Consumers, It's wake up time.. How many times have we heard someone say, My House is Worth This Much! I know I heard it almost Everyday, and it was a sad Joke that was played on the Entire U.S. Economy. We were convinced that we could use our Homes as Personal Piggy Banks, and we would never Go Broke. Wrong! You jeopardized your Roof over Your Head, and now no one is to blame but Your self.
This is the kind of Image your Children have of their homes,they don't think Money, they think Friends, and School, and because of lack of Responsibility, and Some greed, you have Liquidated your Home of it's most Precious Asset, It's Equity!!! which is, and was your Children's Future, as well as Yours.
I watched a Show last Night, I think it was Suze Orman, I can't remember, but there was a Gentleman who came on the show, and said he inherited $1.2 Million Dollars, he paid off his house, and had Zero Debt. One day he realized that he had No money left, and he said His So Called Mortgage Broker Friend had talked him into Refinancing his House, and basically pulling out all of his Equity, which left him $425,000 in the Hole, and now he is in Fforeclosure. (With Friends like that, Who needs Enemies?) Perfect Example here was that he used up all of his Money, and Now he has used all of his Equity as well.
I had spoken to so many Realtors through Active Rain, and they all seem to have the same View as myself. The sellers of Home "A" want $300,000 for their home, but the Appraisal is only $230,000. These clients Owe $280,000 and they are mad because they want what they want, and said they will find another Realtor that will get them what they want. The problem here is Very Simple, If you as the consumer, Refinanced your Home, or did an Equity Line, and you used the Cash, Then don't expect it back, Because you used it already!! What did you expect, that your home was always going to go up in Value? You are basically Equity Rich and Cash Poor!
Try and accept Responsibility for the actions that you have allowed, and with this you will find that you will most Likely not put yourself in this situation again. Please Remember your Homeis not Your Personal Piggy-Bank..
Call Anytime to Discuss your Financial Needs, Whether it's Purchasing a New Home, Or Lowering the Rate on your Existing home. I am available 7 Days a week..
Thomas R. Weiss
Licensed Mortgage Broker
FL. TN.
tom@provagio.com
Office 561-968-6683
Cellular 561-310-0315
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Tom... Well said... I look around at all the fancy cars and exotic vacations people take knowing full well where they came up with the cash. Most drain the house when they are feeling broke while others switch jobs and deplete their retirement savings... When trouble strikes they can only blame their careless ways.