Stop Foreclosures - Los Angeles. Homeowners need to address their problems post haste!!! I agree that the banks put us into this mess, but the lack of people addressing their problems is resulting in more and more properties being foreclosed on. Property auctions and foreclosures are ruining the market, lowering property values, and hurting neighborhoods across the nation. Short sale is the only answer but only if we can get the bank to agree on handling the second loan.
Money should have been spent on second loans instead of throwing money off the train by giving it to the banks for nothing. You would think by their new revelation, the Making Home Affordable Fiasco, that second loans had been considered. Supposedly, the second mortgage would receive $3000 with money being given to the sellers to move. Unfortunately, I even believed it, until I read the actual forty pages when they came out. You have to be completely up to date on your rmortgage, which no one is. Forgive me; it's possible that there is one person out there, but I haven't met them yet. The catch is that the banks have to agree on accepting the $3000, which they occasionally do.
These programs do not include Fannie Mae, Freddie Mac, Va loans, and about 70% of all others. But it does make great press for newspapers to state that a positive step is being taken. It's like the new health care plan that has 2,000 pages. How many congressmen read that before they were bribed to vote yes?
For those of you who are homeowners; do something and don't let your home foreclose. If you do a short sale, you can purchase again within two years according to Fannie Mae. Unfortunately, in my opinion, when you are ready to purchase again the prices will be the same or lower. If the bank foreclosed on your home, you will have to wait at least 7-10 years.
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