THEY DID WHAT ???!!?

By
Real Estate Agent with Troop Real Estate Ventura

We've all heard that phrase resonate throughout our industry as we deal with the banks and try to pick up the pieces for our clients in desperate need of a loan modification or short pay. (Advil, anyone?) The newspapers and high end politicians blithly tout the virtues of these programs to the public (really?) and have little idea as to what's truly occuring in the trenches. 

The reality is a lot of unfair treatment by banks on loan modifications, short pays or foreclosures....Some of it simply defies common sense. We all have some nightmarish stories and it doesn't seem to be abating.  

From my recent blog, "Ventura County Realtors are in the process of forming a focus group (Realtors, lenders, escrow officers, etc.) to present to Congresswoman Lois Capps and Representative Elton Gallegly. Both have expressed a desire to meet with us and provide a package of these stories to higher political offices."... We now have dates.

March 8, 2010 10 AM     Please join us to contribute your experiences so we can formulate our presentations. I know you all have at least one! (Held at Aliso Escrow.)

March 18, 2010 9 AM     Meeting with Rep. Gallegly's office (Held at VCCAR office) 

March 24, 2010 9 AM     Meeting with Congresswoman Capps office (Held at VCCAR office)

We need to create a groundswell of awareness with the people who have the power to exert some pressure on the lending institutions to expedite the processes. If you don't sell Ventura County Real Estate, you can get the ball rolling in your own area.

 Give me a holler if you want more information- more to follow!

Comments (2)

Ralph Gorgoglione
Maui Life Homes / Metro Life Homes - Kihei, HI
Hawaii and California Real Estate (310) 497-9407

I used to feel bad that people were defaulting on their mortgages just because they didn't want it anymore and sympathized with the banks.

I have now come full circle realizing how maniuplative the banks are and do not feel sorry for the banks AT ALL.

Feb 20, 2010 03:48 AM
Lynn Kenton
Troop Real Estate Ventura - Ventura, CA
Ventura Real Estate

I'm with you Jason. I know of one case where the "big bank" was resistant to negotiating a short sale and in the interim, the HOA took over the property for about $7,000! (A $300,000+ value) Talk about the right hand not knowing the left hand! It will be interesting to see how it all plays out as the HOA has title. but the bank was not paid off. HMMMM!

Feb 20, 2010 03:59 AM