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“Personal Responsibility” is a Dirty Foreclosure Phrase?

OpenDoorAuctions.comWe try not to focus on the recent several years worth of foreclosure free falls from a negative point of view. Yes, every foreclosure represents a failed American Dream, and that’s not a pleasant idea. But too often lost in the “woe is me” mess is the fact that a willing citizen signed themselves up for a mortgage they couldn’t afford, and a willing federal government backed up the foolishness by guaranteeing a loan that a private lender probably never would have made in a free market.

But the coming months aren’t looking much better, as the real estate predictions of Open Door Auctions founder and CEO, Jason Hartman, look to be coming true by summer’s end, when the federal government finally faces the fact that it can’t afford to stem the tide of foreclosures by trying to prop up bad loans. For the past three years, the government has stood behind mortgages in pricey neighborhoods in states like California, New York, New Jersey, Connecticut, and Massachusetts, but those free-rider days are coming to an end as politicians from both sides of the aisle have decided that it is no longer the responsibility of the American taxpayer to subsidize over-priced homes.

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The bottom line is this – there’s another wave of foreclosures on the horizon and the buying opportunity will be ripe for investors with cash on the sidelines looking for good deals. Is it sad that people are losing their homes? Certainly. Is it their own fault and their own responsibility? Absolutely. Personal responsibility when it comes to foreclosures is sometimes a dirty word but it shouldn’t be.

The fact is that an extraordinary number of Americans made a poor financial choice and now they’re paying the price. Should investors stay on the sideline and weep for them or jump in, buy the darn houses and provide a necessary community asset, namely, rental property? After all, those people losing their houses to foreclosure have to live somewhere.

Some of the highest priced neighborhoods in the United States are about to become a testing ground for the Obama administration’s belief that the private mortgage market can go it alone. Expect higher-priced mortgages and fewer buyers but…

Buyers looking to snap up great investment buys now should explore the inventory on Open Door Auctions immediately.

The Open Door Auctions Team