|All That Glitters is Not Gold|
Why, you ask? Because there are homes that sold with the loans guaranteed by FHA, only to be lost in the mortgage debacle. Therefore, the Federal Government had to pay the mortgages to the lenders, when millions of people either just abandoned them, when they discovered that they owed more than what the homes are presently worth, and others lost their means of income, and had to walk away. Also unfortunately, the public's tax dollars are what it used to fulfill that guarantee. Now, with many homes, both stick houses and manufactured homes sitting empty, many just plain abandoned, many of them listed for sale, and not selling at any price, others are selling, but for only a fraction of what the original mortgage was, while the FHA is having to back up the guarantee that they agreed to, when people defaulted in their mortgages. Many of these people ripped out all of the appliances, as well as carpeting, crown moulding, and practically everything else that they can remove that was in the home when they bought it. They are leaving these places in such a mess, they just don't sell, or they have to be sold at a drastic reduction of the remaining mortgage contract. It's a vicious circle, and so far, it seems to have no end in site.
|For Sale But Not Selling|
Soon, one of my friend's family members went online, and did an in depth search, and discovered that the landlady had been lying since day one, and the place was indeed foreclosed on. She did not even own it any longer.
Now, my friend is looking for a place, and may actually move in with me, as we can both do better together than separately in today's housing market. She also recently had a fall, and can barely walk, and still must move. If she waits for the natural progression of legal events, she will have possible ninety days before she will officially have to move. That does buy her some time, and will allow her to save a little that will come in handy in getting another place.
We have known each other for about twenty-seven years, and get along well, and understand each other pretty well, with our children growing up together, and living just around the block from each other. Since we are both retired and disabled, it appears that we would both benefit from living together, rather than on our own, we are looking for a place which we can own together, so that should something happen to either of us, the other one would inherit the place, and not have to move again, hopefully.