Santa Maria Homes for Sale - Regarding Home Affordable Modification Program
The following is a quote by the New York Times regarding the Treasury's response to the news about the Making Home Affordable Program:
"AFTER months of playing pretend, the Treasury Department conceded last week that the Home Affordable Modification Program, its plan to aid troubled homeowners by changing the terms of their mortgages, was a dud. The 10-month-old program is going nowhere, the Treasury said, because big institutions charged with implementing it are dragging their feet."
The Times story then continued:
"After the government spent hundreds of billions of dollars bailing out banks, the Obama administration rolled out the $75 billion loan modification plan to show its support for beleaguered homeowners. But if the proof of the pudding is in the eating, homeowners are going hungry."
We were all with the understanding that the Stimulus Package and the Home Affordable Modification Program were intended to help kick start the economy, help banks work with homeowners to avoid the Foreclosure and put people back to work. Well being in the Real Estate Industry and having a front row seat, witnessing houses that are on the market (or lack thereof), people not being able to qualify and banks not willing or ignoring homeowners, it is quite plain to see that banks received this bailout money so they wouldn't fail and paid a lot of bonuses. They have not, at any point in time, been made accountable for this money they received and there has not been any legislation forcing them to assist the homeowners facing foreclosure. President Obama "Urged" the banking institutions to work with homeowners but that has not been the case. Regarding Santa Maria Homes for Sale, everyday I hear stories of people trying to contact their lenders to try and work out a plan, modification or some other solution.
The Times story then went on to point out the obvious:
"A stalled loan modification plan might not be worrisome if the foreclosure crisis were abating. Yet at the end of September, a record 14.4 percent of borrowers were either in foreclosure or delinquent on their mortgages, the Mortgage Bankers Association reported."
I heard in another report that the Real Estate Industry is recovering. It is not recovering. There are many people in the foreclosure process or who are going to be in the foreclosure process. Sure people might have gotten a loan modification from their lender and for some reason or another were not able to stay true to it. It's a choice that people are having to make, whether it be eating or paying the mortgage every month. This is a reality in Santa Maria, California. It certainly does not help matters if reporters are releasing information that is incorrect or absolutely false. Isn't bad enough for people to ignore reality? Is it necessary for news agencies to mislead the public?
So, with all I have said in this blog, what is necessary for the Real Estate Industry to recover is the following. Banks must stop ignoring homeowner's who are looking for a solution to help them stay in their homes. The number of licensed real estate agents must continue to drop. Home prices must come down as well. 2010 has to be better than 2009.
If you have any questions about Santa Maria Homes for Sale or on the Central Coast or other real estate related questions please contact me by visiting my website: http://geneperez.net
Buying or selling property in Santa Maria CA, or on the Central Coast, my goal is to provide you with resources you need. I can also help in getting the financing for your home. If you have any suggestions or questions in how I can provide more or better information please let me know. Gene Perez DRE 01321588
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