Dragging It Out

by | May 3, 2012 | Bailout, Bubbleinfo TV, Short Sales | 4 comments

Converting from foreclosures to short sales is enabling the banks and servicers to draw out the recovery process.  In the meantime, the free-rent program will help to stimulate the economy?

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Jim the Realtor
Jim is a long-time local realtor who comments daily here on his blog, bubbleinfo.com which began in September, 2005. Stick around!
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4 Comments

  1. cool
    cool on May 3, 2012 at 8:34 am

    This is why I could never buy appliances, cabinets, etc from Craigslist when the SHTF in my area. I knew they were coming out of houses like this one. 🙁

  2. ocrenter
    ocrenter on May 3, 2012 at 12:13 pm

    assuming $3700/month rent, x 2 years, that’s almost $90k of free rent!

    but judging by the stealing of appliances, the prior owners were indeed p*ssed off.

    and in general, despite the free rent, people are angrier, and generally more depressed. simply because their lives are on hold.

    so while it sounds like a good deal to these “deadbeats”, the bank is really not doing any one any favors here.

    but try telling that to the liberal housing activists trying to keep these guys in these homes as long as possible.

  3. shadash
    shadash on May 3, 2012 at 3:09 pm

    With all the manipulation going in the housing market it’s amazing how badly renters are getting screwed.

    1. You can’t write off interest (So you end up paying more in taxes)
    2. If you lose your income source the landlord will kick you out. While “homeowners” can live for years in a house without making a payment
    3. If you “own” a house and get a principle reduction that’s like being given 30K+- in cash
    4. When the bank finally decides to sell the house they actually PAY you 3k+- to leave

    Anyone that defends housing deadbeats has lost their mind! These people are NOT going to start making payments again and they’re NOT going to invest anything in the house they’re living in. Why maintain the house if you know eventually the bank is going to evict you.

  4. GettinReady
    GettinReady on May 3, 2012 at 6:18 pm

    Every time I hear about the So Cal free rent program it makes me ill. What a responsible idiot I was back then. Coulda bought in 2005, then stopped paying the mortgage for 3-4 years. Would have had a nice stack of money in the bank. Irresponsible people seem to get all the breaks.

    I’m currently unemployed with a mod amount of CC debt. I should claim BK and screw the banks to make up for missing the So Cal RE bubble. Yeah, that’s the ticket! 🙂

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