The refinance craze was a group effort…
More and more finger pointing and exposed practices occur when things hit the fan. Like for instance when the refinance craze happened over 2002 to 2007(ish). You know that period where you would call a lender because you want to squeeze some juice out of that home of yours to maybe do improvements, take a trip, buy that Harley Davidson etc? And weren’t we just tickled pink when we heard of home much the value of our home was worth…AGAIN!? Knowing somehow the refinance we did the two years prior was 50 thousand less…Oh, Happy Days!
As we work with over-leveraged homeowners and we notice the mortgage history on the property, it is not uncommon to see that type of trend. it is unfortunate, and somewhat accurate, as to why now we can see that we were all turning a blind eye to the ability to suck the money out of our homes from thin air. I hear many homeowners complain that it was the lender and the appraiser that came to that value, thus allowing the refinance (see the link to the article below). But, we weren’t stopping them as we collected the tens of thousands of dollars to use for some benefit were we? NO. Now this is not a judging session on whom was the rat and whom was the cheese. It is merely sharing that this mortgage mess is a group effort. Some more on some side and on the other side, with a good portion in the collective middle.
If you may have a overinflated value from a previous refinance(s) then consider what and who it is valued from. It may help your cause when looking to do a Loan Modification, but it may help you also com to grips that the house wasn’t truly what the value was worth when you got that refinance check. That may help some come to grips of letting go and starting over. Sorry, just a little reality in this correction of the market.
Keep it short,
Mike
For help with shortsales please visit: www.Help-Me-ShortSales.com
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One Response to “The refinance craze was a group effort…”
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Hi Mike,
We know each-other from past reia meetings in Dedham, I go to John Ingrams reia meeting in Rockland now because it’s closer for me, if you would like to see a face with the name, look for John mMrtins on face book.
Any how, the reason I’m contacting you is because I know a married couple that is looking for a single family three bed room home in the Bridgewater, Easton, Holbrook and Whitman areas. They will consider Brockton, but it has to be in a good section. I don’t have any thing available right now and you most likly are looking for end buyers for your short sales. They told me that they would be willing to buy something that needs alittel rehab and I think they can spend up to $125,000.
Let me know if you have any thing in your pipe line and I’ll have them call you. If you don’t have anything at this time, pass the word.
I can be reached at this email john@brocktonrehabdeals.com
Thanks Mike,
John Martins