Special offer

Can someone PLEASE take notice?

By
Mortgage and Lending with Seacoast Mortgage Corporation, RI (20021119LB & 20031576LL), MA (MC2107) & CT MLO 10920

"The time when you need to do something is when no one else is willing to do it, when people are saying it can't be done." Mary Frances Berry


And, boy, is this the TIME!  There are properties GALORE!  The rates are low and there continue to be more and more properties due to foreclosures and short sales.  We need more than stimulus packages, we need SMARTS!

I have written about this before, but I will continue to blog about it until someone takes NOTICE!

Why should a stranger be able to purchase someone's home for significantly LESS, when the owner can afford THEIR home for significantly less, but yet the homeowner can not obtain a loan modification?  Does this make SENSE?

I have proposed the following: "a SILENT 2nd department at every bank".  Wherein, the owner is financially qualified to STAY IN THEIR home and allow the portion they can not currently afford to become a SILENT 2nd mortgage to the same lending institution.  Each year, the owner must submit their financials to the silent 2nd department for re-evaluation to determine if they can now afford to start paying on some or all of the portion in the 2nd loan.

In this way, the owner STAYS in their home and there are LESS homes on the market!

PLEASE!  Anyone in government take note!  I have submitted this plan to Congressman, Senators......they all like the plan, but no one is fighting for it.  Please pass this on to anyone you may know who will take notice.

Thank you!  Let's keep people IN THEIR HOMES!

Posted by

Ann Sabbagh, President

"The BEST compliment is a client referral: Thank YOUUU!"

Seacoast Mortgage Corporation

401-305-6906 or 508-243-1190

Residential & Commercial Financing

MLO10920

RIAR: teacher for "The Mortgage Course"; "Valuation of Commercial/Investment Real Estate"; "Reading Financial Statements"

 

"When you choose me as your mortgage consultant, you also choose a financial planner who cares about YOUR financial strength."

Dan Edward Phillips
Dan Edward Phillips - Eureka, CA
Realtor and Broker/Owner

Good Morning Ann, you make a very good point in your post, thanks for sharing your thoughts.

Sep 09, 2010 02:29 AM
Moira Murphy
Emphasys Software - Delray Beach, FL

Excellent point! Thank you for sharing, I sincerely hope it gets noticed by the powers to be!

Sep 09, 2010 02:33 AM
Rhonda Burgess
Southern Living Realty Partners - Smyrna, TN
Moving to Nashville TN Real Estate Specialist

The problem with your idea is that it makes sense and that is totally against anything that has been tried or implemented in the past few years. 

Sep 09, 2010 04:39 PM
Laura S. Baker
First Weber Inc - Lake Mills, WI
Realtor (920) 728-4118, First Weber Inc

Good morning Ann ~ I have to agree with Rhonda.  You have an EXCELLENT suggestion, however; I don't see banks going along with it as it follows this rediculas thing called,,,,,are you ready for this one....."COMMON SENSE"! 

Sep 14, 2010 01:39 AM