Hey Bank! Take My House, Please!
January 7, 2010 by Kristin LaVanway · 5 Comments
A follow-up to a post by Dean Ouellette at http://www.deansellsaz.com and a chat with a friend of mine who is contemplating a Strategic Default on her home. Is this a sign of things to come in 2010? Seems that way if the issue of negative equity is not addressed by banks.
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I am a Realtor in Gilbert, AZ, working with clients throughout the Phoenix Metro area. I am lucky to love what I do and appreciate the difference I can make in people's lives.
In a previous life, I was a rocket scientist - really! - but decided to step away from corporate America to be a Mom to my four boys. Found it hard to do bake sales, so I ran a small independent programming business instead.
Flash forward...I am now a single mom and I face many, many challenges everyday. I am living through the hardships that many are facing in this economy. These experiences have motivated me to help other people in my shoes.
I have recently been certified as a distressed property expert (CDPE) to allow me to better serve those who may be struggling with their finances and may be looking at a possible foreclosure. My goal is to help these folks evaluate all their options and choose the best course of action.
Good post, Kristin! For a couple of years, now, I’ve been surprised that so few people are doing the “jingle-mail” or strategic default thing. Unfortunately, it just makes sense. Back in October, Professor White from your state of AZ, wrote a paper endorsing exactly that: http://blogs.wsj.com/developments/2009/10/30/its-ok-to-walk-away-a-law-professor-argues/
I’m going to have to go check out Dean’s solution, now.
John Scott Smith
@JohnScottSmith
Crazy? I thought it was completely logical. Thanks for the mention, you rock and so does your vlog!
I think one of the faults in my proposal is strategic default, because it still makes sense to do. if I owe 400k on my home, worth 200k now, if i default and can get back into a house for 200k i save 200k principle and about 380-400k over 30 years, why would it not make sense?
I feel the same, Please take my house
My mortgage is with Bank of America
my loan is a fixed rate, and this still raise my payments.
I am a single mom and not long can make my payment of $1,496.07.
I am trying to sell.. not working.. and to tell you the truth the BANKS DON’T CARE..
So yes… TAKE MY HOUSE….. OR maybe you can help me and lower my monthly payments.