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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: 1st visit for Equity Purchase in IE Posted by Kristine-CA on May 12, 2010 at 6:56 PM In Reply to: Re: 1st visit for Equity Purchase in IE posted by D on May 12, 2010 at 1:57 PM I am familiar with strategic default and know it's happening. I also know people who have income and credit and can afford their over-encumbered properties, but are choosing to walk away. What I'm not so sure about is how many people aren't paying for 1-2 years before foreclosure. Do you have any stats or resources on this? I know it can and does happen, but I don't think it's the norm. If it is, I want to know more. How many people in CA do you know that didn't make a payment for 2 years before a trustee's sale? : There are a lot of reasons people aren't doing equity purchases right now. If it were me I'd avoid doing equity purchases for one reason: strategic default. It used to be that people couldn't make their mortgage payments because of some problem in their life. Now people are who are perfectly capable of paying their mortgage are choosing to just not pay. The reason being the banks simply are not foreclosing on people. It used to be people were ashamed to be in default or in foreclosure. Now people look at it like they just got a raise in pay. So many people are not paying that experts are arguing the reason our economy is doing better is all these people not paying their mortgage are going out and spending the money they should be paying the bank every month. Especially in the IE, just about everybody knows someone who hasn't paid their mortgage in 1-2 years. This idea that the bank won't foreclose if you don't pay is spreading like a virus and people are catching on. I think you're going to find most people you talk to probably have more money than you do considering they haven't paid their mortgage in a year. : I hate cold calling but if it were something I was comfortable with I would door knock people who owned their homes free and clear and try to work out some sort of seller financing deal. You'd probably have zero competition with lots of leads to work. : Just my 2 cents. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : I am familiar with strategic default and know it's happening. I also know people who have income and credit and can afford their over-encumbered properties, but are choosing to walk away. What I'm not so sure about is how many people aren't paying for 1-2 years before foreclosure. Do you have any stats or resources on this? I know it can and does happen, but I don't think it's the norm. If it is, I want to know more. How many people in CA do you know that didn't make a payment for 2 years before a trustee's sale? : : There are a lot of reasons people aren't doing equity purchases right now. If it were me I'd avoid doing equity purchases for one reason: strategic default. It used to be that people couldn't make their mortgage payments because of some problem in their life. Now people are who are perfectly capable of paying their mortgage are choosing to just not pay. The reason being the banks simply are not foreclosing on people. It used to be people were ashamed to be in default or in foreclosure. Now people look at it like they just got a raise in pay. So many people are not paying that experts are arguing the reason our economy is doing better is all these people not paying their mortgage are going out and spending the money they should be paying the bank every month. Especially in the IE, just about everybody knows someone who hasn't paid their mortgage in 1-2 years. This idea that the bank won't foreclose if you don't pay is spreading like a virus and people are catching on. I think you're going to find most people you talk to probably have more money than you do considering they haven't paid their mortgage in a year. : : I hate cold calling but if it were something I was comfortable with I would door knock people who owned their homes free and clear and try to work out some sort of seller financing deal. You'd probably have zero competition with lots of leads to work. : : Just my 2 cents. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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