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Andrew asks Shawn what are the changes that happened in the market place that are causing less foreclosures but Tampa Bay still has a high number compared to the rest of the country.
He says that one of the problems during the recession was the theory that everybody deserves a house and we need to stop foreclosures. There will always be divorces, always be loss of a spouse, there will always be medical issues that cause foreclosures. It will never go away but now, judges are a lot more keen on some of these arguments that would otherwise delay a foreclosure which means a lot of foreclosures are starting to speed up again. A lot of the backlog are working their way out of the system. Sean said that he can keep something slow down for about a year to a year and a half but it's getting harder and harder to delay. Default rates are still high and Tampa was probably one of the worst hit areas in terms of the recession and it's taking a bit more time for Tampa to get out of that market space.
Andrew comments on what Sean had said about the people having that entitlement mentality that they need to keep the owners in their homes. A part of him says yes but they need to pay for it because that's what they signed up for. That's being a responsible person. Everybody has setbacks but it's not an excuse. There are a lot of people who needs to be foreclosed on.
The people are now turn away from this mentality as Andrew observed. Not everybody should be a homeowner. Not everyone who goes into foreclosure or misses a payment should be saved. Not everyone has a valid reason other than legitimate hardship. Having a lot of foreclosed homes in Tampa is natural especially since they have an older population.
Sean further discusses that although Tampa's foreclosure and default rates are dropping, they still have one of the highest number of upside down home owners.
Andrew said that the foreclosure process now has changed and what others have experienced a couple of years ago might not be the same today. An example of this is the Mortgage Debt Relief Act where you get taxed on the waiving fee deficiency and this law, for now, has gone away. There's a whole segment of people and attorneys who delayed the foreclosures so much that some of those tax benefits and exclusions have gone away. Those borrowers who delayed and delayed on the foreclosure case but are now starting to finish up, may be hit with huge tax penalties because they delayed.
David adds that in effect, lenders have become more stringent on those who are looking to buy and sell right away which has made the process a bit more difficult.
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