Suwanee Ga Home Owners Update – What do YOU think about homeowners who are doing ‘strategic disposals’ (short sales, foreclosures) of their real estate?
1 The banks need to work with these homeowners. They are the ones whose values are getting screwed by thier neighbors who walk or choose to short sale. Most strategic defaulters walk ONLY after they have been told that nothing can be done by the banks or their investors. I see it on a daily basis! It is truly sad what is happening to the responsible homeowners.
2. Are they doing it because it is the “in thing” to do?
3.These people need to be advised to the consequences. Fannie mae already stated that they are going to come down hard on strategic defaults. I believe other banks are going to follow suit. Not only will credit scores be compromised for many years, these people will also have default judgements hanging over their heads which will hinder them the ability to purchase on credit other things including cars, boats, etc. Unless these people have the means to become a cash only consumer, I think it is a bad business decesion to do a strategic default. A better decision would be to ride out the recovery or sell and finance the loss.
4. I’m conflicted.
5. It’s a sound solution to a devestated financial blunder created by the worlds banks.
6.I think it is the best financial move for many homeowners that are facing an imminent foreclosure. It is my job to educate them on the alternative to foreclosure, provide them with a “graceful exit strategy”, but at the same time, assist those that may be able to qualify for some type of home retention.
7. Complicated- adding fuel to fire of housing crisis. Part of me says selfish, making crisis worse. Makes sense financially. Banks mysteriously are allowing it.
8. Some cases it makes good sense and in others I sort of have a moral problem with it. If you need to move to a better area or move for a job its fine, but bailing out because you were stupid and used your home for an ATM and tapped out all the equity, well that is just wrong.
9. I think if we can help them then do it. they have to be willing to do their part as well!
10. I don’t see short sales in the same category with the strategic defaults, if you define “strategic” as the ability to pay, but just not doing it
11. I think it is a personal decission. I really have no opinion for or against. I do have a strong opinion that the banks (servicers, mortgage holders, etc.,) should have gone further to keep home owners in their homes with realistic loan mods. In addition, I am somewhat disgusted that the fed bailed the banks out without any contingencies attached to the money.
12. It’s about survival. It’s about how Congress made sure everybody could buy a house, they bypassed sound economic principles. Those who loaned money may have been forced to do so, but then again they were rewarded by bailouts anyhow. Can we please go back to the Constitution- it proved itself already. The opposite of progress is congress. Poli- is latin for many and tics are blood suckers (politics-politicians). Years ago they were Statesman (loved country more than self)
13. It’s different case by case. If there’s a genuine financial hardship and no other alternative, then yes–it’s time to walk away. But I do encourage trying all other alternatives first (loan modification)
- Strategic Default for Homeowners Behind on Mortgage or Underwater (consumer-rights.suite101.com)
- Banks, governments need to do more to help financially pressed homeowners (seattlepi.com)
- Foreclosure Relief: Good for Banks, Lousy for Borrowers (dailyfinance.com)
- First National Law Center Announces ‘Strategic Default’ Not Homeowners’ Only Option (prweb.com)
First off, on 80-90% of all short sales, you won’t have to pay any money back. Second, you will be eligible to buy another house in 2-3 years (You have to wait 5-7 years after a foreclosure.) Third, a short sale costs you nothing.
When the home sells, your lender pays us a commission. THe lenders know they get more money from a short sale than a foreclosure. This is why most lenders are willing to pay all the other costs associated with the sale. I’ll show you how to short sale your property and never pay the bank another penny.
Send me an e-mail at email@example.com.
I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (770) 866-2561.
Thanks for reading this, Roland Lorans.
Roland is a Real Estate Agent at Better Home and Gardens Real Estate Hetro Brokers .
Phone: (770) 866-2561 OR 404-843-2500 firstname.lastname@example.org
View My homes for sale at SaveMyHome.