John Mayer's Real Estate Blog: January 2009

Middle Class Screwed Once Again

Over a year ago, my close friend “S.M.” was laid off from his union carpenter job in Florida and had to go to South Carolina to find employment. He couldn’t find work anywhere on the Space Coast, was living on credit cards and had no way to pay the bills. His home was listed with me as a “short sale” meaning he owed more than it was worth. After all this time, the bank had finally come to terms with current market values and would accept the latest offer if he signed a $17,500 promissory note payable over 19 years for part of the shortfall. His lawyer advised him not to sign it and said he had a hundred more in his trash can. This is after the bank initially said they would write it off. He has recently been laid off from his job in SC and found out he does not qualify for unemployment insurance for a month or two. We tried to negotiate with the bank but all we got was voice mail. He wanted to do the right thing but it’s hard when someone keeps kicking you when you’re down. His wife is on permanent disability with fibromyalgia, rheumatoid arthritis and has just undergone major surgery. It makes you wonder where the bail out money is for the people who really need it. The hard working middle class of this country have paid their dues and taxes and will end up on the short end once again. Subsequently, the US Bank foreclosed and a lot of Realtor's and buyer's time was wasted. Get ready for more of the same in 2009!

Comment balloon 3 commentsJohn Mayer • January 18 2009 10:44AM
Middle Class Screwed Once Again
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Over a year ago, my close friend “S. M. ” was laid off from his union carpenter job in Florida and had to go to South Carolina to find employment. He couldn’t find work anywhere on the Space Coast, was living on credit cards and had no way to pay the… more
Short Sale Freeloader
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As a Space Coast Realtor, I have seen a lot of crazy things happen in this market but this is kind of funny and sad at the same time. I arrived at a home in Port St John that I was going to show to find my clients talking with the neighbor and a… more