Merrill Lynch Mortgage Resource

Merrill Lynch Mortgage Posts

Top Questions and Answers

Merrill-Lynch mortgage? My M-L 'advisor' suggested that I re-finance my home for 120% of its value, invest part of the cash, pay off some bills and pay the monthly note with the income. He told me I could do this several times as the house appreciated. The mortgage was a balloon and it's due or will jump to 9.75% from 4.75%. The house hasn't appreciated as fast as it should have. The guy left M-L and works in another state. My account is handled by a call center and no one will give me a straight answer. Anyone else have a problem like this ? Where do I turn for legitimate advice? My M-L 'advisor' suggested that I re-finance my home for 120% of its value, invest part of the cash, pay off some bills and pay the monthly note with the income. He told me I could do this several times as the house appreciated. The mortgage was a balloon and it's due or will jump to 9.75% from 4.75%. The house hasn't appreciated as fast as it should have. The guy left M-L and works in another state. My account is handled by a call center and no one will give me a straight answer. Anyone else have a problem like this ? Where do I turn for legitimate advice?

VaTreasures replied: "Sell your investments and refinance into a conventional loan. Depending on your credit score and loan amount FHA may be a good route. You might also see what your mortgage lender can do in terms of modifying your loan. They may be willing to give you a reasonable fixed rate if you can provide cash to cover the excess value of the loan. At the same time I would check with a mortgage broker to see what they could do for me."

Quicken Loans replied: "Brenda - for some people or homes, financing 120% may have been a good idea. The unfortunate truth a lot of people are realizing is that housing market (affecting your appreciation) hasn't been doing as well as we all had hoped for. Also, most of those types of risky mortgages no longer exist, leaving you minimal options to re-fi the current balance, if it indeed is over what the home will appraise for. How have your investments done? Do you have the money to pay down your mortgage enough to get you under 100%? That's what you'll need to do to get a conventional loan and keep your payment affordable. Without knowing more, it's hard to advise new options. Feel free to get in touch with me directly."

What to do about Merrill Lynch investments? I have a Roth IRA account with Merrill Lynch, my finance guy says only the mortgage part of Merrill was affected by the recent buy out, and not the investments end. He feels I should ride out the current situation (of Course) Is anyone else thinking of moving their accounts elsewhere?

ysumlin replied: "You can do one of two things, you can panic and sell like the rest of us or you can wait for an investment angel to save you."

betmoneyonit replied: "That is not true. Merrill Lynch was bought out, lock, stock and barrel by Bank of America. Merrill will continue to operate as Merrill under their name but they will be owned entirely by Bank of America. Why would you even consider moving it? You just became part of the strongest bank on earth? oh, and if you think I am bias, I am. I own both stocks."

lboog replied: "Merrill Lynch was bought out so it is safe for now. Most people are just taking a wait and see approach for now."

Ted replied: "Your finance guy is wrong. The whole Merrill Lynch got bought. None of this has any effect on you. You still have an account with Merrill Lynch. Your assets are still in your accounts. Merrill Lynch will just be a subsidiary of Bank of America."

Merrill Lynch and the current economy? How much do you think Merrill Lynch has contributed to the downfall of the economy? I know that no one entity can be blamed but looking at the number of subprime mortgages they gave out would they be one of the bigger factors?

Alec Swan replied: "It is said that they were proportionately a good sized player. The following stmt is merely Wall St. rumor. A number of stakeholders want mgmt changes STAT."

Towering losses at Merrill Lynch stir credit crisis fears...they bet wrong and we pay? Merrill took a $14.1 billion write-down in the fourth quarter on bad subprime mortgage bets plus other charges that have forced the sale of pieces of the company to foreign investors to raise capital. The brokerage reported a fourth-quarter net loss of $9.8 billion, the largest in the company's history, a figure Chief Executive John Thain called "clearly unacceptable." Analysts expected Merrill's write-down to land anywhere between $10 billion and $15 billion. For the year, Merrill's subprime mortgage-related losses totaled nearly $23 billion. So the bottom line is an investment power house bet wrong is losing significant profit and we the avergae jane and joe tax payer are going to have to bail them out? If I am reading htis wrong please correct me. I am sick of this. When I bet wrong I have to go out and work my butt off to make back the money...NO ONE IS HELPING ME! Why should our government be so concerned to help a faceless corporation that is only about one thing...greed.

