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A MORAL OBLIGATION...PAYING THE MORTGAGE

By
Real Estate Agent with The Medford Real Estate Team DRE#01223788

A man enters the confessional.

Bless me, Father, for I have sinned.

What are your sins, my son?

I am not paying my mortgage, Father.

Why not, my son?

I got laid off, Father. I have no income but I have lots of obligations. Putting food on the table and keeping my medical premiums up to date (they go up every year) takes all of my unemployment check. And…my unemployment benefits will soon expire.

Well, my son, I am not sure that I hear that you have committed any sin.

Definition of SIN from Merriam Webster on-line dictionary

1

a : an offense against religious or moral law b : an action that is or is felt to be highly reprehensible <it's a sin to waste food> c : an often serious shortcoming :

 

2

a : transgression of the law of God b : a vitiated state of human nature in which the self is estranged from God

 

Did you get a loan to buy your house?

 

Yes, Father.

 

The lender must have said that you were qualified for the loan. Are you qualified for a loan?

 

Father, I do not have a job.

 

Why don’t you sell your house, my son?

 

Father, my house is under water.

 

Didn’t you get an appraisal for your loan, my son?

 

Yes, Father. The appraisal came in at the price that I paid for the home.

 

So, if I understand the situation correctly, the appraiser is not expected to be held accountable for an appraisal that cannot stand the test of time; the lender is held harmless because he could not see into the future but you are accused of sinning because your circumstances have materially changed since you bought your house.

 

That is how it seems, Father.

 

Well, my son, go now. Light a candle and pray for light.

Edward & Celia Maddox
The Celtic Connection Realty - Queen Creek, AZ
EXPERIENCE & INTEGRITY - WE TAKE THE HIGH ROAD

Great article.  Dead on with the truth.  Thanks for sharing.

Mar 12, 2012 12:35 AM
Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

Ha!  thanks for sharing, I enjoyed the read today.  So true...so true...

 

Patricia Aulson/ Seacoast NH & ME REALTOR

Mar 12, 2012 12:50 AM
Erv Fleishman
Realty Associates - Boca Raton, FL
Luxury Prop Specialist Realty Associates

He lights the candle. A fire is started accidentally. The house burns down entirely.  He puts in an insurance claim. They refuse to pay on technicality 24 of page three of the policy.

The agent, the banker, the appraisor  say.....just business, nothing personal.

Mar 12, 2012 01:43 AM
David Grbich
Realty One Group - www.FindCARealEstate.com - San Juan Capistrano, CA
Orange County Real Estate - 949-500-0484

Seems like common sense but lots of people blame the bank rather than thank them for taking a loss on the loan. Thanks, Dave

Mar 12, 2012 03:25 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

John, it is a tough road when jobs are lost and payments cannot be made!   

Mar 13, 2012 01:35 AM
Marianne Infusino
RE/MAX HomeTowne Realty - Franklin Lakes, NJ
RE/MAX - FLOW Area - 201

Pretty much sums up the REALITY of the day ... and it is sad ... very sad ...

 

 

 

Mar 14, 2012 03:03 AM
Pamela Seley
West Coast Realty Division - Murrieta, CA
Residential Real Estate Agent serving SW RivCo CA

John, the problems today of being a homeowner. If there's loss of income or job which seems to be common these days, hard to pay that underwater mortgage.

Mar 14, 2012 06:04 AM