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Buyback

newstart
08-02-2006, 10:24 AM
My credit score was not high enough to receive 100% financing but my mortgage guy said did I know anyone who could do a 10% buy back and without thinking I just said no, I don't even know what a 10% buy back is. Do any of you guys know?
Tedderbear
08-02-2006, 10:25 AM
r u still working with NLMC?
newstart
08-02-2006, 10:34 AM
no
brownlayde
08-02-2006, 01:33 PM
why not
newstart
08-02-2006, 02:43 PM
why not

Check your PM
cruserone
08-02-2006, 04:56 PM
I'm also curious as to why not? I'm starting to feel like Nlmc is a total scam.
been there
08-02-2006, 05:43 PM
Very strange...We never had a problem at all with them! Very curious. Cruserone....PM me!
MTG_BANKER_OH
08-02-2006, 06:11 PM
My credit score was not high enough to receive 100% financing but my mortgage guy said did I know anyone who could do a 10% buy back and without thinking I just said no, I don't even know what a 10% buy back is. Do any of you guys know?


He is probably talking about a 10% carryback which is a seller held second mortgage. They would set the rate and terms there is usually a balloon payment after the end of the 5 years, but it is up to the seller. This is going to strictly limit your options for homes that you can purchase, most people are not willing to do this. They can not get you 100% financing?
momtothree
08-02-2006, 06:30 PM
PM me also ...I want to know :)
newstart
08-03-2006, 04:43 AM
He is probably talking about a 10% carryback which is a seller held second mortgage. They would set the rate and terms there is usually a balloon payment after the end of the 5 years, but it is up to the seller. This is going to strictly limit your options for homes that you can purchase, most people are not willing to do this. They can not get you 100% financing?

My credit score is not high enough, so I am certainly going to have to wait.
Tedderbear
08-03-2006, 05:27 AM
PM me because I want to know what's going on, or either post it here because there are a lot of us who need to know what the deal is with these people so we won't get involved. Thanks in advance!
JeepMom
08-03-2006, 06:52 AM
Count me in the I'd like to know as well.
JeepMom
08-03-2006, 07:36 AM
Also,
I hope everyone keeps a good eye on the thier credit. All these people giving out info in hopes to get a mortgage. They will move on to another company, establish good credit and it stands a good chance that they will be filing identity theft reports.
momtothree
08-03-2006, 08:04 AM
What?

The mortgage company stealing our bad credit ? Or am I misunderstanding ?
cruserone
08-03-2006, 09:11 AM
jeepmom, thats exactly whats been going through my mind the last couple of days. No one seems to know anything about this company- all anyone knows is that one guy always answers the phone, we dont know what state they operate out of or whether they are legit or not and yet people here including myself have given out information to them which could end up causing us problems post bk. Fortunately for me I have identitiy theft/fraud insurance which would protect me but its still a scary thought.
been there
08-03-2006, 09:49 AM
wow....some paranoid people!! someone stealing someones horrible credit??? LOL! They can have mine!!
cruserone
08-03-2006, 10:53 AM
you're probably right not much they can do with it now but its hard to say what can happen with that info years down the road. By the way beenthere, when I said that I was starting to feel as if nlmc was a scam thats simply all it was-a feeling. You yourself have said more than once that they were the only ones that would even talk to you while searching for a mortgage. Well for me it was the same way they are the only ones who said they could help and then thats all I heard for about a month. As of today it looks like things are finally moving forward with them. Maybe in a month or two I can come on here and say what great things they done for me just like they done for you.