Groups are smaller communities within the larger ActiveRain. Join groups created by others. or start your own and
get others to join
This is the place to view the past and present contests put on by ActiveRain and its members. Everyone can join the
group and help encourage each other. Current contest will be highlighted posts so it's easy for you all to see. Let it
Curious as to what others in your profession think about a certain product or tool?
AR's community takes the time to leave honest and transparent reviews of their experiences
so you can be a bit wiser about your purchase.
Broken down by categories and subcategories for easy finds
Get an unfiltered look at what real users are saying
Leave a review yourself for others to benefit from
Add new products as you use them and gain points for doing so
ActiveRain University (ARU) provides free on-line training. We coach, consult and support real estate professionals about real estate trends, technology and social media.
ARU Calendar provides class types and registration links
Watch short tutorials on updating your photo, inserting a hyperlink and much more
Sign up for the Daily Drop so you don't miss out on AR's daily happenings
Find answers to most FAQ's
Whatever it is you're into and wherever you are, AR surely has a group for you to join.
Brand, off the wall, specific subject matters…whatever it is you're looking for.
Each time you write a post you can syndicate your post to 5 groups.
And if by chance you don't find what you're looking for, start a new group today!
Get your content in front of more eyes
Search by location or type
Feel free to start your own group
Find some that are close to home and close to heart
Each month AR runs numerous contests as a way for our members to engage in activities
that will boost their business and increase their visibility in the community and beyond.
Earn points by partaking in these contest and climb the leaderboard
Do what's good for you and your business by participating
If you have an idea for a contest, just let us know
Stay motivated and on track with new contests popping up each month
Ask a Real Estate Question
Here's another avenue for you to build relationships with others. Share your expertise with someone searching for answers.
Play the teacher role and help someone out today
Your Homepage will alert you of new questions in your state
A wonderful way to open a door to a possible new client
Ask a question yourself to get help
These state pages or hyper-local pages provide content directly related to a specific geographical location.
State, County, City and Neighborhood pages make it easy for consumers to find what they're looking for.
Post your listings, school information, local events, market reports and more
Consumers peruse these pages for information
Farm your niche market and cover all the happenings in your neighborhood
Strategic Default - Walking Away From Your Mortgage
Record numbers of homeowners are walking away from their mortgage. They are doing what's called "Strategic Default" or better known as "walking away from their mortgage". Being a licensed real estate broker, it's not my place to be offering advice to people telling them to walk away from their mortgages. I'd leave that up to the CPAs and real estate attorneys. However, I can totally see why someone might want to consider this option.
I spoke to a buddy of mine the other day who bought a home in 2006 for $250,000. The house is worth probably $160k-$$165k in this market today. This puts him pretty far underwater. Now his situation is that he can certainly still make his payments just fine, however, he doesn't want to anymore. Last year he got transferred to a different office further south which increased his commute time by an extra 45 minutes each way for a total commute time of over 3 hours per day. Under normal circumstances he would consider just selling and buying something closer to his new job location. Unfortunately, since he is able to make his payments and has no documentable hardship, the bank will not consider a short sale unless he comes to the closing table with the $80,000 deficiency. Well who has a spare $80 grand laying around? Not I.
So what's he thinking of doing? He's considering strategic default. Now in many situations this is a horrible idea because you could have a judicial forclosure and be in deep do-do for way more money than just the deficiency. But in Washington State, with deeds of trust, you're facing a non-judicial forclosure at a trustee sale. If you only have ONE mortgage with no 2nd, then this means that they can't come after him for the deficiency if he simply lets them foreclose!
This is the case for my buddy. He figures he simply will stop making payments, drag the bank along as long as he can while he saves the money he would have spent on it and use it for paying off other debts. In the state of Washington the bank (if they even get the time to get around to it) is required to post the sale notice 90 days before the date of the trustee sale. So at MINIMUM, he gets to save 3 months of payments, walk away from the debt and the deficiency, and become a renter with the worst being that his credit will take a nasty hit for the next 7 years and he will have to rent.
In another scenario, I have a short sale listing in which the names on title are my client and her brother. She had since then gotten married but the husband was never put on title. This one is a bonefied hardship short sale but unfortunately its a middle unit, second floor condo which makes it an insanely difficult one to place with a buyer. What's more is she's more than $100k underwater. We could drop the price but then the bank might not approve and their is always still the chance they could request the seller sign a deficiency note which I know she would never do for that huge amount. If she sells as a short sale, her credit will still be effected, altough not quite as bad. With her unique situation, she could strategic default then still buy a home with a non-government loan and have her husband take title as "married as a separate estate". They could walk away from their mortgage and still be homeowners with a NEW home! Gosh it's almost a no-brainer.
So if the bank made a business decision to give these people loans, do you blame them for considering a strategic default and walking away from their homes as a sound business decision for themselves?
IMPORTANT...Anyone considering walking away from their mortgage payments and doing a strategic default should always consult a real estate attorney and CPA for legal and tax advice, ESPECIALLY if you have more than one loan or live in a state which does judicial forclosures as opposed to trustee sales..
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.