I wrote the book on stopping foreclosure. I really did! I wrote an eBook last year, based on my own research and my experience helping homeowners to save their houses (or short sale).
So is safe to assume that I know everything about the topic? No way! In the past year, I've been learning a LOT more. Some things which hadn't even been invented last year. And this industry has taken some crazy, unexpected turns.
It's kind of like the wild, wild west -- whoever gets there first claims the territory, and whoever has the biggest gun, makes the rules.
Last year, I thought that writing a book would solve a lot of homeowners' problems. They would have many solutions at their fingertips. Lenders and banks would be willing to offer loan mods with affordable payments.
But my scope was not wide enough. I could hardly have anticipated the depth and extent this mortgage mess would have on our economy. And then we have our ever-lovin' Congress and government, who try to solve everything by slapping a sloppy band-aid on it (aka $800 billion "stimulus package") which only get us further into debt.
Why isn't the problem solved yet? Well, it seems that no one really knows the solution because they don't even know what caused the problem!
That's where you come in. All my professional friends & colleagues in real estate-land SURELY must have more insight and knowledge than most.
So what do you say? WHAT ARE THE CAUSES OF OUR FINANCIAL MELTDOWN?
You can respond by commenting on this blog post or you can email me at RPBrown @ Realtor .com (remove the spaces).
This will help to determine some possible solutions. We've got to do our part; we can't stand by and let our politicians (who are not trained in economics) brainstorm all the solutions (which may or may not work).
Part 1 is http://activerain.com/blogsview/948424/Be-part-of-the-SOLUTION-1-Need-Homeowner-Horror-Stories-from-Mortgage-Mess. So this is the 2nd step. Stay tuned for the final step: your recommendations! (it's at http://activerain.com/blogsview/948437/Be-part-of-the-SOLUTION-3-Whats-your-IDEA-to-solve-Americas-Mortgage-Meltdown).
Join my new AR group and post your blog at http://activerain.com/groups/virtualoffice
Regina P. Brown
Broker, Realtor®, e-Pro
Author of eBook "Stop Foreclosure Fast: Solutions to Save your House"
Text copyright © 2009 R.P. Brown, All Rights Reserved
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Thanks Regina!!!
It sounds like you are truly trying to place yourself in a position to be of maximum service to your community.
I just posted on a situation that warrants mention in this discussion. It was a recent offer that the bank had to set aside while they re-position thier assets. An offer 16% above asking price and they couldn't even let it go!!!!
I think the main problem has been solved, albeit 5 years late. The problem between mortage brokers and banks and thier appraisers. The unspoken message for years to appraisers was "help me make this deal work or you'll loose my business". Now things have reversed. Appraisers are kept on such a short leash that they can't really appraise a property accurately. They hit the conservative wall.
As a former insurance agent with real estate experience, I had several appraisals cross my desk for home refinances that had astronomically blown up appraisals adding equity that didn't exist. And that was between 2000 and 2004. Sometimes these appraisal took place year after year.
Lastly, automated underwriting. I saw a broker manipulate a banks automated underwriting systems by working with clients and resubmitting them every other week and helping them tweak their credit scores enough to get them to slide through underwriting. This was only one client, but since I tend to deal with financially responsible clients, one was all I needed to see to know how the system could be manipulated.
Banks are largely responsible for the mess they are in, lucky for them they have such good buddies in the federal government.
Chris Grus