We are a group of "ethical" "professionals", who profit from the sale of Real Estate. Over the past few years some made incredible amounts of money selling property and making loans, but did our greed as an industry cause today's mortgage melt down? Personally, I never asked a buyer to consider an ARM. But I did witness others who advocated them, and it doesn't take a genius to figure out if a buyer can afford a loan once the rate adjusts, yet, this was never a condition for many loan approvals. Some of us thought we were helping people realize their dreams of home ownership, but, for all too many it's turned into a nightmare. I'm not saying we as an industry should be held accountable for the poor financial planning of some of our buyers, but I do think we have a responsibility to try to help those affected in our communities. The question is what can we do? And are we willing to do it?
If a fund was established to purchase low cost housing for foreclosure and short sale victims, and renters affected by foreclosure, would you be willing to donate? Would you be willing to ask your buyers and sellers to donate? What if donations were tax deductible? The project I'm thinking of would allow people to live rent free for up to 12 months, allowing them an opportunity to start over. I'm willing to spend the money to establish the non profit organization and make the first donation, I'm wondering who's on board, and what you think of the idea.
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