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Tuesday, July 13, 2010

"The rich are different:; they are more ruthless."

“The rich are different: they are more ruthless.”   Those are the words of CoreLogic’s senior economist Sam Khater.  I ran into that statement while researching articles of mortgage defaults, short sales and strategic defaults.

It seems that some believe the wealthy among us have the ability to walk away from an upside down mortgage and not be as concerned about the ramifications of a credit hit. I read last week that one is seven million dollar plus mortgages is delinquent (vs. one in twelve under the million dollar mark).

I don't believe the wealthy are more ruthless but rather just have the resources available to easily move on with their lives after a default or foreclosure.

The ability to continue to live without having to borrow may be the only difference.  And it is this difference , I believe, sometimes forces the non-wealthy to continue paying a mortgage even while other bills go unpaid!

Circumstances change.  Jobs are lost, income reduced, death, major illness..hardships that make getting out from under a mortgage a necessity - not a choice.

In these hardship cases there are are options available.  The short sale is an option.  The deed in lieu of foreclosure is an option.  Talk with your lender.  Consult a real estate attorney.  Call a real estate agent who understands the short sale process.

Are the rich different than anyone else?  I think W.C. Fields summed it up rather appropriately when he said

“A rich man is nothing but a poor man with money.”


If you are in Brevard County Florid and a short sale is a possible consideration, contact me to discuss how we can assist you.

If you are a buyer looking to purchase a short sale, call me at 321-693-3850 (email me).  There are short sales available as condos on beach, in golf course communities like Baytree, 55+ communities like Heritage Isle…most communities in Brevard County, in all price ranges!

Gary L Waters PLLC, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida

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