I am very concerned about our current economic crisis. It is difficult for me to articulate my feelings and discuss politics, economy and worldly issues. I have always been intimidated and fear not saying what I mean. But, I am pissed and want to say something.
I am watching the Today Show and something said struck a nerve. The question was..."why should the American that pays his Mortgage, debts and has not fallen into the credit mess, have to bail out his neighbor that LIED on his mortgage application and taken an advantage of the system?"
As a Realtor for the past 8 years, I can tell you first handed that I have seen this coming. Not because of people lying on applications but because of Lending Predators and misguidance. Dozens & dozens of times I have gone on Market Analysis and found that a homeowner owed more than the home value.
I have even been in a situation where when refinancing after an adjustable rate matured, the lender tried to get me to refinanced at 125%. Why would I do that? Well, if I didn't know better, this lender was pretty convincing. I can see where someone would, thinking that they could pay off loans, and recap on the interest of the home loan. Then sell the home later at the new higher value that the lender assures you it will be worth.
I had to take a break from the real estate profession. I am so depressed from it . Particularly the past couple of years.
I know of 10 families that have had to go into foreclosure or bankruptcy (or both) in the past couple of years. I know of 4 others that are on the brink of going into it. These are well respected people that for various reasons, fell into this tangled mess. These are well educated people that never saw it coming. It only takes one tiny error or hiccup that one did not calculate.
So, before you go putting down or blaming the neighbor, remember: unless you have walked in their shoes, you have no idea what how and why they are in that situation.
I don't have the answers. I just pray that we get better leadership and we work together to build this country back up.
What a difference a day makes ...
2 days ago