Home : Blogs : Jason Sardi, Mortgage Banker : Real Estate Financing, The Insider's Insight On Mortgage

In losing a house, they found a home.

A faded bush did appear, thick in foliage to any seer. It won't quite disappear, that foliage that I no longer fear.

~Gunther Moses~

If you think buying a home can be scary, try renting a house. We hear stories daily on the obstacles present when buying and then closing on a home. The fact is that once you own it, you freaking own it. You own its troubles, its grace, its everything... for the most part, it's your place. But if you are renting it ...

There's a little story I'd like to share. The participants are Lee & Shannon. They rented their house for five years. During that time, their Landlord seemed difficult, if not totally obnoxious. If something went wrong with the house, phone calls went ignored and any communication from said party seemed obsolete. However, when the rent was due, that Landlord was always available. And 'he would get back to them in a few days' concerning any problems with the house. Of course that 'few days' turned into the next month when rent was due. Yet again, the rent would be paid and the landlord skated around handling any problem with the living conditions.

Patterns persist.

Leaky facets, clogged drains, faulty electrical outlets, and a lack of hot water were only minor areas of inconvenience. Luckily, Lee knew how to deal with most of that type of stuff. But when the basement was flooded by a particularly feeble bout of rain and phone call after email after phone call to the Landlord went unanswered, the floodgates of change called their name. When they got a letter from the Mortgage Company to start making their payments directly to them, that calling started to scream.

Home-ownership had been a dirty word to Lee & Shannon for quite sometime. They had been content with renting. Truth be told, they had owned one over 5 years back and were put into an adjustable rate mortgage at the time. While a nice option for some people, it didn't turn out that way for them. It happened to be a treatment for buying over their heads. Lee & Shannon got out and thankfully suffered no severe credit ramifications from the experience. But they did suffer a very bad taste of what owning a home is all about.

With their rental situation in limbo, they opened all doors to make sure a roof was above their head.

From this front, they found a Mortgage Guy and I forget his name... though I remember the last name rhymed with 'Party'. ;) They compared the cost to rent vs. the cost to own in the price range of their particular area and financial ability to afford such. Not surprisingly, the numbers weren't so different. In fact, with lower home prices and interest rates to write your Aunt Susie about, it turned out that buying a home would be a cheaper expedition... at least in regards to monthly payment. Sure, leaky facets, clogged drains, faulty electrical outlets, and a lack of hot water could become an issue down the road, yet a Home Inspection intertwined with Lee's ability to deal with such things left a better taste of what owning a home could become.

They closed on their home on November 30th, 2009.

Oh the glory, the romance of that day. A fear arrived and was dead upon display. It didn't take a smile, nor new-born tear, yet for the rest of the story... you may want to click here.

~Gunther Moses~

Posted by Jason Sardi, Mortgage Banker on 10/03/2009 07:01 PM

Comments (83)

Buying a Home in the ActiveRain Channel

pennsylvania fha loans, pennsylvania usda loans, owning a home in pennsylvania, adjustable rate loans

Originally posted at: Real Estate Financing...: In losing a house, they found a home.

This post has been included in Pennsylvania Information Lehigh County, PA Information
Post is included in group: Realtors®
Post is included in group: New Jersey & Pennsylvania -- Realtors/Loan Officers/Title Clerks/Real Estate Lawyers
Post is included in group: Mortgages
Post is included in group: Dead Rainers Society
Post is included in group: Buyer Information - What Buyers Need to Know in Today's Market

83 Comments on In losing a house, they found a home.

OCT

Jason,

There is more to a Home than the House!

My late brother Jack knew it!

"Grandmas' House

There was a time in our lives

As you well know,

When there was a special place

Called Grandma's House.

On a quite street

Lined with proud old trees,

Was an aged two-story house

That meant so much to me,

Called Grandma's House

It was filled with love

That grandparents and grandchildern share.

And it was felt by all

Who entered there,

You knew it was a grandma's house.

Grandpa in his favorite chair

Watching "Gunsmoke" on TV,

And Grandma in the kitchen

Wanting to play cards with me,

This was Grandmas House.

Aunts, uncles, and cousins

All gathered for a holiday,

Made Thanksgiving and Christmas

Unique in a way,

Know only to Grandmas House.

First Grandpa then Grandma

Sadly I say -have died,

And no one knows how much

We individually cried,

To loose what was special about Grandma's House

The memories are with me

As I age and I roam,

About the qualities essential

To make a house a home.

