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The House I'm Renting May Be Foreclosed

Woodcookedbbq

By Woodcookedbbq,
in Huddle Lounge

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dimbee Newbie

dimbee

Posted
Posted

lets bet a 6 pack. you say insurance, i say foreclosure. worst case its an early wedding gift from me. :lol:

I don't say anything. I'm only mentioning possibilities. I'm not trying to say this or that is what is happening when I have absolutely no knowledge of it other than this thread.

Besides, I don't bet on things when I'm simply playing the devil's advocate, as I said...

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pstall Newbie

pstall

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right. everything is a possibility. the OP says what he thinks is happening without really knowing how it all works.

that increased my % of deductive reasoning to know that it looks more than likely to be forecloseure.

to have fun with something neither of us is too sure about, I toss out cold beverages to add another layer to the nothingness.

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dimbee Newbie

dimbee

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Since the individual said the loan is a Fannie Mae loan, the person could just have easily been stopping by the house to make sure it was in working order in order for the homeowner to take part in Fannie Mae's "Refi Plus" program which allows the homeowner to refinance the home using the home's originally appraised value when the current mortgage was taken out so they can refinance in today's market with a likely lower home value (even if they're technically upside down on the loan with today's value).

So, no, I'm not interested in betting on it. My money is being more than well-spent on this fuggen wedding! :D

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Woodcookedbbq Newbie

Woodcookedbbq

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Since the individual said the loan is a Fannie Mae loan, the person could just have easily been stopping by the house to make sure it was in working order in order for the homeowner to take part in Fannie Mae's "Refi Plus" program which allows the homeowner to refinance the home using the home's originally appraised value when the current mortgage was taken out.

So, no, I'm not interested in betting on it. :D

Well that's another thing. My landlord said that he's never had a Fannie Mae loan, so maybe it was a bank dealing with Fannie Mae trying to solicit for a refinance? Who knows.

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dimbee Newbie

dimbee

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Well that's another thing. My landlord said that he's never had a Fannie Mae loan, so maybe it was a bank dealing with Fannie Mae trying to solicit for a refinance? Who knows.

LOL. 85% of the people that have a Fannie Mae loan think they don't have a Fannie Mae loan. So many people think that if their loan is a Fannie Mae loan, then they're making their monthly payments to Fannie Mae.

I can't tell you how many times I've heard, "I don't have a Fannie Mae loan- Bank of America holds my loan!" :rolleyes:

Not saying that's the case with your homeowner, at all, and if another bank was looking to refi the current mortgage, Fannie Mae the entity would not be involved in it. The new bank would only be trying to make sure the potential new loan could fit into Fannie's guidelines.

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Doyle Collaborator

Doyle

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LOL. 85% of the people that have a Fannie Mae loan think they don't have a Fannie Mae loan. So many people think that if their loan is a Fannie Mae loan, then they're making their monthly payments to Fannie Mae.

I can't tell you how many times I've heard, "I don't have a Fannie Mae loan- Bank of America holds my loan!" :rolleyes:

Not saying that's the case with your homeowner, at all, and if another bank was looking to refi the current mortgage, Fannie Mae the entity would not be involved in it. The new bank would only be trying to make sure the potential new loan could fit into Fannie's guidelines.

Are you OK? Your sure getting worked up over this.

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Doyle Collaborator

Doyle

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:cuss:

LOL, I'm not getting worked up whatsoever. I work in the mortgage industry and like to share my knowledge of it when I can. Nothing more, nothing less. :D

I was hoping you worked in the industry. I'm like why does this guy like talking about mortgages?

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