The head lines in Yahoo this morning read "Foreclosures More Than Double In 2007", Ouch! I'm a forever optimist which drives my husband nuts, but I truly don't see what the banks are trying to accomplish here. First of all I know several people who have tried to work with the bank only to end losing their house. Theses are people who have jobs but their mortgage payment is too large now. Banks need customers, but if they keep foreclosing on them they won't qualify for any type of loan. Homeowner need to call Realtors before they are upside down, to see what they can do to help. http://www.centralcaliving.com/information-.asp
TOUCHSTONE REAL ESTATE - The Villages, FL
REALTOR® The Villages, Florida
It is very scarey and you wonder when the bottom is going to happen. Maybe the rescue bill will help a few!
Jul 25, 2008 02:33 AM
The Only B.S. I Have is from the University of Massachusetts - Lake Mary, FL
Real Estate Broker - Orlando Area - Love Referrals
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA
These persons should not have been able to get a loan the first time. There are no surprises here. They were given loans knowing fully that they could not be repaid.
Jul 25, 2008 02:35 AM
Anonymous
I think it is clear why they won't work with the people behind on their payments. The worse off the banks look the more likey it was that the government, which you and me, pay for their mistakes.
The very people that have jobs but can't make the payment because they didn't understand the fine print of the mortgage are part of the ones that will be paying higher taxes to bail out the banks that wouldn't work with them.
Jul 25, 2008 02:43 AM
#4
Coldwell Banker Select - Tulsa, OK
BANNOCHIE TEAM
It's pretty mind boggling.
Some people have been able to do workouts with banks that let them extend the fixed term of their loan so that they can keep the same payment for the time being. This is definitely worth a shot.
I've talked to several agents here (Tulsa, OK) who won't write offers on short sales because the banks are too slow to respond and don't cooperate. This is baffling to me, it's very short-sighted of the banks. Have you seen homes that looked nice in the pictures in the MLS and then you go to see them and you have to wade through hip high grass and the pool that looked so inviting in the pictures that are green and mosquito infested? Yes, those.... homes are a not a perishable commodity, but they go down in value a lot without some TLC.
The banks should really be working with agents to get rid of these.
Jul 25, 2008 03:03 AM
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor
Foreclosures are everywhere, and in my area they have more than doubled. I just wrote a couple of blogs about this same thing - click East Valley Foreclosures and Foreclosures Spreading Inward to get a glimpse of what is going on in Arizona.
Jul 28, 2008 02:57 PM
Real Estate Resources
I'm a full Service Real Estate Agent. On my blog you will find everything Real Estate and Community. I'm available for questions and our office does a high volume of Short sale and Bank Owned properties. www.CentralCAliving.com
Comments(6)