Shared by all at Grandma's House.

I'm thankful I knew my Grandma's House."

9-12-1982

©Estate of Jack Archambault 2007

Bill

PS: "They closed on their home on November 30th, 2009." That was/is some trick! Today is October 03, 2009.

Bill - I know what today is. And I also know that Jack's poem is pretty damn great!

I love this!! And I'd like you to hook me up with that Gunther dude. Think you can arrange it??

What a cool song -- and a great story. Glad you could help them!

OCT

Jason

I'm so glad this couple came lo you and everything worked out for them. Do mortgages in Oklahoma?

Great poem, post, etc. I want ownership in a silver home on wheels with no anchors.

Great story and a real nice song/poem. Many more should be thinking like this for the future.

MJ - Off the cuff, I think I can. After all, he's just a man. And you may be the most beautiful person in his life.

Maureen - I haven't helped 'them' just yet...

Judi - I'm not licensed in Oklahoma. But thank you.

Susie - I have connections and can probably hook you up with that. No anchors? Shoot, you are in for the ride of your life:)

Gabe - I'm not quite sure what is more important, thinking of the future or living in the present. The latter sounds more logical, though nostalgia sounds pretty as well:)

Hi Jason,

I like to read happy endings with my morning coffee! And it is interesting that the rental market here in Carlisle MA is not very good right now - I think in large part because the prices and rates have come down to a point where it makes sense to buy. Take care, Mary

Not only are they getting a bigger bang for their hard earned dollars and are now building weatlh by building equity, as the sweet and endearing poem points out, there are so many non-financial benefits of home ownership!

Jason it sounds like ownership was the perfect solution to a bad landlord, let this be a lesson to buyers and landlords alike, They don't have to take it anymore...when your mad as hell: buy.

Jason: Great post, It just goes t show you the many ways you can explain to people. .homeownership is much better than renting.

Jason, what a great post. It stinks when people get stuck with slumlords and feel they have no option. Congratulations to you for helping them move into THEIR HOME. (Now when was that closing date again? Guessing you were writing a post about the tax credit at the same time! ;-) )

So am I too assume they were making the rental payments to the owner and he wasn't paying?

Geesh, I have heard of this too many times.

So glad it worked out for them, amazing really.

Ah! Marney gets the prize :)

Every once in awhile, you are reminded WHY we endure the utter grief of being a mortgage person these days.

You would think by now that the word HOME would be a four letter dirty word to Americans.

But no.

When your basement floods and you have to fix it? Well, its like when your kid vomits and you have to clean it up.

Its only okay because its your kid.

We like to hear completions to stories that may have started out bizarre... we have many rental horror tales, and are grateful to be in position to make a difference

Diane

Jason, If feels good to help folks out...doesn't it? Makes all the other BS we put up with seem less significant. Well done.

Jason:

Let's hear it for home ownership!

Lovely story and poetry. It is so great that you were able to help them escape from their rental nightmare. 'Way to go.

Morning Jason, Very clever post! I'm sure a Lee & Shannon or Ted & Stella will be knocking on your door in no time. I took the mortgage plunge at 19 and never looked backed.

"PARTY ON" Mr. Sardi! This is one of your best in awhile and I enjoyed the way you managed to hold back on what certainly must have been a feeling of anger and frustration at the despicable behavior of the landlord. Once in awhile it's nice to hear about a true...Happy Ending!

BTW some of the "original"video by the Talking Heads of the song in your link was shot here in Austin! And, it's a song that describes our home in a wonderful and somewhat whimsical manner!

People are often paralized by fear. Great story.

So if I read between the lines, I am to congratulate you that they will be closing on November 30th, are in escrow with you as their lender, and I'm sure you'll be helping them get that $8,000 tax credit they so justly deserve. Maybe they can put it in a savings account and save it for the rainy days to come when home maintenance calls...

Great story for a Sunday morning uplift. The more I help others to achieve their dreams, the closer I get to my own!

Paraphrased from someone unknown

Excellent example of the benefits of home ownership. Actually.....one for the books! Loved the part of making the monthly rent payment to the mortgage company.....lol.

Jason, if you ever need help outside of your lending area, give me a shout. I am licensed in every State and looking for LO's across the country to network with. .....and/or hire.

To Your Continued Success!

Marney beat me to it...has it closed or are they waiting to close? If is hasn't closed yet, I wish them all the best...they are in GREAT hands!

