The "foreclosure crisis" is a farce. The more I see, the more I belive that almost 90 percent of the foreclosures are not even owner-occupied. In fact, many of these foreclosure owners never made one payment and have been collecting rent since they bought the property. We need to speed up the foreclosure process, not slow it down or freeze it, as many politicians have been doing.

 

 
This post has been included in New York Information
Post is included in group: Seniors Real Estate
Post is included in group: By Referral ONLY active Rain Makers!!
Post is included in group: Anything Reverse Mortgages
Post is included in group: Addicted to Active Rain

6 Comments on Does anybody think that any of this legislation is going to help?

MAR
03

Very intrguing thoughts.  I can see how that might possibly be the case.  I would be interested in seeing any reference material, articles and/or reports that lead you to that conclusion as I would like to read them as well.  It might be helpful to share this information so as to further educate the masses regarding the facts of the situation.

4:21pm • #1
1 Featured Post

Daniel,

Unfortunately, there is nothing to document the truth because so many of these loans closed showing them as owner-occupied loans with straw buyers. My ecperience with hundreds of loans in foreclosure and seeing that almost every one of them not bring owenr ocuupied is what led me to the post. I would love to give you empirical proof. Thanks for the commeny=t and feel free to subscribe to my blog.

Michael Pinter

4:27pm • #2

Wow.  I think that this is another case where real estate is local.  The scenario you described is not the norm in my area.

4:45pm • #3
1 Featured Post

Margaret,

I know you are speaking to legitamite people who are asking for your help, but do you think the lowlives who have taken advantage of the system would call you? Those are the guys who's loan gets sold to us. Believe me they are evreywhere and they are the vast majority of the problem.

Michael Pinter

4:50pm • #4
110,332 Points

Michael,

check out John Burns Real Estate Consulting. Real data with real facts for every market in the country

Bo

6:26pm • #5
MAR
04
1 Featured Post

Bo,

Thanks for the tip. i'm checking him out now.

Michael Pinter

9:12am • #6

Leave a response…



(optional)
What does the graphic say?
 
Pinter Rainmaker_large

Michael Pinter

Brooklyn, NY

More about me…

First Meridian Mortgage/Trump Financial

Office Phone: (718) 906-6132

Cell Phone: (917) 701-5666

Email Me

Everything you ever wanted to know about Reverse Mortgages.


Links

Archives

RSS 2.0 Feed for this blog

Find NY real estate agents and Brooklyn real estate on ActiveRain.