Real Estate Attorney · Charlotte, NC · Member since 2008 · 54 posts · 3 votes
The new North Carolina law, which goes into effect January 1st, essentially ends stated-income loan applications for state-regulated loans, applications where borrowers estimate their income and lenders usually don't check. Since stated-income loan applications represent additional risk, lenders get a higher interest rate when such applications are used -- even from borrowers with jobs, W-2 forms, payroll stubs and tax returns who can readily document their income.
y'all bring cash! ya hear!
Coming soon to your state--- We have an incredibly strong bank lobby-- If it happens in the home State of Wachovia and Bank of America it can happen anywhere
Real Estate Investor · Portland, OR · Member since 2008 · 1k+ posts · 23 votes
18y
Yep... It seems that there will be all kinds of changes that may and can take place in the next few years... Either by choice of the lenders or because of new State or Federal laws.
Real Estate Attorney · Charlotte, NC · Member since 2008 · 54 posts · 3 votes
18y
Ken -
I am pokin fun with a lovin heart! Charlotte is the biggest city I have ever lived in.... (I am from Riley, IN pop 2752)... I take a lot of hrat about being from NC when I go to some of the default conferences.... so it is a little toungue in cheek!
- Drop me a line in a pm... lets catch some coffee
Real Estate Attorney · Charlotte, NC · Member since 2008 · 54 posts · 3 votes
18y
I just found out it goes into effect on JAN 1--- so I have people who are freaking out, because now they are in contracts and cannot perform... I think a court of equity will let them out of the contract with EMD, but... it will be an expensive endeavor to defend such a lawsuit....
Real Estate Investor · Verne, IN · Member since 2008 · 107 posts · 0 votes
18y
It's not as good as it was a few years ago, like everywhere else, but also better than others.
My brother and I spend most of our time in TH down through Vincennes.
Not an agent any longer, let it go about ten yrs ago.
I think most that can afford and get funding are holding steady for a while, all the others eighter cant afford or cant get funding. I had to contract a house in Northern Indiana last year. Since sold to an investor after the initial contract purchaser walked away.