Well, the buzz on the street today is the dreaded "Short Sale" or as noted the "Long Miserable Sale" after a front page cover story on Short Sales appeared in The Oakland Press. The government is changing the rules and the banks will have 10 days to accept an offer. So the banks will no longer be able to drag their feet. Too bad this didn't happen sooner.
Wait a minute the story fails to say this is only voluntary, not mandatory. When will this political game be over. The bad judgment and greed of the banks and the government has done nothing but force people out of their homes. The banks are capitalizing on the misfortunes of many people today and the sad part is they do not care either how many lives they have destroyed by not helping them.
Granted, we sign contracts with them when we purchase our homes and are supposed to be responsible and accountable for those agreements. What happens when you are hit with devastation, job loss, death of spouse, illness, etc. and you can no longer make your payments? Well, you can call your mortgage company and ask for help, right? Yes, you can try but those who I have known that have called the banks were not helped. Many banks turned away those people who were being proactive in asking for help. Why? We don't have an answer. Ask your mortgage lender why they fail to help those who TRULY need help. It seems as thought the banks have helped more of those moving up into newer larger homes than those who truly need help.
News media definitely paints a picture to suit their needs; usually leaving out the most important pieces. We will see what next week proves.
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