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Possible answer to why the banks aren't working with homeowners

By
Real Estate Broker/Owner with Harcourts Prestige Properties of La Jolla DRE# 01276329

 Really Bank of America, Really? Remove

Really Bank of America, Really?A reason why B of A possibly isn't reducing the prinicple on underwater properties, they don't want to show the big losses? Funny how they don't have a problem with foreclosing.... I don't think all underwater home owners are out buying flat screen TV's, a lot of us just want the loan modified to where it is affordable... and the only way to get B of A's attention is to trash your credit and simply not make the payments, but even that isn't working. What happened to the original intention of the tax payers bailing the banks out to help keep the banks afloat and keep homeowners in their homes?

  Warning - Even Bernanke Sees Trouble Ahead - Yahoo! Finance finance.yahoo.com Ben Bernanke has a generally positive disposition. In 2005 for example, he claimed that a housing bubble was a pretty unlikely possibility. Even in 2007,

 

Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

The banks will fight principle reduction to the death. My information is that principle reduction is the next program to come down from the government.

We'll see how many folks they can leave out of that.

 

Jun 28, 2010 07:41 AM
Tiffany Torgan
Harcourts Prestige Properties of La Jolla - La Jolla, CA
Featured on HGTV's New Show! How Close Can I Beach

Ha thanks for the comment Lynn, funny I guess it will be same as how many people benefited from HAMP...or were their any? T

Jun 28, 2010 07:51 AM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

TIFFANY.  Principle reduction is different.  In fact, it would contribute so much to the real estate market and the economy, I am 100% sure that the government will screw that up too.

 

Jun 28, 2010 09:08 AM