[quote=SD Realtor]Sorry if you cannot figure it out, you will have to ask someone else to explain it to you.[/quote]
Oh, I have it “figured out,” all right. It just seems that many of those in the “biz” (you, for instance?) appear to be giving the impression here that you think it’s all okay and it’s “all going to work itself out” in 5, 10, 15 or 20 years.
Meanwhile, the value of your OWN properties have no doubt plummeted in the last five years.
I am aware that the RE lobby incl NAR/CAR believes in SS and debt forgiveness (even for those who took “cash out” of their properties). The reason is that it is good for biz and gives brokers and agents something to do (conduct SS’s) while we all wait with baited breath for the PTB to get their sh!t together and suspend all “extend and pretend” programs that aren’t working and will never receive the cooperation of the Big Banks. Why? Because banks only have to follow the laws and these failed “programs” aren’t codified into “law.”
And they shouldn’t anyway. It’s not good for them. But neither is sitting on their hands.
It’s all one big hobo show that the honest homeowners are watching from box seats.
Using my useless 851 FICO score as an example, in hindsight, I probably would have been a lot further ahead in life by taking $250K+ out of my property during the “boom” years and then giving “cash for keys” in 2007! I would likely have now been five years into a “deed-in-lieu” on my credit report, had lots of money in the bank and perhaps been on my way to qualifying for another home loan. Instead, I don’t believe I could recover my 30% downpayment from 11+ years ago and do not know WHEN I will be able to!
I KNOW people who have given deed-in-lieus in 2007 – 2008. Two actually STILL have $$ left under their mattresses and are still driving their late-model luxury vehicles (bought with pseudo-home-equity)!
Both are women and whenever I see them, they appear to have just stepped out of the salon (with hair/nails always freshly done) …. lol
Go figure ….. we can easily surmise why people are attracted to “strategic default,” ESPECIALLY if they have already extracted all the cash they were able to from their property.