Kit Fang replied: "all businesses are about greed, and the more greedy they are, the richer they are, and so the more taxes they pay, which benefits YOU. it is in everyone's interest that these businesses are helped by the government, as they employ huge amounts of people, and are key to the economy. Unfortunately you are not this important to the government, no matter how much you think of yourself."

harry k replied: "Don't worry, the average Jane and Joe American tax payer isn't bailing out Merrill Lynch. It's the average Jane and Joe Singaporean/Kuwaitii/Chinese taxpayer that is."

anaise replied: "I can bet this subject is Mike Moore's next project. Can't wait!"

1oneundergod1 replied: "our compulsory super and bank fees ,has supported a failing banking system for too long its time to buy back the fed , get the control over credit and issuance of money back into the hands of govt ,not bail out greedy multinational banker s, and the ever more greedy stock marketeers ,so they can get yet more bonus moneys ever more tax breaks govt lending [scince the bankers stole the fed] ever more money to support the private bankers is insane ,the tax payers shouldnt have to pay debt rightly belonging to private investors"

NurseJenipants replied: "buttermilk biscuits"

Could Merrill Lynch ask for their money back from the Hillary Clinton campaign? ?.v=1 Reuters Merrill posts worst quarter in its history Thursday January 17, 12:53 pm ET By Tim McLaughlin NEW YORK (Reuters) - Merrill Lynch & Co Inc (NYSE:MER - News) reported about $16 billion in mortgage-related writedowns and adjustments on Thursday in the worst quarter of the company's history. Every little bit helps!! HILLARY CLINTON (D) Top Contributors DLA Piper $356,100 Goldman Sachs $350,050 Morgan Stanley $323,550 Citigroup Inc $307,350 EMILY's List $211,642 National Amusements Inc $193,850 JP Morgan Chase & Co $173,350 Kirkland & Ellis $172,000 Skadden, Arps et al $151,460 Greenberg Traurig LLP $150,900 Cablevision Systems $135,113 Merrill Lynch $125,550 Time Warner $124,150 Lehman Brothers $123,450 Bear Stearns $120,580 Patton Boggs $118,400 Ernst & Young $110,650 Blank Rome LLP $105,100 Latham & Watkins $100,950 News Corp $99,350

PIE R SQUARED replied: "No but they could get Bill and Monica."

JohnnyFriendly replied: "If they did, they'd have to ask for a refund from the other campaigns, too. Most if not all of the companies on that list have contributed to multiple candidates in both parties. They're just hedging their bets."

driveranderson replied: "That would not make their Chineese investors very happy."

Is it good that Uncle Sam now has to Guarantee Another $300 BILLION at Bank of America? That's right. Bank of America has gone back to the trough and worked out a deal with Uncle Sam to guarantee Merrill Lynch's mortgage assets, which they recently bought to save the US system from crashing.

rthimble replied: "Check the list of bundlers and contribute rs to Obama's hollywood party inauguration, the very bankers who received bailouts are giving very large donations for the big party ! Now they want more !"

eir replied: "are you sure he's really our uncle? no es bueno."

5.8 billion of an estimated 14.2 billion in Merrill Lynch? mortgage write downs were for mortgage funds comprised of people with an "A" credit rating or better. When asked if the funds were not priced to sell, Merrill Lynch all but admitted they had no idea . . . Does this (if at all) provide any indication of what is likely to happen in the U.S. economy? What does it say about the credit crisis? Is it expanding? Will other forms of consumer credit be next? "were now priced to sell"

wireczar replied: "I will give you a short answer: The Experts have no idea and us little people are screwed. The future??? Your best guess"

I purchased a foreclosure from auction and I need to get a loan without an appraisal.? This is my dilemna.....I purchase a home at a foreclosure auction. The home is still occupied by the previous owner. My mortgage company (Merrill Lynch) will only give me a loan on the property if they can get a full appraisal of the property. Of course, the previous owner wont let me inside the property to appraise it because they just lost their house through foreclosure. It will be my responsibility to evict the person once I pay for the house but I can't even start the eviction process until I actually own the house. I need to know is there a loan company out there that will give me a loan for $215k without having a full appraisal. My credit scores are in the high 700s so credit isnt a problem. I can only afford to put 10% down on the property maybe a little more.

