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The Next wave

June 8, 2010

When the implosion started it was folks that could not afford a home, should not own a home and did not own a home for long. There was an undercurrent of deceit toward the broker and wrath was taken out on the lender in the form of “missing kitchens”, appliances in the pool, and copper mining.
These days it’s all JOBS. Lack of, underemployment and unemployment. The last two ‘relocation agreements’ that I have done have been for 1) an independent contractor without enough work. She actually tried to do a loan mod, then a short sale. When the second loan came to an agreement based on total repayment of the original debt, the owner quit, I showed up and gave the previous owner relocation money and the second lien holder got NOTHING. In the second agreement, the owner thought they were working on a loan modification and then I showed up on the front step.
The people losing homes today are just people doing the best they can, living on less, scraping by, and dealing the best they can.
It’s so hard. I got into this business to help people. Stayed 22 years because I love that! People that own homes retire sooner, get divorced less and have higher net worths than those that don’t….and they get so excited and cute when I hand them the keys to their new house!!
Today the stories are of holding on, getting by, loan modifications and forbearance agreements. I hate loan mods and short sales and forebearance BUT I hate my courageous clients to be homeless even more.

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