The Dream Of Home Ownership: Striving For A Second Chance
The Dream Of Home Ownership Was Written By Francine Sinclair
It was sometime in September 2008 when a friend of mine, who happens to share my name (Francine), walked through the front door and said: “Did you hear what is happening to the economy?”. I sort of drew a blank because I had been watching the news intermittently, the elections were coming up and at the time there was a big controversy about how the then presidential candidates Barack Obama and John McCain were carrying themselves during the economic crisis. One of them (I think it was McCain) suspended his campaign for a few days to “handle” the situation, while the other didn’t.
Economic Meltdown Of 2008: The Dream Of Home Ownership
All I remember was a bunch of talk about a 700 Billion bailout. There was definitely something big happening, I just didn’t know how hard it would hit me. It didn’t take long before I found out though. As a matter of fact, I’m still finding out. The immediate consequences were that my family and I could not sell our house when we relocated to another state. We also owned other properties with tenants that were unable to pay their rent due to the massive layoffs that ensued. Eventually we got rid of the properties, some of them by short sale others by way of foreclosure, but it wasn’t an easy thing to do and it was never clear what was the best option because both terrible. The impact of the economic crises was immediate, profound and long- lasting. It has prevented us from buying a house in our new home state for years. The rules established by banks in the aftermath seem arbitrary and for us, they have been moving targets. Every time we meet the requirements…they change again!
The Dream Of Home Ownership: Goal Of Becoming A Homeowner Again
Never before did I so clearly understand the advantages of owning my own home, and never before did I care so much about it. They say that you don’t appreciate what you have until you lose it, I can say that this is the truth. Dealing with landlords who can decide how long you will remain in a property is not comforting. Not being able to make upgrades, decorate anyway you want, having to wait on landlords for repairs and not being able to plant a garden because you can’t take it with you are some of the inconveniences that I have experienced. I’ve moved so many times in the past 7 years that I swear I will never, ever want to move again. As a matter of fact, when I die, I want to be buried under my own house if possible.
Working with lending professionals that know what they are doing is of the highest importance. With such a complicated scenario as the one described above. I won’t risk working with someone who is just “OK”, I really need the best. Based on my experience, having also worked in mortgage lending, many people will tell you what you want to hear, they will tell you that they can help, but words and actions are two absolutely different things. Personally, I only deal with the most competent professionals who can ensure my success because there really is no place like home.
About The Author: Francine Sinclair
Francine Sinclair is a professional writer and an expert in real estate, credit, mortgages, and investments and the marketing consultant and advisor for Gustan Cho Associates. Francine Sinclair has extensive experience as a loan officer and real estate investor and we are honored to have her write for Gustan Cho Associates Mortgage and Real Estate Information Center and its affiliates. We look forward to more articles from Francine Sinclair.