I responded to a blog today that erupted in me a feeling I've surpressed about the Mortgage Debacle that we are living.
You can't e
asily get a loan today for a qualified buyer because of all the Cheats that got Mortgage Loans when they were unqualified buyers and today the banks are "tight on their money" when they were willing to give it to anyone who was willing to walk off a gangplank, not so very long ago.
The story I responded to today was about someone trying to circumvent the loss of their home to a short sell by selling it to a relative who would then sell it back to the bank in order to get out of their mortgage debt and still keep the treasured home. It related to the Arms Length Transaction clause preventing this very thing.
Motgage Fraud is what got us into this difficulty to begin with. Whenever someone is trying to do something by going around, finding the loophole, circumventing, the right thing to do, it constitutes FRAUD. FRAUD IS DECEIT, DECEIT IS EVIL and no matter what way you are looking at it, whenever we don't have fair business practices we suffer greatly for the greed of others.
I'm sorry for the guy who feels he has been so unjustly faired against in this marketplace by losing the value of his home in the declining market. But, did that same guy benefit back when he bought it by some loan package that wasn't exactly in his best interest e.g a "No document" loan which crept through much of the Northeast and caused many heartbreaking situations, did he buy over his qualifications?
In those days of the bad loans that caused todays disaster wasn't there a bit of Mortgage Fraud involved?
Oh, honesty. Oh, integrity. Please resurface!
Katie the Real Estate Lady
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