As Real Estate professionals we should first try to help and educate people facing hard times and Foreclosure how to KEEP their property. Especially for those folks, whose bank is forcing them to Short Sell or face a public Foreclose Auction in the community where they live and their children attend school.
Short Sales = Commissions...but it should be with a consumer's consent and KNOWLEDGE of their legal rights.
http://www.oag.state.md.us/Consumer/foreclose.htm
http://www.mdlab.org/foreclosure MD Legal Aid
http://www.peoples-law.org/finding/legal-help/finding_legal_help.htm
As a society, let us not become blind, callous and indifferent to our country's ever growing displaced families and children who are suffering the devastation of the current economic times far more than the Foreclosure, Bankruptcy, Divorce, and Unemployment satistics show.
As the largest group of democratic people and leader in the free world our children are our greatest asset and we will not fully know the impact on families and the long term affects of these tough economic times on the ever growing 25% of our "Upside Down" society until years down the road...
Let us not loose sight of these facts...
1) Banks & the Mortgage Industry made HUGE profits selling & refinancing people into these toxic products until the market crash.
2) Consumers did not seek out these products, but rather were bomb barded daily with dozens of PREDATORY phone calls how wonderfully benefical it would be to refinance out of a current 30 year "Fixed" interest rate into a LOWER (intial) payment with a "Flex" product. They were told they could use the money for whatever they needed with a possible tax deduction, like purchase or pay-off that car loan. It was how Americans lived! Oh yes, could this be why noone buys an "annual" new car anymore and the collapse of the auto- industry?
The CONSUMER left holding the bag gets LIFE... the BANK gets BAILED by the Govern'ment & WALKS!
1) The CONSUMER loses his life savings trying to hold on to the house.
2) The CONSUMER loses the house anyway (Foreclosure/Short Sale)
3) The CONSUMER loses his credit.
4) The CONSUMER financially ruined and homeless is becomes a social and economic leper.
NOW the same BANKS don't want to do business with this "VILE CREATURE" once a good American CONSUMER...because there are more coming up the pike to be SOLD down the river without a paddle.
Let us all pause for a moment and reflect upon this PROPHETIC thought from our fore-father and help others KEEP their properties when we can...
I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs. Thomas Jefferson, (Attributed)
3rd president of US (1743 - 1826)
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