Sarasota Foreclosures - Walking Away From Your Home!
Sarasota foreclosures force property owners to draw line in the sand
. When money is at stake, forget compassion & understanding.
These are fighting times. People are angry, as anger spills over to anyone standing in the way.
On one side are homeowners losing their homes to foreclosure. Some of these homeowners have subprime loans.
Bad people.
Some homeowners have ARMs with monthly mortgage payments exploding 300%.
Bad people.
Some Sarasota real estate owners have lost 40-60% off their homes value. They are underwater, and they are walking away even though they can afford to make payments.
Really bad people.
To them, strategically defaulting is a business decision. Its a house with 4 walls and a roof.
Its no different from a stock manipulated by Wall Street to create LOSERS.
On the other side of foreclosure fence are people mad as hell at property owners causing further house price collapse.
Indeed, some of these angry (vocal) people are home owners with houses paid in full free and clear - today worth 40-60% LESS.
Along with free-and-clear property owners are mortgage bankers who are angry at homeowners who are choosing to walk away strategically defaulting.
Regardless of who is screaming and how loud any one group is screaming, the housing market (in and around Sarasota, Florida) is not improving.
Sure, you can extrapolate increased sales at LOWER prices as improvement.
Unless you prefer looking through rose-colored glasses, you will see whats going on - banks intentionally have delayed foreclosure proceeding to manage distressed inventory.
Sell whats out there first before dumping more distressed properties onto a stressed market.
In all, 322,920 properties generated a foreclosure notice in May, according to housing market analyst, RealtyTrac. In fact, RealtyTrac reports 1 in every 400 homes in America received a foreclosure notice in May. Bank repossessions (known as real estate owned properties or REOs) hit a record high in May for the second month in a row. All 50 states reported a year-over-year increases in REOs, according to RealtyTrac. It is projected that over 3 million homes will receive a foreclosure notice over the course of this year
All foreclosures are bad for property values.
On both sides of the fence, people are mad as hell.
People strapped to their homes (for whatever reason) feel strategic defaults are simply wrong, and any effort to justify them is simply a cop out. To these angry property owners, walking away is about a bunch of deadbeats who got loans they never should have received. Anybody who walks away hurts honest people who need to sell or refinance their homes for honest reasons.
Honest people?
Hmm, thats interesting.
On the other side are people who (by no fault of their own) own worthless investments, down 40-60% from where they purchased.
In their minds, house prices will not rebound for years, maybe decades. They refuse to throw good money at bad investments.
They prefer to cut their losses and move on.
In and around Sarasota, Florida, I talk with many property (home) owners from wealthy beachfront property owners to owners of modest starter homes.
Across the board, Im hearing more questions about strategically defaulting as more informed attorneys and tax professionals guide property owners to the right way to walk away.
In Florida, it's estimated 5.7 of 10 property owners with a mortgage is UNDERWATER. 4 out of 10 are delinquent on their mortgage.
Here's the reality whether or not you want to hear it:
1. 9 out of 10 property owners I encounter do not give a damn about "moral obligation" to make a house payment.
2. Property owners don't care what their neighbors think or that John Courson, President of the Mortgage Bankers, will scold them for walking away.
At the end of the day, strategic defaults are increasing. People can search, study & pontificate all they want about "numbers." Unless you wake up and go to sleep on the front lines, they're only numbers.
For many property owners, the housing market and economy are not improving. They dont care about economists from ivory towers telling people its okay when its only okay for them and their brethren. Interesting.
Whats even more interesting is that bankers (or all people) have the gall to preach morality to home owners skipping out on their mortgage obligation.
Sarasota foreclosure crisis began with subprime mortgage defaults and now has evolved to strategic defaults, dismissing all the homeowners still losing their jobs today. Some people look only at the numbers and not at all the abandoned, rotting properties intentionally kept off the books. If you or someone you know is facing foreclosure in or around Sarasota, Florida, contact me now through my website.
by: Mike Payne
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