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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: GraceZ who wrote (176868)1/13/2009 4:01:56 PM
From: Lizzie TudorRead Replies (1) of 306849
 
To think that someone who did "everything right" (NOT!) and still finds themselves deeply underwater should also receive that rate is a very large stretch. I'm not going to lend them money, are you? If wishes were horses we'd all be riding.

Actually somebody who pays his mortgage despite being underwater is probably the best credit risk I'd say. I would lend to them, yes. With a person like you, who played it all right, how does the lender know what you would do if things ultimately went wrong? With the current underwater people, we know what they'd do- continue to pay.

Note that this does not apply to some areas of the country like SF and Palo Alto because there are not enough declines there to really register with homeowners. But if you are in Phoenix and underwater and continue to pay you are a pretty good risk. Just a thought
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