Buyback

[newstart]

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]

r u still working with NLMC?

[newstart]

no

[brownlayde]

why not

[newstart]

why not

Check your PM

[cruserone]

I'm also curious as to why not? I'm starting to feel like Nlmc is a total scam.

[been there]

re

Very strange...We never had a problem at all with them! Very curious. Cruserone....PM me!

[MTG_BANKER_OH]

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]

PM me also ...I want to know

[newstart]

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]

Newstart

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]

Count me in the I'd like to know as well.

[JeepMom]

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]

What?

The mortgage company stealing our bad credit ? Or am I misunderstanding ?

[cruserone]

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.