOA goes into receivership, and find out how much the HOA dues get jacked up when it does. This is like buying pets.com stock on the way down, it will only continue to tank. You need to be a better friend and be as blunt as me, that is what I would do, and I can guarantee you they would thank me for it and they will thank you.
no_vaseline_IHB
New member
You aren't being nice, but the "friend" is alergic to money obv.
no_vaseline_IHB
New member
Hey RC, how'd this turn out anyway?
roundcorners_IHB
New member
hey all your Chino fans... what do you think the <a href="http://www.mercurynews.com/breakingnews/ci_13039907">news </a>over the weekend will do for property values...
freedomCM_IHB
New member
[quote author="roundcorners" date=1250069331]hey all your Chino fans... what do you think the <a href="http://www.mercurynews.com/breakingnews/ci_13039907">news </a>over the weekend will do for property values...</blockquote>
eh..people who live in chino hills think of chino as irvinites think of santa ana
two different places
eh..people who live in chino hills think of chino as irvinites think of santa ana
two different places
SoCal78_IHB
New member
[quote author="freedomCM" date=1250073836][quote author="roundcorners" date=1250069331]hey all your Chino fans... what do you think the <a href="http://www.mercurynews.com/breakingnews/ci_13039907">news </a>over the weekend will do for property values...</blockquote>
eh..people who live in chino hills think of chino as irvinites think of santa ana
two different places</blockquote>
While that is true... this prison is actually a lot closer to Chino Hills than it is most of Chino. For instance, if you lived in Fairfield Ranch in Chino HILLS, you might look down your nose at Chino residents, however you'd also be living in the closest-possible community to the prison.
eh..people who live in chino hills think of chino as irvinites think of santa ana
two different places</blockquote>
While that is true... this prison is actually a lot closer to Chino Hills than it is most of Chino. For instance, if you lived in Fairfield Ranch in Chino HILLS, you might look down your nose at Chino residents, however you'd also be living in the closest-possible community to the prison.