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Come on Banks....Get Moving on Loan Mods

By
Real Estate Agent with CB Select Real Estate at Lake Tahoe - 775.691.3855 - DRE: NV28254 CA01139667

In my lifetime, I have never experienced nor heard my parents talk about our current situation with foreclosures, short sales and the effort to do loan modifications.  Frankly, yesterday when I heard Tim Gietner would be leaving, I said good..

It is pretty clear that a big percentage of homeowners are being forced to attempt a short sale, most it seems with little success.  The Banks have not been approving loan modifications to any great degree, even with the federal program in place. leaving homeowners in distress.  Up a creek with no paddle.  I have seen, as I am sure you have, several instances where struggling borrowers try to work with their lender, with their bank, only to learn that the bank won't even consider a loan modification.  When they call and ask about loan mods, the lender says, call us when you are three months delinquent.  That is craziness !!!

In stead of giving the property away why cannot the lender really help the borrowers who truly are having a hardship?  I don't agree with those of you who think these are bad people making bad decisions in the past. After all, they are your peers, your co-workers, your neighbors!!  They are your friends who you hang out with, your kids play ball with their kids, you share carpooling.  Their the policeman or fireman, or grocery checker you look to for help.

The bank would rather turn them into the homeless, living in motels or camping in their cars.  They would rather have see the children go through trauma and embarrassment at school, their grades crash, become delinquents.

Qualifying homeowners for what they can afford to pay, reduce the interest to 2% or 2.5%.  Adding the amount on to the end of the loan, extending the loan out to 40 years.  Cut the fees banks and other vendors are charging for processing these foreclosures.

Frankly, take the short sales and bank owned property away from real estate agents by making it work long before it gets to us.  Reduce inventory!!!!    We would love nothing more than to have a settled market, to have regular sellers who are not under stress for a must sell.

Our government, congress, the White House appointees, the President is helping banks cover their losses, so we taxpayers, should have a voice as well.  Cut the red tape, cut the loss of home ownership.  Help America get back on real estate track.....    

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 Ken Cash,  CRS

Coldwell Banker-Nevada & California

 

KenCash@TahoeLiving.com

775.691.3855   direct

775.833.6448

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Coldwell Banker Select Real Estate of Lake Tahoe

 

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Comments (4)

Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

I totally agree. Loan mods move slower than turtles. They sure give people long enough to change their minds. Crazy, huh?

Jul 02, 2011 03:05 PM
Ken Cash
CB Select Real Estate at Lake Tahoe - 775.691.3855 - - Incline Village, NV
Lake Tahoe Lake Front Homes, Luxury Homes, Condomi

Will..  Your right, crazy............crazy.........crazy..   I didn't think about people changing their minds, I thought of the stress they endure waiting to be told no...  Which is apparently common.  It has only been in the past month or so that I am being told by three different people they finally got approvals for loan mods.  But that was only after being turned down.. Can you believe that?  One couple, it took 25 months...25 months to get the second approval.  Granted it is a million dollar loan, but they did get it modified..  Finally..

Jul 02, 2011 04:11 PM
Than Maynard
Coldwell Banker Heart of Oklahoma - Purcell, OK
Broker - Licensed to List & Sell - 405-990-8862

So, do I get to reduce my interest rate? I am making my payments, but I would like 2% as well. Just because people get into a jam doesn't mean they should be bailed out.

Will it become a permanent program? Buy a house, don't make your payments and the government will REQUIRE the lender to reduce your interest rate! Call me now to show you how!

Jul 03, 2011 07:02 AM
Ken Cash
CB Select Real Estate at Lake Tahoe - 775.691.3855 - - Incline Village, NV
Lake Tahoe Lake Front Homes, Luxury Homes, Condomi

Than....   I appreciate your comment..  I am glad you have had no problem making your payments.  And, no you don't get 2% nor do you get 40 year loan..  You strike me as the person who doesn't lend a helping hand to the elderly person who slipped on a wet sidewalk and fell.  You probably don't donate to charities either nor do you likely donate coats to homeless people so they can stay warm in the winter.  You are probably the person who nudges in to traffic with your car.  No paying it forward for you don't believe in it.. 

You get my point.  The people you mention are exactly the ones who should be bailed out !!  Certainly not the banks, not wall street.  The government has already made it a permanent program with the debt to be paid by our kids, our grand kids. 

Sorry too, no phone call from me.  We walk on different sides of the street.. 

Jul 05, 2011 05:27 AM