I have a hard time feeling sorry for these guys because, in many cases, it was their greed that helped fuel the housing market collapse in the first place. In addition, let's take a look at the folks making the loans. Many of them weren't even verifying income. You think gave a rat's ... about whtehr or not the home would be owner occupied.
Way too many heads turned the wrong way!
Let's face it, they were giving 115% mortgages on no income verification loans. What did they expect, especially with the inflated appraisals that were fueled by an overheated market.
And the list goes on and on! Fortunately, or unfortunately, we as Realtors are left to clean up the mess, sell these "bad loan" homes and return us to "the real world", whatever that is. At least, in this case, we know what we are doing!
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