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"Sub-crime" ooops Sub-prime

by Maureen McCabe on January 16, 2008

man exercisingFreudian slip? In talking to Columbus Ohio Real Living HER agents on Tuesday about today’s housing market, attorney Karl Schneider of Maguire & Schneider said “sub-crime” rather than sub-prime.

 

Not all of the mortgage woes connected to sub-prime defaults were because of crime of course… but mortgage fraud with or without straw buyers is part of the problem.

 

The topic was short sales and foreclosures. Schneider used “workout” to describe short sales. I had first heard that terminology, “workout” about a year ago. This was originally published on Discover Columbus … last February:

 

This is hardly about exercise… this is about the real estate market in Central Ohio. Although I could say exercise caution….. when it comes to short sales.

 

A fella in NJ, David M. Petrovich described short sales as a workout program…I had never heard the term workout program before… I am taking a class on short sales today. I have negotiated a couple of short sales (buyers side) and they are a nightmare.

 

Short sale as in it will all be over quick? Guess again. Everything about a short sale takes longer.

 

Definition: A pre-foreclosure sale. The lender (s) take (s) a short payment.

 

Petrovich writes about The Perfect Storm- Get Ready to Short Sale!

 

Last February I went on to show Short Sales in Central Ohio in the post on Discover Columbus, not the houses, the numbers.

 

Schneider and his associate were able to share how short sales, foreclosures and bankruptcies affect your credit report. At the Real Living HER meeting no one mentioned Schneider was just named a “Super Lawyer” .. congratulations. I thought they hated being called “lawyers?” I guess it is different if you say “Super” first.

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{ 2 comments }

1 Chris Griffith January 16, 2008 at 12:57 pm

My own son is in the midst of buying a short sale. It’s a marathon!

2 Maureen McCabe January 16, 2008 at 06:59 pm

I hate the waiting.

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