Barry replied: "You should call a Loan officer I feel is the best I have personaly worked with. I own a company involving real estate. Ask for Audrey (she is the owner) at Elite Mort. @ 209-527-0747. If there is a way to work things out she is the goto person. Tell her Barry reffered you. Good Luck!"

ThePeskyWabbit replied: "Have you asked the current "tenants" if you can come in to do an appraisal? Why are they being allowed to stay in the property if the loan is foreclosed? If the house has already been sold and the previous owners' loan foreclosed, the mortgage company with whom the previous owners had their mortgage would be the ones to give permission for the appraisal. The mortgage company could request an emergency eviction for suspected destruction of their property. The people would either allow for an appraisal, or the police would put them out on the street the day the emergency eviction order was signed and/or they could be arrested for destruction of private property."

ktwister replied: "Trying contacting the Mortgage Company who foreclosed on the property. See if they did an appraisal on the within the last year and if you could get a copy of the appraisal. It's a long shot but worth trying. Especially if it was a total debt bid, then the cost of the appraisal was worked into the bid amount If your unable to find an solution, maybe you can bargain with the tenants. And offer them to stay another month to find a place to stay and that you won't do a eviction which could affect their chases of renting an apartment. If they leave on their own. I've worked in foreclosure law and this can be a pretty effective way of working with the tenants"

Deborah W replied: "It doesn't sound like you actually own the property. Sounds like you made a bid to purchase and need to finance the actual purchase. Try going to your bank and see if you can get a loan without an appraisal. If not you should try a Mortgage Brokerage company. They have excellent Conventional programs out there that require little (drive by) or no appraisal."

sadigazzali replied: "ok, this might sound dumb.. but i don't know exactly where you're located, so if your money that you have permits, i would actually find a place for them to stay for at or about 6 months or so. the reason being is so that at least you can offer the tenants something instead of just putting them on the street. cause honestly, if you did get the house through foreclosure, then you probably got a really good deal right? so then why not agree to house them for alittle while out of charity, that way at least you will have a good relationship with them and they might possibly leave, and not to worry about bad karma. then you can go in and do an appriasal if needed and a first appraisal hasn't expired. good luck either way."

Kaz replied: "You are not going to be able to get a loan without an appraisal. that is just not going to be possible. The bank needs to make sure that they real estate that they are GIVING YOU THE MONEY FOR is worth the amount that they are investing in it. I would also say that it is going to be just as important for you to see that appraisal as well since you also are investing in this home. If the house went to auction, chances are you could call your local Sherrif's department who held the auction, and have them assist you in getting into the property to have the appraisal done. Either way, you are ABSOLUTELY going to want a police officer there to make sure nothing goes sour. Remember, the bank has taken this family's livihood away from them. Yes, for good reason. But they are not going to be easy to deal with at all. Secondly, you are going to want to get this done as soon as possible. If they are being this tough now, chances are they are going to completely tear apart the inside of the property, and there is nothing you can do about it. I would be honest in saying, i have not heard alot of great things about Merryl Lynch's turn times on their mortgages. I have heard that they are quite slow. If you need to get it done fast, I may be able to help you with that. If you would like to consult with me on this, feel free to contact me at .com and we can talk a little about this. Good luck, and be very careflu in this transaction."

bryz replied: "option 1.) use a private money lender that will accept a drive by appraisal, or that does their own in house valuations (perhaps even a BPO - broker's price opinion) option 2.) if the deal is worth it, pay the tenant some $$$ to let the appraiser in"

