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Good post but I was wondering if you could write a
litte more on this subject? I’d be very thankful if you could elaborate a little bit more. Thanks!
The clever people positioned themselves before, during, and after the market crashed. Want to play their game? Pay cash. The good thing about owning a home is when you actually own it.
I think that there is one more element in the 50% default rate for modifications that needs to be considered. If these are homeowners that were destined to default because of some hardship. then the fact that 50% of them were saved from default should be viewed as a success. Because 50% going into forclosure sure beats 100% going into forclosure.
What if the banks had the same walk away attitude ? You can thank barney frank and mr. dodd that prevented them from failing, as they were too big. Otherwise these banksters would have looted and RAN away… some say they have, leaving the gov’t to bail them out. Some of the “so sorry your small’s” got swallowed up at a discount and add the FDIC guarantee/insurance into the mix & THEY are PROFITING even after “loosing” on alot of the short sales of these assets. I think that homeowners have legal options they may want to exercise or at least explore.
REMN must not realize that there are non-male LOs out there.
Is there two shows for the November 8 engagement in Fresno?
It shows 5:00p.m. and 7:30p.m.
I read about that article on it’s OK to strategically default a few days ago.
As I remember it was only about 1,000 CALIFORNIANS that participated. So all that means is that the wackos in California believe it’s OK to strategically default.
Who knows what the rest of the country thinks because no one has asked them. I’d be that those that did default would say it was OK and everyone else would say it’s not!
I’ve met my first reputable seller in this down market. He told me, yes, I know i’m upside down, yes I want to sell, yes, I’ll come to the table with a check to close. WHY? Because I’m old school. I have a debt and I’m going to pay it. Hooray for you sir, you have my respect.
Old school… they did not even teach the subject of declining values in the past… except for distressed properties where unusual circumstances caused a decline of overall value of a particular home and foreclosure was often the solution… we are blessed in Washington State to live in a non-recourse non-judicial foreclosure arena.
As long as you advise Seller of all the options they have AND they still want to write out the check that is their call. I would advise getting it in writing and verify that the funds are available and HOPE they don’t talk to their neighbor who will be closing on their upside down home and walking away with a fat check. While they has the check book out, remind them of the 16 Trillion Uncle Sam owes and write another one to Him, because it is the right thing to do.
Hallelujah, anarchy is one step closer. Given the way that banks have handled this mess, strategic defaults seem like the least homeowners could do. Endless trial payments, “lost” paperwork, robo signing, fraud, infinity days to approve short sales, more fraud, more robo signing….yeah, I think sticking banks with a few more defaults is the least the American public should do.
If you want to stick to the Banks… Take your money out of them and join a credit union, or start one. Strategic Default is a PC term for bailing on your responsibilities and it puts us all on a slippery slope. If everyone did that we would have to change the entire way we view foreclosures. I’m with you on the lackluster way in which the Banks ride rough shot over us all but Strat Def is not going to hurt the Banks one bit; The tax payer will get that bill as a loss (write off) from the Bank. Besides, if the owner isn’t selling who cares if you’re underwater? My houswe could go down to zero for all I care but it’s all going to rest on WHEN I choose to sell. It’s like playing day trader with your 401K money when it’s a long term dealio. How about a car if we’re going to use that theory. Yet we line up every model year to buy it knowing the whole time it’s worth less the moment we drive it away.
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