ONE WAY TO FILL THE QUOTA

By
Real Estate Agent with Dunnigan, Realtors, Sacramento (916) 425-9715 CalBRE # 01188158

The government has drawn a line in the sand...banks must mitigate a certain percentage of their loans.  It seems logical on the face of it, since it should help desperate homeowners stay in their homes, lessen the number of short sales and foreclosures and all-in-all, be a good thing.

However, the devil is in the details.  Did the government say which loans had to be mitigated?  Did it say which kind of property owners should be offered this wonderful possibility?  When working in such a vacuum, the translations of this requirement can be quite varied.

That is why, in the absence of details, the banks have discovered a solution that is good for them...not so much for the upside-down homeowner.  Why not mitigate the loans that are the responsibility of the solid property owner (even investors) - one who has good credit, is making their payments on time, are not upside down and are not asking for a loan mitigation? This is the solution of at least one bank. Shameful, isnt' it?

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Rainmaker
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Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Hi Paula, Amazingly shameful, I'm at a loss for words....

Feb 27, 2010 06:28 AM #1
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Richard Iarossi
Coldwell Banker Residential Brokerage - Crofton, MD
Crofton MD Real Estate, Annapolis MD Real Estate

Paula,

I guess thats why my mortgage lender called me out of the blue for a no cost refi with a terrific rate.

Rich

Feb 27, 2010 11:00 AM #2
Rainmaker
254,487
Robert Machado
HomePointe Property Management, CRMC - Sacramento, CA
CPM MPM - Property Manager and Property Management

I would like to get that call!  I guess the banks are taking the path of least resistence.

Feb 27, 2010 04:44 PM #3
Rainmaker
262,842
Paula Swayne
Dunnigan, Realtors, Sacramento (916) 425-9715 - Sacramento, CA
Realtor-Land Park, East Sac & Curtis Park -Dunniga

Hi Mary!
That is how I felt.  I am totally disillusioned with the big banks these days and have changed my account to a credit union.

Hi Richard!
Yep...you must have stellar credit! They would love to help you out!

Hi Bob!
I think so, but it sure misses the point, doesn't it?

Feb 28, 2010 03:37 PM #4
Rainmaker
206,301
Ed Gillespie
WealthWise Mortgage Planning, a Division of American Pacific Mortgage Corporation NMLS #1850 - Folsom, CA

Nice post Paula!  Why am I not surprised at this?

Mar 01, 2010 06:09 AM #5
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Rainmaker
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Paula Swayne

Realtor-Land Park, East Sac & Curtis Park -Dunniga
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