Merrill Lynch & Co Chief Executive John Thain looking for bonus? A 10 million dollar bonus for what!? Ok, he was able to keep the company afloat (for the time being). Why would this be grounds for giving him a 10 million dollar bonus? If someone offered me 10 million dollars you bet your bottom dollar I would take it...the difference between myself and John Thain is simple...he must have more than one home where as I don't have one. (I rent a house). John most likely has a good savings account in which I do not. What would I do with 10 million dollars? I would buy a house that fits me, my husband, 2 kids (would like one more), our dog and cat. I wouldn't spend more than 350 on a house... I would pay off my vehicle, pay off the small amount of debt I have because I don't have a lot-because I don't need to buy all the things that people feel define them...coach bags, prada...etc. I would open a savings account for both of our children. At least 1 million each. Since both our parents own their homes out right I wouldn't have to pay off their mortgages, my mom owns her car out right, but its not so good so I would buy a new car for her out right. I would give the 3 of my sisters 10,000. each. Give my husbands brother and sister 10,000 each. I would give our parents 15,000 each (possibly more) I would put a really good chunk of it away for savings.like 7 million. I would donate to veterans/ soldiers and their families in need. I would do something for families who try hard like my family and can't get ahead no matter how hard they work and try. Everyone deserves to not worry about their home not being there. This John Thain I"m sure has NO worry that he might not make a mortgage payment. Although he might since most people like him have more than one home and have debt coming out of their arses...but whos fault is that for living WAY beyond their means?He has no worry that he won't have enough money to pay all the utilities, heat his home AND get food (HEALTHY FOOD)on the table for his kids. Would I like to take a vacation somewhere with my kids? You bet! But I wouldn't need a yacht to take me their or a private jet. I wouldn't even need to fly first class. I might even just drive if its not too far! Do I need to stay in a 10,000 dollar a night hotel? No...for what reason? To do the same exact $h!t I would do in a $100 a night hotel? SLEEP! Should John Thain be punished for being successful? ABsolutely not. Should he enjoy his good fortune? ABsolutely. Why not try and make as much money as I possibly can? And of course...I would want to make more than $30,000 a year. But Do I need to make a million dollars a year? What for? What would be the point of it? So I can buy a house with rooms that I might not see in a year? So I can have 10 cars that I might not drive at all? ( I can see if someone is an avid collector I suppose--a hobby perhaps) But is it TRULEY necessary to have a bowling alley in your house? (NOT saying John Thain does--but celebrities fall under this category of GREED too) Our country (World) is being destroyed because of peoples Greed. There is nothing wrong with enjoying your life to its fullest, traveling, having a hobby and so forth...but who is with me when I say MANY people have been stretching that to a point of absurdity? I'm FAR from jealous so I hope not a one person makes that statement....because I am in LOVE with the life I have...I have an incredibloe husband and 2 beautiful kids, we make enough to get by for now...would I like to have enough so that I wouldn't be "scraping" by...yes.; but all in all, I am pretty damn content with the life I live. I don't hurt anyone or trample on anyone to get what I need either. Or ask for a ridiculous amount of money for bonuses...

trer replied: "It's just another example of how the rich and elite do not live in the same world as the rest of us. Maybe he deserves that $10 million if we were in a good economy, but he should have taken a long look at the situation the world is in and realize so many people are losing their jobs/homes/etc before making a request for a $10 million bonus. I'm quite sure he'll survive if he doesn't get it. Survive comfortably, I might add. After all, he did get a $15 million signing bonus when he was hired, did he already spend all of that already?"

Washington Mutual? Lehman Brothers? Merrill Lynch? ? So I just sold about ~$2200 of GM stock and plan to reinvest that money back in the market tomorrow. There has been a lot of news around the big finance companies and mortgage companies like Lehman Brothers and Washington Mutual, respectively. I know all of these companies are pretty volatile right now, but I think that they could be a gold mind if you pick the right one. They are all relatively cheap to buy right now, but the question is will they collapse or will they survive? If someone buys any of them out, will the buying company do the same thing that JP Morgan did to Bear Stern stock holders (pay them a pathetic $2 per share)? I want some opinions on investing in these companies and why you think it is a good or bad idea. The most interesting and informative input will get the Best Answer. Thanks

