We are the Multitudes, Lend us a Helping Hand - by Willie Nelson

I think the key words would have to be "through no fault of their own".  Many consumers were mislead and undereducated about just what they were getting into with some of the questionable loan practices that were out there.  How as realtors can we help now?  That is a very good question - I always encourage first time buyers to go with what they can comfortably afford, not necessarily up to the amount they are "qualified" for.

Paula hit the nail on the head - we can only do so much if the banks don't work with us and right now they aren't!

Willie Nelson has been very proactive in helping farmers that were having difficulties and losing their land to the foreclosure process.  He takes it to heart.

Dave, I read between the lines and see your main driver. . just like mine. . we want to help people and sadly the banks position themselves as the enemies

Actually, we don't have problems with the banks except a few like SunTrust, but BOA, Wells, and Chase for instance are very cooperative. There are some changes I would like to see in short sales but these would come from FHA and VA. We have seen some go into foreclosure because FHA and VA will not let the appraisers use distressed comps, and the 1% limit on seller paid cost by FHA is crazy. 

I disagree Joe with the appraisers can not use distressed comps in this area. We are finding that homes that are not distressed are getting appraised at lower values because they are looking at foreclosures and short sales. Different markets -different times.

Back in the Hay Day, Banks had commercials on the TV, and in the Newspaper, that people were smart to refinance for vacations, colleges, cars, paying off that credit card debt and generally the good life- starting over. They allowed 105% to refinance and sadly the customers of those banks thought they could handle the payment. Come our economy downside, the lucrative jobs fell down, and their refinanced asset could not rescue them. I am saddened every day over the mistakes of yesteryear that we are paying for as a country today.

Sorry on to a market where the woman is 65, bought her home 7 years ago and lost her job. She is on unemployment and was advised by  Chase to apply to HAFA to find a Realtor and sell her home. Never borrowed equity, never missed a payment. Very sad.

David,

Thank-you that was lovely. However, for whatever reason the banks do seem to be more co-operative now than a year or two ago.

Yes, many blame the borrowers for buying what they could not afford. But who misled them? Some loan officers... working under orders from the government... telling them that everything would be fine and they could easily refinance later at low rates.

Those folks who were qualified at teaser rates are the ones who really suffered. The real estate agents and the loan officers should have told them it was NOT a good idea. Never mind how much big government told them they had a "right" to own a home.

I love agents and loan officers who counsel buyers to get what they can afford comfortably... not the max they can qualify for.

Great song, I haven't heard it in forever.  You are correct it's all about helping the people.

I know that the banks are crushing this country and ruining people.  I am a free market capitalist and believe big business has a right to make money, but this is not a free market and they are looters.

Beautiful song, Dave.  "Room for everyone" maybe but unfortunately not the structure in place to take care of everyone.  Thanks for you post!