Great article, as a matter of fact my slogan on all my marketing material is "If you can afford to rent or lease you can afford to buy"

Great Post ! Its funny how you never know what your gonna get until you actually live it .

I like the TH. Good story! And nobody resorted to the other TH song: http://www.youtube.com/watch?v=xNnAvTTaJjM&feature=fvw

When you went you always have to worry about the landlord walking away or deciding to sell.

Mary- If you can and want to buy, it makes perfect sense.

Renee - You hit on wonderful points of why owning a home can be the next best thing to sliced bread chipped ham renting one.

Steve - "They don't have to take it anymore...when your mad as hell: buy." I kind of like that. Sounds like a great title for a post:)

Fernando - It certainly can be, for a variety of reasons. I don't mean to knock renting per se; I did it for twenty-eight years of my life. However, there are so many viable reasons to buy if you can... especially in this market.

Marney- Bada Bing!!! You are smarter than I look:)

Missy - That seems to be the case. If you have ever went through closing documents for someone buying a rental property, there is paperwork addressing that very issue.

MJ - True that, my love.

Janet - Nice analogy. As far as grief doing what we do, you can't always fart rainbows.

Diane - I, like many of us in the Industry, have many stories... not all of them good. But the good ones tend to help us keep on... keeping on.

Bryant - That it does, my friend. Thank you:)

Claudette - Thanks! While owning a home isn't easy, the fruits of the endeavor are many.

Cynthia - Clever reading:)

Russell - Thank you kind Sir and I won't even get into what I've heard about Russell Lewis and 'Happy Endings';)

Russell - I want to visit Austin someday. My brother loved it when he lived there. And the Talking Heads are probably in my Top Twenty Bands of all-time. Speaking of which, I heard a song by my favorite band of all-time and was reminded why they are and will forever be... my favorite band.

Linda - We often are.

Christianne - You're good, very good:)

Stephen - I love the quote. Your default pic isn't bad either. It looks like it could hang on the walls of Sardi's.

Jerry - Well do. I require a starting salary of 100K:) We'll keep in touch.

Diane - You are clever as well, or you just read the entire post. Here is your answer...

Gwendolyn - Often times, that slogan is absolutely right.

Justin - "Its funny how you never know what your gonna get until you actually live it." I wish I was on HBO at times because my mind goes to strange places in responding to others. However, this is public and I'm a nice kid aging romantic warrior adult. For now, I'll simply say that you, Justin, have philosophical merit in that statement.

Dave - I've used that one and love it.

Gene - Folks are somewhat protected, yet it is a potential reality they can face.

interesting story good way to start off the morning

Hi Jason~ I have no idea who the loan officer could be whose name rhymes with Party :) Here's hoping that it does close in time for them to get the tax credit!

If I worked in Pennsylvania I would certainly have my buyers call you to qualify for a home loan - even with a FHA or USDA loan - there is just enough time to get the 8000 tax credit - I think - :)

Good job. One question: Isn't Nov 30, 2009 not yet here?

Jason... I haven't had time to read the comments.. I have been out Wed., Friday, and a wedding yesterday... now rest. But let me take a stab at this.. the guy that helped them..? Sardi since it rhymes with party. Ouch, party... anyhoo... this is an excellent story because you were able to show them the value of buying vs renting. Yes, sometimes renting is cheaper, depending on where they live and what the values are... and what their payment would be. It's great that you broke this down for them. And what another reward, doing this before the tax credit expires. Which is the reason why you said November 30th? Either that or I missed a month... lol Again, great story and great job.

jeff belonger

Just out of curiosity I would interested in hearing the landlord's side of this story. But it does seem that he (the landlord) was under considerable stress if the bank was asking for the rent. I'm not defending him, of course, but my experience tells me that we do not have the whole picture here.

Akron, Ohio

Greater Mortgage Solutions - Beats a cup of coffee...

Vickie - Grazie:)

Virginia - I should say, "Thank You" but would rather say, "Come to Pa!" Then again, I would love to harvest your area one of these days. Nevada isn't in the scope just yet, though.

J. Phillip - One answer, "NO."

Belonger - Color me a pink elephant and roll me over in my grave, you got it. Now answer my freaking email!

Jason: I can't imagine ever renting again ... this is an awesome story ... the Universe aligned and with your help ... it all came together ... great job!

