At Starbucks with a fellow real estate agent who's always been fairly successful. Lives in a nice gated community, has a Mercedes, two other properties - one on the lake, the other a rental condo in town. She tells me business is slowing down more than expected. While volume seems up, prices are down, everyone wants that fifty cents on the dollar house so you're out showing dawn till dusk. Many foreclosures in lower price ranges are priced according to condition with some having the copper plumbing missing, heat and air units stolen, neighbor kids have used a property for a clubhouse, sewage back up makes smell unbearable to view the property and the beat goes on. You have to show a lot of properties to find one that's acceptable.
Meanwhile back at the ranch, this agent has got to jettison the rental condo, the condo fees either will go up or there will be an assessment to cover non-payment by some of the residents who are going into foreclosure and have already moved out! This agent informs me that she just lost a great tenant who was moving back home and that attempts secure another renter haven't worked out because of lack of credit worthiness. She hates to have to mail back the keys, but with everyone doing it, the bank will understand and while her credit score will be dinged, it will be more comfortable for her and she'll be able to continue to pay for both houses and cars. If something comes up, the CDs, IRAs and bonds are there for backup.
I ask her to go back a few steps. What makes you think the bank will be so benign? Why will the bank merely take back the condo, ding your credit and give you a hug? Don't you realize when you go to a loss mitigator at the bank after you miss a few payments that you'll have to hand in your tax returns and when they see that you're both still earning, have money in the bank and other assets and can still make payments that you'll either have to continue paying or liquidate some assets. Where did you get the idea you could just jingle mail the keys back to the bank? The bank is going to go over your financial information like no tomorrow and they have your social security numbers and can do the research, trust me. Once it's obvious to them that you can make your payments, it's just a drag for you but not financially impossible, you'll have to break your promise to the kids, not go to Disney during spring break and keep paying your mortgage. You will have a financial autopsy the likes of which you have never seen. She looks at me incredulous and says "you're such a downer, that would never happen. Let's change the subject."
Physician heal thyself.
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