Your experience is not uncommon. For many, their is great difficulty in reconciling that middle class America has lost 40% of it's wealth due to the shenanigans of the big banks. This loss is primarily reflected in the real estate owned by the tax paying middle class. Imagine, if you will, the increased tax burdens that may be imposed on all Americans in the coming years. Increased insurance. Increased user fees. Increased everything....it gets scary.
Most major home improvements and repairs, such as new roofs, paving, additions, and remodeling were paid for with HELOCs that require equity. It is very likely, any home purchased after 2000 will have zero equity. If these were new homes during those boom years, they are at the exact point where roofs and HVAC systems are needed. The ramifications of what the big banks did continue to victimize everyone...except the bank!!
Those who find they need to sell their home for whatever reason, are shocked to see what the real selling value of their home is. For most, this forces them into a short sale, a nightmare, a mess.
It will become increasing imperative to make decisions that keep your money in your pocket to spend at YOUR discretion.
You may want to consider a few local lenders, those who have a history of investing in their community through home loans and small business loans. Enter your town or zip code and call an "A" or "B" graded local bank. The biggies, you will see have received a well deserved "F"
Best of Success to You,
Annette Lawrence, Broker/Associate
Remax Realtec Group, Palm Harbor, FL