Repo Houses

Repo Houses are a bad dream for Americans. Due to over speculation and over-valuation of securities associated with house property, with no due diligence done, the crash in the property values has shaken the very core of the business practices that Americans preached for other countries the world over. And it is not as if only the small fry were involved, but the larger ones too, who simply did not look beyond their noses.

What is the cost of this? It has hit a very large number of people, all across America, leaving them open to other risks; and the only way out seems to be to sell their homes or houses to get out of the mess and clear up their family budget.

Repo Houses are available everywhere, and it is painful for those who have been affected for no fault of theirs. And the worst is that those who did have mortgage problems, did not, or were not offered chances to redeem themselves. In the case of Repo Houses, those in whom the owners themselves reside, have a possible chance to retain possession, which will depend upon the Supreme Court’s decision on whether a mortgagor can take possession of a house, no matter what the mortgage deed contains, where it is the owner himself occupying it. In other words, Repo Houses inhabited by the owners themselves alone, may fall out of the purview of having to sell the houses.

This is a situation which one has to wait and watch. Unfortunately, for those with these burdens of Repo Houses, the media is more full of Hillary Clinton, or Obama and the forthcoming Presidential elections, as also the slide of the Dollar against other currencies. America has gone into the defensive mode.

In one way Repo Houses have an advantage for the affected persons. Since the dollar has become much cheaper than other currencies, it is possible that other countries whose currencies are strong, may invest in American property. This would provide Repo House sellers an opportunity to get a better price than would have been possible hitherto fore.

Since there are a large number of Repo Houses involve, obviously supply exceeds demand, and that drives the prices down. But then what chance the individual have, when other avenues that were available were exhausted. Should they declare personal bankruptcy, in which case these would be suspended? This author does not seem to have read any article about this aspect of Repo Houses.

But declaring personal bankruptcy has its downside. By doing so, you are shorn, first of all, your dignity, your self respect, and finally you do not know the outcome.  Declaring bankruptcy is not as easy as it seems.

Sad as it is Repo Houses present a bargain for those who have money to invest, and who believe that a house and property is more a solid investment than those on the share markets, which have been tumbling down like nine pins, and again going on a yo-yo.