Real Estate Blog - Hey Mr. President, I need a place to live!!!!!

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Hey Mr. President, I need a place to live!!!!!

Hey Mr. President, I need a place to live!!!!!

Hey President Obama,

I need a place for myself and my family. Yes, I was duped by the situation that occurred in 2005! I was duped by a mortgage broker who embellished my income, who didn't explain to me what a balloon mortgage was, who said my property would only increase in value. The picture of the future was perfect and I expected that the Economy would improve as well.

Well, "REALITY CHECK".

Now, I have had to move back in with my parents...my wife, and 2 children...I'm totally embarrassed.

Why can't you come up with a policy to give a flat rate of 5% for those of us that have become victims of the balloon mortgages and the issues that came with the frenzie of 2005?

Why can't you control this situation that has so many people ending up in short sales or foreclosures?

If you would mandate the banks to give us the current lending rates, we wouldn't be homeless, we wouldn't be in short sale status and/or we wouldn't be in foreclosure now because we would be able to afford the mortgage payments.

Why don't you control this situation?

If I wasn't the victim, I could still pay my mortgage, my children would still have a home, and I WOULD be PAYING my mortgage on time.

If the current rates are around 5%, why don't you mandate that the banks give me the same rate now, so that I can keep my home, instead of ruining my credit, making me embarrassed, making me move into my parents home, or a rental property. This foreclosure is sure costing the bank more money than if they would have made a deal with me...at a lower interest rate than it would be had they if they were mandated to make me a better deal. I cannot afford to re-mortgage, nor will the bank that has my mortgage help me.

WHAT SENSE DOES ALL OF THIS MAKE?

NONE WHAT-SO-EVER!

Like I said, If mortgage rates are now 5% for new home buyers and the people who are fortunate enough to be able to re-fi because they have the money to do so, why can't you make a deal with me so I won't lose my home?

Think about this. If the banks would work with the owners, how much money would have already been saved and how many banks would need assistance? People would still be paying their mortgages and the banks would not be in trouble.

I'm not a mortgage broker, a lender or anything of the sort. Just a REALTOR(R) with an insite into how this debacle could have resolved a dramatic situation which has resulted in a major mess in the good ole USA.

What a shame, how do the rest of you feel?

If you need any information on a condo or home in Broward County, ocean front or Intracoastal units, feel free to call me anytime.

http://www.KarenMonsour.com, 954-464-4194 cell.

Posted by Karen Monsour,REALTOR® Broward,Palm Beach,Miami/Dade! 954-464-4194 anytime! on 04/17/2009 09:40 PM

Comments (16)

Short Sale/Foreclosure Debacle in the ActiveRain Channel

real estate, karen monsour, mortgages, mortgage brokers, lenders, owners, foreclosures, short sales, government help, president obama

Originally posted at: Karen@ www.KarenMonsour.com: Hey Mr. President, I need a place to live!!!!!

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16 Comments on Hey Mr. President, I need a place to live!!!!!

APR

Karen, it sounds as if you expect the government to use common sense. While that would solve many of our problems, it doesn't appear likely.

John,

You are so right. What a shame. I just don't get the way the current government or for that matter the previous as well thinks.

They are paid to much, if they were suffering as the general population, things would be different.

Fannie has a new product that allows the good paying people to take advantage of the low rates. Starting in May, it'll go to 105% with unlimited CLTV.

Karen, I think your idea is a good one. I think you should tweet or email President Obama on this. seriously.

Paul,

That is not the point. Fix the people that were duped. Just offer them 5% or even 6%...it's better than they have now on the balloon's which is why there are so many short sales and foreclosures.

Joanne,

I don't tweet and I don't do facebook, but you have my permission to reblog or forward this to President Obama...You and you only!

It would have saved millions of homeowners and millions of dollars for the lenders to restructure loans and work with existing borrowers. I think our Constitution should have included a common sense clause....lol

Joanne, the revolution is coming, the people will rise. Paying seventy cents of every dollar you make toward some kind of tax whether they call it welfare, student aid, car tags or whatever is about to end. The backs of working America is about to break and we will rise. The Non working class will not have any more power, the rich will be to fat to fight and the youth will listen to whatever they listen too. We the working people of America will rise and take our rightful place at the head of government.

To #7 ...

It would have, however, what constitutes common sense? It doesn't appear that anyone in our government per se has any.

Charles,

The young listened to one word, "change"....and were they ever duped? yes...they are all second guessing their votes...to this day.

Karen - great post.

Also, a couple of weeks ago I wrote a post about the "mortgage holiday" and even though some smirk, it is picking up steam in the underground. Anyway, hang tough and keep those Blogs going.

Cheers

APR

Fredyt3,

Thank you. I've been very busy lately (not complaining), so I haven't been bloging as much as I had been. Getting back into the swing of things.

:-)

Karen, glad to see you back on a regular basis again! I really hope all is well.

I've sent a couple possible short sale clients down the, "lets see if we can save it first" route before we try to short sale it. Here is what each of the clients got in the mail.

"Dear Customer,

This is your mortgage servicer... we sold your account to another bank. After this date (insert date) you will be dealing with that bank. Have a good day."

Basically rather than modify a loan these banks pass the buck to each other until the borrower is so far behind foreclosure is inevitable. What I'm trying to say is that even if the government mandated it, the banks will still find a way around it. It almost seems like they want the homes back :/

Daniel,

Thanks, I've been quite busy (not complaining) these past few months.

I just don't understand, it costs them a fortune to hold onto the homes they take back by foreclosure.

APR

Karen,

Before bailing out the banks there should have been a stipulation that the rates be cut to existing borrowers. Now it would be like getting back any "tax payer paid" bonuses paid out to the CEOs of the bailed out corporations!!!!

APR

Glenn,

How right you are. It's amazing how dumb the government officials are. I'm amazed that we voted in people who have no clue how to run the government. I was not part of this administration.

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