FANNIE MAE SET TO COLLECT ON DEFICIENCY JUDGMENTS CAUSED BY STRATEGIC DEFAULTS.
As we hear in every short sale/foreclosure class, the banks want us to convince homeowners to do a short sale rather than walking away. Unless and until the banks consistently approve of the "Strategic Default" it will take years to get out of this mess. The American taxpayer must have an "out", just like big business, and are taking the only way currently offered. For those of you that disagree, I can only say this is a legal contract that in most cases specifically states, "If the homeowner fails to make their payment the bank has the right to take the property back." The homeowner is simply taking advantage of their "Legal" right as drafted into their contract. Not any different than if big business were to do the same. With Arizona being an anti-deficiency state we do have recourse that others may not have. However, being that you still get a 1099, allowing me to assist with a short sale will reduce your possible tax obligations, by reducing the defiency.
Unless and until the banks begin taking their losses at the front end the markets will continue to be faced with significantly higher losses through increased foreclosures. At the present time, that avenue is through the approval of a short sale. The bank doesn't lose as much and the American taxpaying homeowner gets out from under a bad debt. By mitigating some of the losses through a short sale there may be some hope that entire subdivisions don't walk away because of the ever-decreasing value brought on by foreclosures. With each new government program, or legislation aimed at fixing this mess, the problem only gets worse. When will they learn, and more importantly... When will we the taxpayer learn.
The only way out is to vote the corrupt DC players out. This isn't about a particular party, although this current administration's corruption is more transparent than most, this is about "We The People" taking our government back. It is only through SOUND government policy that we will fix this mess. Get government out of our back pocket. Vote them all out. Anyone who has been in Washington has contributed to this mess, and therefore should be penalized for turning a blind eye to the approaching storm. Everyone but the taxpayer has received a bailout and the only one who deserves one is left holding the bag. No More.
If you are a homeowner in the Phoenix, Scottsdale, AZ market give me a call. At least if you've attempted a short sale you can prove that you've made every attempt to minimize your losses and the banks. Together we can take some of your power back. If you are looking for a Realtor with a strong work ethic, who is compassionate to your present situation, I would appreciate your allowing me the opportunity to assist you. As a Realtor with Home Smart I can be reached at 480.510.1943.
May God Bless You, May God Bless Us All.
Kathy LeRoy
Realtor, SFR, CSSN, CDPD
Home Smart
Cell: 480.510.1943
E-Mail: KLeroys@cox.net
HEY FANNIE MAE. I HEAR YOU'RE PLANNING A COOKOUT FOR THE 4TH OF JULY.
GAMES FOR THE PARTY. FANNIE MAE PLANS A TREASURE HUNT.
Hey Fannie Mae! I heard you're COOKIN' UP some new ways to bury the American home owner deeper into financial ruin.
YOU'RE PARTNERS AT THE FED AND TREASURY DID A PRETTY GOOD JOB WITH THAT "TARP" thing where you gave the investment banks, commercial banks and insurance companies about $2,000,000,000,000. That's Trillion.
Since you started this COOKOUT when you approved and purchased all of those sub-prime, Alt-A and other mortgage instruments that were securitized and sold by fat cat traders to fat cat investors on Wall Street You know the guys, the ones that sold the securities backed by mortgages on American home owners' property.
IF THE AMERICAN HOME OWNER IS IN A POSITION OF NEGATIVE EQUITY, WHY CANNOT THEY CLAIM A FINANCIAL LOSS FOR TAX PURPOSES AND "WRITE IT OFF" as a corporation can do when they lose money on investments or P&L???? Why is the American home owner the entity that many would FORCE to have to HOLD THE PROPERTY WITH NO MARKET VALUE, LIVE IN IT AND CONTINUE TO PAY FOR IT WHEN IT NO LONGER MAKES ANY FINANCIAL SENSE.
The corporation USES THE TAX LAWS TO MITIGATE THEIR LOSSES.
Only the American home owner is forced to live in and continue to pay for their financial loss even when they didn't make the decisions that caused the loss.
Some other ideas to put some money in the treasury. I know where you can collect a cool, $50,000,000.
Prosecute Franklin Raines for falsifying the Financial Reports for Fannie Mae to enhance his bonus income. Of course when the gig was up, he walked away with a cool $50,000,000. Mr. Raines is a known FOB, (Friend of Bill (Clinton).
Or. . . .
You might go after Christopher Dodd too for promoting sub-prime loans that were the Countrywide speciality while he got favorable interest rates from Countrywide as a "Friend of Angelo".
AMERICAN HOME OWNERS DON'T HAVE ANY FRIENDS IN HIGH PLACES. They're prime targets (pun intended). Oh sure, the home owner is the easier target because, for starters, although they haven't broken any laws, they won't have the resources to fight you when you bring the power of the federal government down on them. Collection will be easy, just assess, garnish and rake in the money. You have the power. Of course, the economy will be slowed that much more by taking a few million consumers out of the credit market, but shucks, isn't that part of the plan??? To reduce the American consumer to a supplicant with no credit, no resources and no financial future.
Another idea. Why not give the collection job to your buddies at ACORN.
Inspired by Richard Zaritsky's post, BANKS BEGIN TO GO AFTER DEFICIENCY JUDGMENTS - FANNIE MAE POINTS THE WAY
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.
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