Common Sense replied: "No one knows. There are only two prudent investment alternatives; A. Don't invest B. Do an option "Straddle" (this way if there's a pop in either direction...... you make money). Otherwise... your not investing... you're gambling."

naus15 replied: "Let's break it down: Lehman needs help and fast. Dick Fuld (CEO) has been shopping around to find someone to buy parts of the company instead of the whole thing to keep Lehman still independent; however, with the stock falling over 60% in the last few days, that seems to be less and less likely as investors want them to do something to show everyone that they will be fine. I had heard that Goldman was looking into buying Lehman, but CNBC reported that was not true. Lehman has written down a ton of their assets with even more in debts. Now we saw with Fannie and Freddie that the government could possibly take over Lehman (does anyone else besides me think taking over Fannie and Freddie was a bad move???), which they announced today they didn't want to do because of the cost which in turn is why the Federal Reserve is in talks with private equity firms to help buy Lehman. That is the bad news. Now lets assume the following plays out. Dick Fuld realizes Lehman cannot survive by itself and he must sell the company to somebody. Let's also assume that JPM, GS, or some other bank decides to buy Lehman. Yes their stock price would most likely double and then you can sell off you have a new vacation to Cancun. Now obviously the opposite could just as well happen. Government decideds Lehman is "too important to fail" and they take over Lehman. Now you are left -100% rate of return. Now of course there is always option 3. Someone gives Lehman a lifeline or they find ways to make back their capital. Now Lehman gimps on for a few years before bouncing back and possibly having their stock trading at $20/share. My advice to you, is that if you are willing to assume a high amount of risk and you don't care if that $2200 disappears for a chance at a big gain, I would say go for it, and I would say Lehman would give you the biggest potential return. I am no expert, but that's what I think. Hope it helps! I also pasted an article about Lehman that was on yahoo finance today you may find informative."

Arsman replied: "I don't know much about MER but LEH will get a buyout really soon. The sooner the better. BAC is gonna do the buyout but its more like a bailout. I wouldn't invest in LEH 'til it gets to $2. The buyout is gonna be announce on a Friday. WM is likely to hover around $3 to $5 now until LEH finishes. After that we'll have to go through another drop and rebound until JPM buys WM. I think WM might be a good buy but it is very risky. You can down 50% one day and the next day your up 10% so you also have to prepare yourself emotionally too."

bizzbagg replied: "I would not buy stock for any of the above. I would invest in there bonds though. In a case of going belly up bond holders get paid off first. Share holders could end up with nothing at all. I been buying up the following companies stock though: 1) Coachmen Industries (COA) 2) Monanco Coach (MNC) 3)Miller Industries (MLR) All these companies are selling for way less then they are worth. They have very little debt too."

chuckerrr replied: "if i were you, i would invest in healthcare e.g wellpoint, unitedhealth etc. finiancial market is at a crunch and at this point of time, it is nothing but gamble to invest in there. thannks"

Net Advisor replied: "Actually BSC was bought for JPM stock which was for about $10.00 a shre of JPM stock. The $2.00 deal lasted about a minuet, and was raised by pressure by socialists who whined about not getting enough money on a worthless stock. I can assure you thins won't be happening again. Wall Street hates socialism. It is counter to what the free markets are designed to do. I think you are taking on huge SPECULATIVE risk if you think that esp LEH is worth anything. Keep in mind that when BAC bought CFC, it was also a "take under" bid at a price below the current price. The $5.00 / sh of BAC stock for CFC was a chap deal but BAC took on over $200 billion in mortgage debt risk. LEH has huge debt much of it is unknown and they won't say, which in Wall Street terms this means it is "scary debt." All they said the other day is that they have pre-announced $4 Billion in losses, and some $30 Billion in asset write downs. WM is interesting because they are backed by FSLIC insurance as they are the largest S&L in the USA. Your risk here is currently $3.00. if I was going to "gamble" I'd pick WM over LEH. WM still has assets that have value, they have capital, but the market think that their mortgage losses esp in CA, are excessive and ripe for a gov take over. Going into the weekend keep my last LEH Sept $4.00 PUT. ***** Watch to see if we get a surprise FED rate cut or discount window cut on Sunday, 09-14-08."

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