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Old 08-08-2009, 07:21 AM
3 posts, read 4,905 times
Reputation: 10


Originally Posted by SmartMoney View Post
I am amazed when homeowners are presented with the facts, they refuse to believe "their" home could have possibly lost that much value. LOL, I even heard a fellow loan officer say her neighborhood was in pretty good shape, very little value had been lost.....We are in one of the top 20 declining markets in the county.....One local community made network news for about a month running......and her home wasn't affected? *Sigh.
Smart, thanks for input, there is nothing else going on with the loan, just lender( let's call them JOHdirect) doesn't go beyond 75% LTV(from your previous reply). I'm also not under the impression my home did not lose value in the recent decline, but the apprasial came back lower than every comparables in the neighboorhodd, except one which was trasferred twice in the same day via a relocation company(i am in an area where employers often buy/sell homes to bring in or move out an employee).

Being in the industry for 30 years are you under the impression that prior to the recent bubble burting appraisals were not inflated to help feed the frenzy? I'd bet 87% of peopl believed homes were inflated prior to the burst while onlya small percentage believe their home was inflated as well.

As I mentioned, this is a new scenario versus past experience and I am looking for opinions/options on making a negative into a positive.
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Old 08-08-2009, 07:54 AM
9,807 posts, read 14,230,465 times
Reputation: 8189
-----" on making a negative into a positive "--

Sometimes you gotta accept the fact that you can't make a silk purse out of a sow's ear.
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