FU virus infecting entire Communities
In certain ZIP codes in places like Homestead and Florida City, around 25 percent of the homes are in one stage of foreclosure or another. Countless others were built by developers and sit vacant in ghostly subdivisions, with not a buyer in sight.
25% of homes in some stage of foreclosure.......what do you think that does to the value of the other 75% of homes. That's right....it DESTROYS the value of 100% of the homes.
This is an example of how the FU infection can go viral and infect an entire community in a very short period of time. How do you think homeowners are going to feel paying down $400,000 mortgages when their homes are only worth $100K????
Imagine, your PITI payment is $3000 per month and your neighbor is renting his house for $1000???? There are many families in America that a paying over 50% of their income for house payments.....they are being forced to deplete savings and retirement accounts just to buy food. How long do you think this can continue before they start saying FU???
Reina, who is 31 and works as a police officer in another city, knows he can't simply sell. He paid $352,000 for his house, then spent months landscaping the front yard, laying sod and solar safety lights and little terra cotta vases for decoration near the walkway.
"See that house over there," he points to a gray house that is nearly identical to his. "It was foreclosed on last month. The bank is trying to sell it for $147,000."
He knows it will be years, maybe decades, until he can sell his home for what he paid for it. He's tried talking to his bank about adjusting the mortgage, but they said no.
What do you think this officer might tell the bank in the not too distant future????????????????
Remember, millions of people are losing their jobs every month. Many of these people were living paycheck to paycheck and will not be able to continue making their mortgage payments. Their houses will quickly go into forclosure driving down the value of every home on the street.
In some parts of Michigan, you can't give away the homes. The FU virus can have a devasting effect on social structure of a given community.
We will likely see more areas like Homestead, Fort Meyers, Detroit, Ohio, California, etc.......where the FU virus infects so many that it affects ALL.
It is only a matter of time before the FU virus affects you......Prepare.'
Until we treat the rising number Toxic Borrower..the FU virius will only spread. Remember, about 70-80% of America lives paycheck to paycheck with little savings backing them up....how quickly do you think toxic borrower syndrom will spread????