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Do you really want to know how bad it is?


By Robert Melaccio, sr(28,936) Robert Melaccio, sr



Recently I decided to investigate just what my home is really worth [good luck] on the market. Since I have an interest only loan I called my friendly banker who gave me the loan in the first place and stated I wanted to refinance the home, they own. After going through the process they stated my debt to income ratio was too high, sorry go away and my home is worth $121,000.

Now you have to understand and I bet you do already that I, like many, owe more then that, considerably more. Yet, an on line investigation from multiple sources, which is just a bare bones, providing the lowest possible sale value shows my home at between $160,000 to $168,000. My tax appraiser shows it at $145,000 [right on target by this estimate] and when I had three different Realtors in they told me the values have dropped about 20% on the high side of $255,000 but my home is now on the low side between $215,000 to $235,000. Low side being speculators. The reasoning these estimates do not take into consideration upgrades like tile, new kitchen, etc.

Now you do the math. And we will use their estimated value December 2006 of $240,000 [I rounded down] so 240 x 20% = a final value of $198,000. Still $70,000 more then their appraisal and well under the estimated sale price the Realtors placed in the home of between $215,000 on the low end to $235,000. Which one do you think that tax appraiser would want?

So I called the government agency that regulates banks in the state of Florida only to be told they don’t regulate the banks. The value of your home is up to them, their opinion. My elected representatives say call the bank and they will help renegotiate. Rhetorically, just what is wrong with these people that they do not know reality?

So as I wait for next years appraisal I am going to expect my taxes be based on the $121,000 the bank says it is worth. Now what does that say about next years economic situation? Common now, think?

I sincerely believe in my opinion and as defined in my earlier article the collapse is right around the corner for many, if not here already. No not the haves. I am never addressing them. So you average Americans who can’t get a car loan unless the entire family signs for the car guaranteeing the loan, can’t refinance because you have too much debt, your credit card holders calling all day long every day unendingly and requesting $400.00 a month or more just for the past due, fuel prices, food prices, utilities, home insurance, auto insurance, etc, etc, etc, and these "LEADERS" sit there and either know what they’re doing or do not have the slightest idea.

Now for those who do not have these problems, this situation, that 40% who has it all for now, this is meaningless and frankly they don’t give a damn. It isn’t them. They are in love with the likes of Obama, Hillary, McCain and all the rest. In my opinion talk about "a ship of fools". The hopeful, the dreamers, the blind leading the blind. Yes, it isn’t about people. Never has been and never will be. Hey just opinions.

Now I go each day and read all these article about Hillary this, Obama that, McCain this, etc and see all the responses and wonder just where the hell reasoning and weighing of outcomes gone? Where has simple logic gone, where has common sense gone? People really think these people are the answer. Yes educated people, when the signs and symbols of disaster sit right next door to them or up the block

Yes "there but for the grace of God go I", is just around the corner my friends. Check it out for yourself and see how well you are doing with your home. You just may be shocked that you owe on the farm much more then it is worth.

So here it is from strictly a business perspective, forget human beings, why wouldn’t anyone cut their losses and go? It is done everyday in business. Yes it is called a tax write off. Cut your loss and move on. You, well you get the shaft. That is the fear that keeps you glued to the problem. Yes an even though they call you crook, low life it is morality. You truly desire to pay but they make it impossible and you’re the low life, how pitifully sad.

Well my friend think about it. The people who have problems already are in bad shape. They have ruined their credit. They are paying through the nose for everything. They are going deeper and deeper into the whole and many times for "unsecured debt" and those PROFESSORS OF GOD allow it. Your neighbors are the enforcers, the executioners and yes even the ones who call you those names and harasses you day and night. Yes even when you have sickness or other problems. Hey it is all about the almighty dollar and we do know where their heart lies even while they profess something else.

They I respect your opinion, your point of view but perhaps maybe before you form the Easter Bunny approach you stop to look at just who you seem to like and why? I’m open for an answer but you know something few respond. They hide off in a corner knowing they agree with these types and just do not want to say it openly. It is as simple as that. To say it openly means you agree with immorality, breaking laws, outsourcing, dismantling America, fact Not fiction my friends just look around.

Robert T. Melaccio Sr. 2008 Copyright ©2008 Robert Melaccio




This Blog Post has been read 209 times.
Posted to ProBlogs.com on Wednesday, May 14, 2008
View other posts by Robert Melaccio, sr

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