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I agree with Lenn wholeheartedly, if Bank of America and other lenders would do principal reductions for those who bought at the peak of the market, the real estate recovery could get underway and we would all benefit. We are not going to see those prices again, so are we dooming an entire segment who bought at the peak to short sales or staying in their homes for the next 30 years?
LENDERS and REALTORS are vigorously processing short sales and foreclosure across the country and have been for about 4 years now.
Richard Zaretsky relates a meeting he attended with Bank of America representatives in a "Short Sale Summit". In reading Richard's account of the meeting(s), a statement that got my attention spoke volumes.
"There was zero mention of principal reduction programs."
CAN'T LENDERS ADD?? The fact that the banks are so adamantly opposed to principal reduction programs leads one to wonder, WHAT IS THEIR MOTIVATION?? I realize that the government worked very hard to make banks solvent through the redistribution of wealth inTARP. I've come to the conclusion that, not ony are the banks zealous in preserving the mantra of "IF YOU DON'T PAY, YOU DON'T STAY", banks are either simply wrong headed in their zeal to foreclose OR banks simply can't add.
LOSS OF EQUITY HAS CAUSED THE FOLLOWING: Short Sales Foreclosures Loss of credit Lost employment opportunities Loss of education stability for children Loss of property values Loss of local government revenue Loss of consumer confidence Loss of savings Degradation of vacant units Reduction in home maintenance Loss of community housing values Disruption of family stability
THERE IS NOTHING LEADING TO FINANCIAL STABILITY FOR A CONSUMER IN A SHORT SALE OR FORECLOSURE.
PRINCIPAL REDUCTION COULD CAUSE THE FOLLOWING: Dramatic decrease in Short Sales Dramatic reduction in Foreclosures Stability of consumer credit Flexibility of employment opportunities Stability of education opportunities GROWTH IN PROPERTY VALUES Growth in local government revenue Increase in consumer confidence Preservation of private savings Stable management of vacant units Financial ability to maintain homes Stability of property values Stable family finances
WHO WOULD BENEFIT FROM PRINCIPAL REDUCTION??
REO LISTING BROKERS??? If you are a real estate broker who has a significant market share of the short sale and/or REO listing market, you're probably asking: WHAT WOULD PRINCIPAL REDUCTION DO FOR THE REAL ESTATE INDUSTRY (for me)?
MOVE-UP MARKET. Listing agents and brokers would again enjoy the MOVE-UP market. Without the heavy boot of negative equity on their necks, home owners would be free to sell their homes based on their personal need and decisions. Home owners could once again follow job opportunities without being faced with the agony of letting a home go to foreclosure or attempting a short sale.
RETIREES. That famous "baby boomer" market and other retirees would again be able to sell their existing home and relocate to retirement communities across the country.
FIRST TIME HOME BUYERS. This important segment of home buyers would enjoy a wider variety of homes to consider without the necessity of buying foreclosures in disrepair or short sales without the security of knowing that their contract will close.
CONSUMERS. Consumers who have lost their homes due to short sales or foreclosure have seen their credit rating reduced by significant percentages. Loss of credit rating means higher interest rates for future mortgages, auto loans and credit cards.
THE UNITED STATES ECONOMY."As the housing industry goes, so goes the U.S. economy", Lenn Harley. Anyone who doesn't understand that statement has no memory, no understanding of the dynamics of the the housing industry to the U.S. economy.
LOSS OF CREDIT RATING MAY ALSO MEAN: Loss of job opportunities. Inability to obtain competitive rates for auto and property hazard insurance.
WHAT ARE THE BENEFITS TO THE CONSUMER, REAL ESTATE AGENTS AND BROKERS, LOAN OFFICERS AND THE UNITED STATES ECONOMY FOR SHORT SALES AND FORECLOSURES????
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.