We get it…its a truly confusing issue. Is a strategic disposal an ethical or even moral issue…..or is it simply a contractual issue?
Here’s the thing…as agents its not our job to play moral police.
Its our job to help homeowners (and buyers). AND in this epically distressed real estate market its our MORAL responsibility to help homeowners avoid foreclosure. If that means providing a strategic short sale for your homeowners…so be it.
The goal must be: Fewer Foreclosures.
More and more commercial real-estate companies are doing what many indebted homeowners would like to do: Walk away from mortgages on properties that are now worth a lot less than they paid for them.
When companies do this, no one bats an eye–it’s just “smart business.”
When ordinary homeowners think about doing it, meanwhile, the mortgage industry and government begin moaning that a mortgage is more than a business contract. It’s a social contract, in which homeowners have a “moral obligation” to pay.
That’s bunk. An individual mortgage is no different than a corporate mortgage. If corporations are allowed to walk away from mortgage obligations without feeling shame and guilt, then individuals should be able to do so, too.
The contract homeowners sign when they take out a mortgage spells out exactly what happens if the homeowner stops making payments on the loan. The lender has the right to foreclose on the house, taking the homeowner’s downpayment with it. In addition, the borrower’s credit rating will usually get destroyed, and, in some states, the lender can come after his or her other assets to recoup the capital the lender has lost.
Those are big penalties. They provide a major incentive for the borrower to continue making his or payments. And that’s why the lender, a corporation, put them in the contract.
Importantly, the lender voluntarily entered into the contract–and it did so because it thought doing so was a smart business decision. That it actually turned out to be a lousy business decision is not the homeowner’s fault. It’s the lender’s fault. And the borrower, who is already feeling plenty of pain his or herself, should not have to bear the burden of guilt and shame on top of everything else.
We can help you find Your way through the Short Sale process with dignity and support, as We have with many people so far. We Work with an Attorney and Para Legals to get the Short Sale Done.
Loan modification and short sale services to avoid foreclosure, lower mortgage payments, reduce principle balances, re-structure mortgages, avoid bankruptcy.
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Better Homes and Garden Real Estate Metrobrokers
2725 Hamilton Mill Road, Suite 2400 Buford, GA 30519
Office: (404) 843.2500
Direct: (678) 406.8451
Fax: (678) 765.5050
Gwinnet County Foreclosures
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Suwanee Georgia Foreclosures
Suwanee GA Foreclosed Homes Foreclosures
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- Foreclosure trims number of underwater homes (msnbc.msn.com)
- The Short Sale Process (home-mortgages.suite101.com)
- Foreclosure Relief: Good for Banks, Lousy for Borrowers (dailyfinance.com)