Thomas - Fair question. I would like to hear/read the same. Anytime an issue like this comes up, I would love to hear from all parties... though I only represent one of them. To my knowledge, the rent was paid on time and the abode was kept in nice order.

Kathleen - I can see why folks would want to rent, as the aspect of responsibility flutters under the fingernails. It's a short-term solution to a long-term gain.

Yes there are some bad landlord's out there, but something doesn't seem right to me. They stayed in a rental house for 5 years with a lousy uncooperatvie landlord? Part of the problem in our housing market for the last 7 years is that we were doing everything to make people owners. As the head of a short sale team I can tell you that many of these folks should have rented in the first place. As for bad landlord's maybe therse people should have found a better landlord.

Lee & Shannon finally took control of their lives and destiny!! Wooo hooo to the mortgage guy that rhymes with "PARTY"!

It's sad when a homeowner will not own up to the repairs and then the tenant learns they are not even paying the mortgage payments. Good to hear this one worked out for the renters

Sometimes this job lets us rise above the petty issues of making a living and answer the call to do what is right !

Great story!

Joe - To my knowledge, the problem started to persist within the past couple of years. Of note, these folks have 750+ Credit Scores, fully documented income, & the works. They have options. I understand where you are coming from, but am pretty sure this case doesn't fit that mold.

Renee - Indeed:)

Roland - They will get out when the getting out is good.

Bill - True that.

Julie - Yes, it can be.

If everyone purchased a home with a FIXED payment that matched the rent they were used to paying, we probably wouldn't be in this foreclosure mess today, and a few years down the road they'd be ahead of the game.

After all, rents do go up, and (hopefully) wages rise - but with the exception of taxes and insurance - a fixed payment mortgage doesn't.

Renters who plan to remain in an area for several years should always consider that.

People who are renting, really ought to start at the option of buying. Thank god they didn't mess up their credit.

Thisi is a great story to illustrate the advantage of owning vs. renting. If you have to live somewhere, you might as well be in charge!

You reap what you sow.

Great story, glad you helped them and saved the day.

I like it that they got out of renting from that dirtbag. Maybe the landlord will lose his house and he will get a taste of his own way of being a landlord. Justice!

WooHoo! Yes that party guy is a wonderful guy...he helped those folks realize the real dream of home ownership and getting out of the slump of rental misery.

You make your house a home, my parents told me. I do believe this is true. Nice story.

Patricia

Since the closing date is in the future, I have to wonder just how much of this story is actual fact and how much is in the imagination of the poet that posted it. Nonetheless, I appreciate the positive attitude that says, 'I can make this happen.' Not sure if this landlord really exists but I'm sure most of us have run across someone similar.

While I also appreciate the poetry of scheduling the closing on the last possible day of 1st Time Buyer Tax Credit eligibility, I'm not sure I'd do that - but then what could possibly go wrong...

What a great story. I think some young couples are much better off renting as long as they have a good landlord.

Great story to share! I love it when people finally find their way. It's great that they could rebuild their credit and buy again

Great story, Jason... this is what it's all about!

Jason, I bet there are still a couple of other people out there "afraid to own" - we may see more of this and have some way to educate buyers on the numbers - like a good mortgage broker to do that for us. What do you think?

Great story! I still and will always believe that a "smart" purchase in a home tops renting any day!

Jason - Great story... Too often this same story has a different ending... like lender deems home vacant and enters or suit is filed for unlawful detainer to gain possession... Glad it worked out. I like you ending better and congratulations to the new homeowners.

Hi Jason -- My wife and I had our own rental nightmares. We sued, placed liens, and lo and behold, the owner contacted us 14 years later, we had forgotten all about the lien we placed on them. Triple damages. I encourage renters to stand up for their rights if they are violated.

A wonderful story indeed.

Nice story toclose the day off with. since he had to do all the work himself, there was no downside to owning for them at all.

OCT

Jason. I will always prefer the certainty and the pride that comes with home ownership. No rent raises and no mean land lord.

Most landlords are not "mean". they have their own money invested in the property and are interested in maximizing the return on that investment. Why would they purposely allow repairs to go undone: there is more to this story here.

Some people should not be homeowners whether or not they have good credit scores. "Goodbye Mr.Landlord, hello Mr. Plumber" is something many prospective homeowners do not expect nor budget for. In my area rents have not gone up any where near as fast as taxes and insurance, so even with a fixed rate mortgage the expenses are like to rise.

