From the Fryer into the Frying Pan! Many New Renters believe 1+1=3.

Many homeowners continue to reel from losing their homes to Foreclosure there seems to be a major cause for alarm for these people when it comes to facing the music.

Now faced with renting a home many of these families paid $2000-$2700 per month on their mortgage.Some seem to believe they should continue to locate homes which are suitable to their old home,thereby paying the rent which equals their mortage payment.I don`t quite understand the logic, you lost you`re home because you weren`t able to afford the mortgage payments, wouldn`t it be wise to regroup and find affordable housing suitable to your budget?It`s hard to imagine some believe 1+1=3,but faced with the loss of a home,many haven`t yet faced the simple truth about saving any money.

Case in Point:

Family#1: Recently located from the Midwest after losing their home to foreclosure 14 months ago. We spend three weeks looking at suitable rentals all well within their budget and their needs. They want to explore the possibilities of locating a “Lease Option”.It`s almost impossible to find someone who will take the chance but we do. After going back and forth for several days, the owners come to an agreement,but want assurances,this couple is genuine they counter offer, the couple hears the offer and rejects it,based on the fact they believe “It`s a Buyers market”.Go figure!

Family#2: With the bank accelerating the loan and foreclosure imminent this couple refuses to believe they have to move! I continue explaining it would be wise to locate a small condo which is available immediately for $900 per month,they get angry at me! They want to move into a 3bed,2ba, Single Family home which rents for $1750 per month. We explain they couldn’t`t afford their current mortgage of $1800 per month,what makes them believe they`ll be able to afford this rental?

Family#3. With the home bought only 7 months ago, this family is having trouble paying the mortgage of $2300 per month. The home is on the “Market For Sale” with no offers yet to arrive. They want to have us write a lease for a 4bed,3ba,2CG Single Family home for $2800 per month! One problem, they have enough money to cover only 1st months rent. We explain, the possibility of the landlord accepting this offer is unlikely. They`re upset we`re not trying hard enough to convince the landlord how worthy they are as tenants!

At some point in life you have to realize what you can and can`t afford. Maybe not!