It seems the message the Government is sending is that you dont have to pay your mortgage!
Pfft! I mean I have had several clients who would rather see their house go to foreclosure that sell it and walk away with a few dollars! What is that about??
What happened to good old fashioned pride?
Who is to blame?
What action can we personally take to change this mindset?
Its a sad day, when pride of ownership means making your house payment. I don't understand.
Just spoke with a buyer who said their attorney and CPA advised them to walk on a property which is upside down !
Jennifer, that is the way much of our Society is going. Money means more to many than pride.
I think walking away from a mortgage is now like a business decision. Does it make financial sense
It's unfortunate that the lenders are also encouraging the home owners to become late on their mortgage in order for them to get help.
Jennifer, I am hearing people talk about considering walking instead of paying. Guess people don't really have pride in themselves anymore.
That is because bad behavior is being rewarded! A new shiny interest rate may be available to those IN default! Some banks tell home owners that they are only eligible for a short sale if they are IN default.
Why can't lenders offer a better interest rate to those current on their mortgage and have not been late? A lot of people are struggling to make their mortgage payment, but are doing it anyway. Reward that!
I am going to keep this post short and sweet. I have found it is best if I limit my rants about this particular subject to less than a minute. Lessons I have learned. =)
Kim
Jennifer,
I know a REALTOR(R), who was transferred to another country. Works as a project manager for GE, couldn't sell her house for what she wanted...and just let it go.
She make's a ton of money and could pay the mortgage.
She just makes me mad, that is why this country is in the mess it is.
Jennifer,
It is a sad day when the business decision is based on "everyone else is doing it, I might as well!"
Jennifer,
"Good old fashion pride has gone our of style." When I became a Realtor back in the early 90's the values went down in this area,and it was common to see people write signifigant checks at the settlement table. There were no govenment handouts then. The only people that had help in those days were Veterans.
I'll be curious to see what others think.
Sad to say but some homeowners are working the system to their own advantage. After they pull out all the equity, they just walk!
There is so much that is wrong in this process...... I know of homeowners who are sincerely have a very tough time making their ends meet, for legitimate reasons (job losss, etc).
They contact their lenders in an attempt to get assistance with re-working their terms to avoid defaulting.....and they are told that nothing can be done to help them UNTIL they are two payments late. Are you kidding me? That's what they are trying to avoid!!!
Of course there are those that are just looking for an easy way out.....and there are plenty of them who are undoubtedly, finding a way to ignore their responsibilities.
It's pitiful all around.
Edith Schreiber - Dallas. Texas
Jennifer, what is sad are all the people who do have pride and are making every effort to stay in their homes and will not be getting any help.
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