Real Estate Blog - Who's on first, What is on second, Why is on third...base that is......

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Who's on first, What is on second, Why is on third...base that is......

Who's on first, What is on second, Why is on third...base that is......

Strange oddities...Strange situations...and last but not least...the thought of it all.

Who is the customer who decides to let their house go into foreclosure because everyone else is doing it. They have decided to "claim a hardship" even though they can make their payments.

What, you say? What is the reason to the who above is the ridiculous situation of the Who. If you can pay your mortgage, why would you want to be another statistic? What are you thinking? Why? (later). What reason do you have to become yet another statistic in this ridiculously managed debacle?

If you can pay your mortgage, WHY, would you not want to keep your home?

The WHY is because people in general start to think alike. If he/she did it, maybe I should do it as well. Why? Again? If my neighbor's house isn't appraising to the value they owe, perhaps mine isn't either...good chance it is not. Why? Again? because the market is in a depressed state.

HOWEVER, remember people, this to will change. When you let your house go back to the lender or go into foreclosure...You aren't going to buy anything for a long time (10 years)..., been corrected 3 - 5. Thanks.

You will have ruined your credit, lost your home, your furnishings, then where will you live?

I would love to hear the mentality and the reasons that people who right now have homes that are slightly less than what they owe in value tell me why they wouldn't continue to pay their mortgage knowing this situation will resolve itself in the long run.

Why do this to yourself? Why not hang in there and wait?

Who's on first? YOU ARE. What's on second? YOUR HOME. Why is on third? BECAUSE IT'S JUST THE RIGHT THING TO DO.

Hang in there, don't ruin your credit...The picture on the other side is NOT THAT PRETTY.

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Posted by Karen Monsour,REALTOR® Broward,Palm Beach,Miami/Dade! 954-464-4194 anytime! on 06/08/2009 08:49 PM

Comments (7)

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Originally posted at: Karen@ www.KarenMonsour.com: Who's on first, What is on second, Why is on third...base that is......

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7 Comments on Who's on first, What is on second, Why is on third...base that is......

JUN

Karen you are wrong on how long it takes to buy a house. You can buy a house in three years with a FHA loan, and 5 years with a conventional loan. Not 10 years!

I think the 3 years to buy a home thing does get people thinking its a good idea because they dont think the prices will be up in three years...

Russ,

After a foreclosure? I'll have to go back and re-read...How long is it on their record. I'm told 10 years? If someone gives their home back to the bank and goes through a full foreclosure, you are telling me they can buy again that soon?

Amazing, I cannot even get mortgages for people in good standing FHA or not in this market...

JUN

Interesting application of an old Abbott and Costello routine. But the message is good one!

Russ is correct. I just talked with my mortgage lender about this, as we have someone who is just months shy of the 3 year mark (foreclosure). He can get her a FHA loan once she hits 3 years for the foreclosure date.

Also, we've had no trouble getting FHA mortgages here in Michigan for people with good credit reports and the required 3 1/2% down payment. I wonder if there is something else going on that is particular to Florida?

It would be interesting to hear what the difference is between the states. Please tell us what you're experiencing in Florida that is causing your buyers to not be able to obtain an FHA mortgage.

Kris,

I corrected above. Part of the problem here is that people never expected to have the banks require 20% down (at least for a condo). Many of the condo associations require that down, some co-op's require 30% down (that is if they even accept financing).

Many people do not have high enough credit scores either...that "remote" ghost appears on occasion, for some, no matter how far back.

JUN

Karen,

Like the parody on this routine and good information for homeowners. That three year rule seems very lenient. :)

Steve

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