You may this similar question after years of trying to save and putting in “:sweat equity” into your first home. This was written by my loan officer and is very interesting.
The other day, while perusing through SF Gate for the daily fix of current events, I came across this compelling article. It describes the perspective of a young couple eager to start a family in there first home. Come to find that their achievements, their equity, pretty much their nest egg; had been swallowed up by the real estate “Black Hole.” “Where’d all my equity go?” It’s a question that comes up often in this financial climate.
The vast amount of Americans in this situation is staggering. The consequence of what the article explains “strategic defaults” would cause further spiraling into the abyss. I am in no way endorsing the actions portrayed as “strategic defaults.” My intrigue with the opinions of the article is due to the fact that it is completely relevant to so many people. It hits home. From friends and colleagues, to internet blogs and clients, it’s a situation that comes up far too often.
Thoughts? Comments? Feelings?
Jeff Tung Jr.
Senior Mortgage Specialist
Tel: (650) 465-9762
Fax: (650) 239-4022