I have a fear of the repurcussions of what all these loan mods will do to the already poor education performance in our country along with the effect on our future economy.
In the past home equity has been a primary source of capital for funding college educations. Today many homeowners are making the decision to stay in their homes and do a loan modification rather than do a short sale. What may seem like a good decision for the family today may ultimately create long lasting financial problems for the children in the not too distant future.
When a homeowner elects to do a loan modification they may be stuck in that home for the next ten or more years with negative equity. It's understandable that a family head may decide to keep the children in the same home, same schools, etc., but if it's at the cost of their future college education and likely their future economic earnings, this could potentially be an extremely damaging decision. I just don't think we can afford to be short sighted in making these decisions. Our hearts go out to these families now, but our hearts will break wide open if these same families get trapped in poverty for decades to come.
For more information on short sales, please visit my website at ShortSalesinWestPalm.com.
Hi Everyone-
My name is Ellie Drury, and I am an active realtor in the West Palm Beach, Florida area. I dropped out of college to go into real estate a long time ago. I've tried a few other things, but have been back in real estate now since 2001. Most of the time it feels so natural that it doesn't even feel like work. There is never a shortage of people who want to live here, and I enjoy helping newcomers feel at home while showing off this place I love. Real Estate is a great way to make friends!
Since the start-up of AR members have been saying, 'Why don't you belong?'. Well, I guess there were two main reasons: my goal to keep my life simple and unencumbered with unnecessary things, and also that I really didn't quite 'get it'. Finally the members got through to me that it was more than necessary to join and that I would love the education I got. Ah, education is something I really love and find absolutely necessary. Then earlier today I came across a link on the CRS website that explained social networking in extremely simple terms:
Now I 'get it'! I look forward to being part of this community of professionals that share my love for the business and getting to know many of you.
Ellie Drury
Home Run Real Estate
Greenacres, FL 33414
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2012 ActiveRain Corp. All Rights Reserved