Foreclosure

Our tax dollars have already bailed out the banks' toxic portfolios, so whether it's a Foreclosure or Short Sale makes little difference to them.  THEY ARE COVERED!  This is the main reason why there is no motivation in doing a Loan Modification homeowner...it means little or nothing to them.

Please don't be fooled, if Bill 931 doesn't get passed they will be double-dipping and going after the consumer for any deficiency...maybe not right away, but they will...they will track down and chase the now homeless person the moment he gets back on his feet for any deficiency to ruin him again!

As Real Estate professionals, I know we all strive do the best for our clients and every situation is unique, but let us not fool ourselves.  Who does a Short Sale really help? 

A Short Sale benefits the Bank and Real Estate Community more so than the Homeowner...

Short Sales were created by a government's guilty conscious but in effect they really help the banks and not the homeowners.  It removes the bank's obligation, cost and liability of doing a Foreclosure and/or Auction.  A Short Sale allows the homeowner who has now been diminished to a mere catalyst...an "unpaid" employee of the bank, to did it for them and the Real Estate Community earns an income from the inventory.  The seller doesn't have to pay taxes from the difference.

WOW! Does that really compare to loosing your HOME?

An Investor buys/sells a HOUSE.  A Family looses a HOME and many times their COMMUNITY regardless whether it be through a Foreclosure or Short Sale.  Please let us not morally deceive ourselves on the devastating impact this has on the ever growing 25% of families that are currently living in this nightmare.

Unfortunately, it makes no difference to children loosing their home due to greedy banks and our tax dollar government bailout of them and not it's people. Statistics don't show how kids are affected as sadly so many families are being FORCED to uproot their happy, accomplished and thriving children out of their schools and neighborhood and move into limited housing scenarios with a new and sometimes vulnerable environment away from a familiar and nurturing community...many times the only social network the children have had since birth.

Now HOMELESS, few if any will find a house for "rent" in the same area, with limited rental inventory and excellent credit needed to qualify as a tenant. Many times divorce is a fall out of parents dealing with severe financial stress which further isolates them and their children away from an existing social network.

Foreclosure vs. Short Sales? The only difference is in a Short Sale the bank is off the hook and Real Estate Brokers get a Commission.  Either way, consumers loose their home. This economically forced transition should not be dismissed as trivial for we will not fully know the long term affect the housing/mortgage crisis will on families and children suffering the loss until years down the road. 

The only thing constant is change...as a powerful Real Estate Community, we should lobby and seek ways for families to KEEP their HOME and not just benefit from their LOSS.  We're better than this!