The South Florida Market

**THE REDEEMER** · 08-29-2007, 09:41 PM

The Only buyer in this market is the Bank!

The combination of the over inflated market prices from the 05 boom, (which allowed owners to refi and cash out) and the neg/am sub-prime loans. Has resulted in a record numbers of upside down owners with negative amortized loans that can't afford the $3000 monthly payment on there $50,000/yr household income.

In this situation what do the experts advise? Call your bank as soon as you know you are in trouble! why do the experts tell us to call our lenders? So the lender can update and verify your personal information and then serve you a foreclosurer notice. I have spoken too and heard countless stories from homeowners who tried to do the right thing and the banks just slammed the door in there face. Sorry, if you can't make your payment, We can't help you. Blab blab blab.... This response from the banks left the homeowners with only one choice, but to turn in there keys and abandon ship. Which is extremely evident as I drive the neighborhoods in my area. For ever 1 house I find on a street in foreclosure there are at least 4 others sitting empty. Abandoned and the owners are nowhere to be found. So with no equity and no owners to contact the only buyers in this market is the Bank. What will the banks do with all these houses?