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The Irony for Responsible Homewoners

No one’s a stranger to what’s been going on with real estate in this country for the past few years. Upside down homes worth a mere fraction of the purchase price, defaulted mortgages, foreclosure after foreclosure – where’s it going to end? Today, we caught wind of a story on CNN Money stating that responsible homeowners aren’t immune to the effects of the real estate market, either. Just like everyone else (and in many cases, even more so) they’re having trouble getting help from mortgage lenders when they want to refinance.

Those hybrid and alternative loan products are still coming due and set to adjust, so when homeowners who are current on their payments go to the banks wanting to refinance, they’re being denied because…well, they’re just not late enough on their payments. Banks are reluctant to refinance properties that are current on payments but where property values are way below the purchase price, leaving these responsible homeowners out in the cold.

We don’t know where the mortgage crisis will end in this country, but we hope the banks will see the light and find ways to help responsible homeowners support our economy instead of eventually place more burden upon it. If you’ve recently purchased a home or refinanced, you’re hopefully in the clear from the effects of this mess. Best to head out into that backyard and enjoy the sunshine on these last days of summer!

The Staff at San Juan Realty, Inc.

700-Oak-Street-Residential-Commercial-Ouray-Colorado

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