Ok Mr. Banker, I know this secret may come to a big surprise to you, but to us that own homes, sell homes, and are working with sellers that are having problems right now, we want to keep our homes despite the loss in value.
I know that surprises you because I talk to you everyday on the phone. Your attitude is that these sellers are dead beats and are just trying to give the property back to you so they can get out of their obligation, but here is the big secret. NO THEY DON'T! They want a roof over their head, and despite the loss in value, they would rather work with you to fix a temporary situation and give you all your money, but you need to work with them.
Your logic that I keep hearing is why would a seller that has a home that has lost value want to continue paying on that mortgage and not just sell the home or give it back for a loss to you? Well, here is the real reason they don't want to do that. A lot of people that bought homes with your mortgage products have kids that are in school... it is hard on them to move. This is their home and up rooting their family isn't something they desire or want to do. The second is, unlike an apartment, this is a home, their home, they have put a lot in to it, and they don't want to leave it.
Where does this logic fit in to what you think? It doesn't, but in reality people do this everyday. People buy new cars. They drive them off the lot and they lose 33% of their value, does that mean they stop paying the payments and return it on Friday? Nope, they continue pay, and enjoy their item of necessity. I promise, if you work with home owners that are in a temporary situation, and ignore credit scores, logic, and what ever other pre-conceived notions you have, you can get yourself out of this temporary problem and help this country get back on track.
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