One poster mentioned that he collected on 15 year old judgement that he had forgotten about. How did he do this? In Ohio, these liens expire after 5 years if they are not renewed. (Ask me how I know this!)

Jason- well written. So many are overpaying in rent and don't understand that home ownership is within their grasp. I'm sure they appreciate you enlightening them. No more landlord to call when somethings broken, nobody to check in to see how the property looks. Tax benefits and a HOME.

Jason Beautifully done - we actually sold a home to a first time couple - they were in their 70's and had always rented. They bought when they had saved enought to pay cash - go figure Karen

Nice story Jason! Home ownership is not for everyone, but I am glad your buyers did decide to buy and not deal with that landlord and his problems anymore.

Great story and example of the professionalism of the mortgage guy :) showing the value in owning vs. renting.

Great post and congrats in advance on the closing!

Jason,

Nice that you could help them no matter what the date.

Hey -- forgot to say thanks for answering Michelle's call on Saturday. You and Bill are doing a great job for her.

It's good to remember that the point of all the hassles is to help people. It's good they'll be having one of their own soon.

OCT

it is amazing what people are going through these days. Glad it all worked out for your clients.

Marte - I've wrote about it and said it before; I believe a fixed rate is probably the best type of mortgage to get into for a majority of folks out there.

Mike - In most cases, you need good credit to even rent these days.

Sharon - "If you have to live somewhere, you might as well be in charge!" Very well put!!

Bev & Bob - True that.

Lyn - It ain't over yet, but we are off to a great start.

Russ - Most landlords I know are good folks. Yet, there are those few in every bunch.

Sis - He is pretty fly for a Mortgage Guy;)

Patricia - That you do.

Bob - Actually, it is a real scenario that is set to close the end of November. I don't make the settlement dates; I just strive to make sure we close on them. Though, I understand your point on what could possibly go wrong. In this atmosphere, nothing surprises me. I've changed my Title from Mortgage Consultant to Chaos Control:)

OCT

Nice happy ending Jason! I hope all goes well for their closing on Nov. 30th!!!

Sybil - That's a good starting point for most. In fact, I'd venture to guess that it may be the best option for some individuals their entire life. Nothing wrong with that.

Sandy - Actually, their credit has (to my knowledge) been more than decent, even with the circumstances years back. They just found themselves in a situation where a change would do them good. It's my role to ensure that change is good for them in both the short and long term.

JB - That's a fact.

Kathryn - I think there will always be folks who are afraid to own. To some extent, rightfully so. The picket fence isn't always as ideal as those black and white movies. However if we persistently educate, I do believe the rest will take care of itself.

Emily - Agreed.

Ryan - I will congratulate them on November 30th:)

Chris - Sorry to hear about that, yet it is one of life's inevitable truths at times.

Lisa - Thank you:)

Jirius - As I mentioned, their trepidation was based on 'experience past'. I'm pretty sure this time will be a different experience, a better one.

Mark - Being a guy who owns a home myself, the pros tend to outweigh the cons.

Thomas - In no way was I making a general statement about Landlords. I think Real Estate Investors are vital to the health of not only the housing industry, but our economy as a whole. That written, "Why would they purposely allow repairs to go undone: there is more to this story here." Slumlords exist and 100% financing on Investment Properties also existed at one point. That's all I know.

David - I concur. Thanks man:)

Karen - Now that is a wonderful story! You should post on it if you already haven't. If you have or are going to, feel free to provide the link here.

Erica - No it isn't. It never will be. I think they will be fine, now they have a Mortgage Company to deal with;)

IMF - I have my moments:)

Tim - Thank you kind Sir.

Brenda - They helped themselves; I just added a bit of my expertise into their equation.

Erica - No sweat. Thank you much for that comment. Bill's a good guy. I'm just the prick on the inside of it all;)

Christine - Sometimes we help and receive no monetary reward. Sometimes we help and it can be argued that we receive too much of a monetary reward. As long we help, I believe either case to be moot.

Lisa - The ink isn't dry just yet, but they should be and will be in good shape. The atmosphere these days is quite interesting, for sure.

Nyssa - Me too! And I'll make sure it does with every iota and fiber of my being.

OCT

Who gave permission to print my poetry?

Jack - I didn't print any of your poetry; I just wrote an article. I'm guessing you are referring to the comment section where a bit of your poetry is written. Take that question up with the commenter.

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?