I was in the office the other day talking with a colleague.
We were discussing the market. Our business. Our projected business. We laughed. We made some jokes.
Then we broached the topic of all the short sales and foreclosure properties on the market. Short sales have definitely become the new big thing around here. And, the already-foreclosed homes have begun trickling onto the market.
We discussed why some people may find themselves facing foreclosure. It all comes down to this:
We're all just three months away from foreclosure.
If we were to lose our job, not be able to find a new one, and fall three months behind on our mortgage payment: We would then receive our notice of default and the foreclosure process would begin.
If we were to become ill, not be able to work, and fall three months behind on our mortgage payment: We would then receive our notice of default and the foreclosure process would begin.
If we were to lose our spouse, not be able to work as we needed to take care of the kids, and fall three months behind on our mortgage payment: We would then receive our notice of default and the foreclosure process would begin.
There are so many reasons people can fall behind on their mortgage payments. It's not all due to predatory lending. It's not that all of us took out loans that were too large for our budgets. It's not all because of the sub-prime loans that were available in the past. And, it's not because we all looked at our homes as piggy banks and took that equity out as cash to pay for cars and vacations.
Anyone can lose their home. It can happen to any of us under the right (or wrong) circumstances.
There's no reason to pass any blame. Let's look at what happened and rectify the situation so those who find themselves in such an unfortunate situation can move on with their lives.
For those facing foreclosures, perhaps we can help them complete a short sale.
For those who have or are about to lose their homes to foreclosure, perhaps we can help them locate rental housing.
This market, and this economy, is tough on every body.
It's time to stop playing the blame game and moving on with solutions. Hopefully we'll all learn a little compassion, too, for those who find themselves in unfortunate situations.
Don Fabrizio-Garcia, REALTOR
Connecticut Real Estate & Appraisals
Keller Williams CT Realty
203.746.1199
Connecticut Real Estate and Homes for Sale
Good thoughts Don. We can't control everything. We just go on and do the best we can.
Lenn - Bad things can happen to the best of us. Some of the stories I've been hearing are heartbreaking. People have the best of intentions. Then comes divorce. Or a sudden job loss. Or an illness.
Life happens. We deal with it and move on.