It seems so distant that everyone was worried about sinkholes or termites for that matter here in Florida. The reason we got into this sinkhole matter in the first place were greedy attorneys, and companies that fix sinkholes. People with small hairline cracks on a 30 plus year old homes were getting paid on sinkholes that weren't actually sinkholes...... which lead to the next problem that also deals with greed, but this time on homeowners. Interest rates dropped, home values escalated and refi's went skyward. Everyone and their brother refinanced and proceeded to go and live the life. Buying new cars, motorcycles, boats and other toys and vacations.
Then BOOM.... the market dropped and now they are stuck with a home that really is valued CORRECTLY and they can't make the payments, but they certainly enjoy their days off, boating, cycling and vacationing. Heres my point. Mortgage companies do not want your home. They are in the mortgage business not the real estate business. People are again listening to people with no knowledge of the situation and deciding to foreclose or ask for a shortsale.Either way they lose their home and in the case of a shortsale are still obligated for whatever the mortgage company loses in the shortsale.
Mortgage companies stand to lose millions in the upcoming year or years. We as REALTORS need to educate these people and tell them that mortgage companies are working very hard to HELP. They are willing to shift payments back to the end of the note, working on getting you caught up and so on. But they are not going to call you! You need to call them at the first opportunity. Trust me they are willing to help.
Lets stop this nonsense so we can get rid of the inventory that is out there and help the people that TRULY need to sell their home and not the idiot that can't make his or her payment but looks damn good on the boat or real nice in all that motorcycle riding gear.
Todd Rivers - Broker/Owner
Florida Lighthouse Realty
727-514-1074