My plan for addressing the current housing crisis. It won’t make me popular but please consider my very humble opinion!
Richard's opinion is certain a valid one and may help. I can agree but the alternative would have been to reset everyones loans although folks were reckless and did poor planning I think the banks over 30 years make 4 times more than the loan so the hit should have come from the banks and they still over thirty years would have made out like bandits. Can you imagine paying fours times as much for things you buy.
Would you like information on buying or selling Foreclosures / Short sales CLICK HERE
Charles Stallions, CRS, CSP, CBR, CDPS, SREE, EREI - 800-309-3414, a leader in real estate investing, buying and selling. Lead Real Estate negotiator for several investment clubs as well as investors throughout the US. Call Charles for a list of references before buying or selling you what some consider being their largest investment.
______________________________________________________________________________________________
THOUSANDS OF HOMES.... One Address www.charlesstallions.com
Someone needs to say it. It will not be popular. It is an extreme position.
We need to ban short sales on federally backed loans.
There, I’ve said it. In my opinion, the biggest negative force applied against housing stability is the short-sale option. It offers an “easy way out” for both the borrower and the lender.
As a result, there are probably a lot more distressed property sales that continue to suck prices into the vortex of the downward spiral.
One cannot overlook the fact that short-sales hurt those that paid cash, made large down-payments, or did not buy more than they can afford.
We have become a society that rewards poor planning and reckless financial management and punishes fiscal responsibility and frugality.
If borrowers want to stop paying, that is their choice. They must suffer the consequences delineated in their security instruments.
If lenders want to foreclose, that’s their choice as well. Make them follow the rules and do it properly.
There should be NO expectations beyond the original agreement. And that applies to both the borrower and the holder of the promissory note.
Once the dust settles in the aftermath of such an extreme measure, the true picture of the housing crisis will be much clearer.
And good, bad, or ugly, it can be dealt with black letter contract law.
All content, including text, original art, photographs and images, is the exclusive property of Coweta Fayette Real Estate, Inc., and may not be used without the expressed written permission of Coweta Fayette Real Estate Better Homes and Gardens Metro Brokers, Newnan Georgia. All information is believed to be accurate but is not warranted, Copyright 2003-2009. Richard Weisser REOS, E-Pro. licensed Auctioneer. 770-827-6225.
Learn more about Coweta County and Fayette County Georgia Real Estate, and to search the entire Georgia MLS for free with no registration required visit CowetaFayetteRealEstate.com! Photos of the Great Smoky Mountains National Park. North Georgia Photos.
Comments(4)