It usually goes like this: At a dinner or party or funeral (seriously), someone learns that I’m in real estate and walks over to chew the fat about the market. They go on and on about “all those ’slime bag’ subprime borrowers and deadbeats who walked away from their houses,” the resulting crash in the value of their own home, and the fact that they have either applied for or been refused a loan modification.
Then they ask for my card.
And the next day, almost like clockwork, they’re calling up to ask me if I can help them refinance their house, even though they don’t have a job and the place is $250,000 upside down, and they just walked away from an investment property last year (it was the only smart business decision) and they’ve been late on their home mortgage for the last six months in an effort to obtain a loan modification.
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All I have to say to the American Home Owner is when are you all going to recognize the “Shell Game” when you see it? The Banks and the US Government are together playing a game called
“How Much Longer will these Idiots continue paying on an Mortgage So far Up Side Down it will Bankrupt them?”
I do something different, I ask you all to turn in the keys, tell the banks to come pick up the keys and then see what their response is. I would bet that more than 90% of the Banks, faced with all the homes coming back, would ask, no beg you to accept an Principle Reduction and Interest Reduction to just stay.
I have a program, you give us your house, we make an Cash Offer to your Bank in the form of an Short Sale and 99% of the time they take it, but you stay in the home, you rent it until you get another loan and repurchase it Right Side Up.
Check out my web site stayaftershortsale.com