Ten years and three days ago the airplane with my family landed in Chicago's O'Hare airport. We entered the United States with eyes wide open, open minds and desire to explore and absorb the American spirit. We came here from Moscow - the capital city of Russia, former USSR. We were neither too young, nor naive. We lived under Communists, we enjoyed the freedom of the first years of romantic post-Soviet capitalism followed by not-that-enjoyful power of bureaucratic state oligarchy. We believed in America. We still do.
I earned my Real Estate sales license in less than a year after arrival to the United States. My choice was clear: we needed to explore and understand the core rules of American life. The core was in the homeownership - genuine American Dream.
I was always fortunate to meet right people in my life. My new American friends and colleagues were all the right people. My neighbors Jean and John welcomed us to our first neighborhood (we still live on the same street). Annual neighborhood parties held on the third Sunday of August by friendly neighbors. Beauty and magic of Holiday decoration created by regular people not because the City officials demand it (like it was back in Russia) but solely because of love and joy.
My first office and my first broker - amazing Barbara Antonelli who taught me the REALTORS' Basics and encouraged my creativity. Patience of my first clients who appreciated my enthusiasm, professional habits and ability to learn while suffering from my not so perfect English. Thanks to all of them, I made it to become a Millionaire Club member that year.
I remember very well that many of MLS descriptions said: Pride of homeownership! Pleasure to show! It was then - in Before-the Crisis life. It was custom to be proud homeowner. It paid well to be proud homeowner.
Not now. Few days ago Liz Pulliam Weston from MSN Money published the article Is your home worth keeping. Normal for today's crazy world article with "sound" advice on how to not only abandon your American Dream but also capitalize on this!
Author writes: "I was furious the first time I read about homeowners living for free while their lenders foreclosed, a process that can take up to a year. It seemed dishonorable to stay in a home you weren't paying for. But again, in purely financial terms, it made sense, since people could save up the money they had been spending on mortgage payments, property taxes and insurance."
How come that "purely financial terms" are overcoming pride, honor, dreams? How's come that Big Brothers - whoever they are - banks, Wall Street rulers, or government, started encouraging people to take unreasonable loans against artificially overappraised properties while easing the process of bankpupcy. How it became possible to allow lending to these bankrupts in 24 months (!) after bankrupcy discharge?
What's behind the banks' decision to allow the short sales mostly on the properties with delinquent payments? What about one of the "Stimulus" gems - right to restructure the loan ONLY if you are 3 months late on payments? Looks like more and more people are asking the same question: Are we idiots to make mortgage payments? See how many benefits and help come to those who don't make it. The whole system works to assist those who don't pay!
Happily for this great country, not everyone is thinking "in purely financial terms."
I do believe in America! I am blessed to know and work for many, many people who are proud to be responsible, honor-bound homeowners. I do believe that honor and pride are not extinct, not even eroded despite the efforts of those who used to think and act "in purely financial terms".
