Will Barak Obama help homeowners prevent more Foreclosures???

By
Real Estate Broker/Owner with Action Investments and Hawaii Pacific Realty BRE Lic# 01481898

Right now we are giving money to banks with so called "Liquidity Injections" in hopes that they will do more lending.  Doesn't seem to be working because they will just hoard the cash till they know the future is brighter.

Loan Modification will be the primary focus with   Regardless, I'm thinking that Barak Obama will be more helpful to homeowners facing foreclosure.

Some of the proposals which are likely to be a government proposal to cover as much as 50% of the losses on modified mortgages.  Wow, another handout to the banks.  Why shouldn't they just take the loss

Check Obama's site for info on foreclosures Obama, Barak Obama Posterhttp://www.barackobama.com/2008/03/27/how_not_to_prevent_foreclosure.php

What are some of the proposals you think will be passed during the Obama administration?

Let's hope that we can get through these massive layoffs and job losses.

Posted by

Jason Hector, Real Estate Broker, CA Dept of Real Estate Lic. #01481898
(818) 357-9658 Cell
(866) 791-3290 Fax
jhector@socal.rr.com
www.jasonhector.com
Broker--Action Investments
11630 Seminole Circle
Northridge, CA 91326
(800)-626-6469 Phone
(866)-791-3290 Fax

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Groups:
California Loan Modifications, Short Sales, & REOs
California Realtors
Foreclosure Help and Prevention
Realtors®
Tags:
barak obama
citi citibank foreclosure prevention homeowner homeownership assistance program avoid foreclosure
prevent

Spam prevention
Show All Comments
Rainer
88,607
Jean Powers
Kane & Associates call 510.908.9002 - Alameda, CA
CRS,e-PRO,HAFA,SFR Broker, Northern California

I am to the point that the president needs to prove to me he will truly do what he said in his campaign. They all say what we want to hear and always change when in office.

Nov 18, 2008 01:20 PM #1
Rainer
129,115
Justin Ukaoma
Vizion KC - Kansas City, MO
Kansas City Real Estate Investments

I'm not sure how much Obama has to do with it.  These loan modifications were going to be necessary.  I hope its real help for the homeowners and not just some sort of short term fix with more long term problems.

Nov 18, 2008 01:22 PM #2
Rainer
207,554
Shane OnullGorman
Eau Claire Realty, Inc. - Eau Claire, WI
Eau Claire Wisconsin, Real Estate Agent & Realtor- Buy or Sell

He has a list of over 200 things he is repealing that Bush passed. Thats a good start.

Nov 18, 2008 01:45 PM #3
Rainer
258,899
Mick Michaud
Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107 - Granbury, TX
Your Texas Lifestyle is Here!

'bama won't do anything.  He can't.  He has this albatros around his neck that he came to the party with, the same one that W has been saddled with.  Its called Congress.  They pass the 700B bailout and now they're asking the Treasury secretary what the heck happened.  They signed a blank check and it's doesn't seem to be doing any of what they wanted.

And on deck is the auto industry.

Just goes to show that the best way to deal with this is to get the government out.  They created this when they twisted lenders arms to lend to people who really didn't know how to manage money.

I hope for a brighter future, but I fear we're going to get a worse version of what we've been getting.

 

Nov 18, 2008 01:46 PM #4
Rainmaker
456,140
John Mulkey
TheHousingGuru.com - Waleska, GA
Housing Guru

The real problem is: The government doesn't have the money to deal with the situation. And, then there's the problem of the loans bundled into mortgage backed securities--about $6.5 TRILLION DOLLARS worth. Renegotiating those will be a nightmare (That's one reason Paulson backed away).

Now the government has about $350 billion left to deal with the mess, and it's not nearly enough. FDIC Chairman, Sheila Bair has estimated that another 4 to 5 million mortgages will go into foreclosure in the next 2 -3 years. Regardless of what Obama does, or wants to do, he can't help hundreds of thousands, perhaps millions who may need it.

Nov 18, 2008 01:47 PM #5
Ambassador
891,817
Lane Bailey
Century 21 Results Realty - Suwanee, GA
Realtor & Car Guy

The only way to fix the situation is to improve the economy.  Improving the economy doesn't happen with a tax increase and protectionist policies.  The fact is that things are going to get worse unless Obama "changes" his tack. 

Nov 18, 2008 02:05 PM #6
Rainmaker
141,321
Linda Lipscomb
Linda Lipscomb RE/MAX Lexington Henderson County TN - Lexington, TN
731-695-1118, Lexington TN Homes

Not sure.

With the debt already out there, just don't see how it's possible to help all who need help.

Sad, but we must be realistic.

The government needs to back out and let the empires fall.  It's just too late to save them.

Nov 18, 2008 02:10 PM #7
Rainer
258,899
Mick Michaud
Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107 - Granbury, TX
Your Texas Lifestyle is Here!

I'd like to say so as well, let them go.  However, just like a sinking ship, the vortex will take down everyone around it. 

 

Nov 18, 2008 02:17 PM #8
Rainer
20,742
Jason Ian Hector
Action Investments and Hawaii Pacific Realty - Porter Ranch, CA
Real Estate Broker in California and Hawaii

To all that commented,

It seems that most agree there is not much the president can do to save the homeowners.  I would agree.  If we can allow the markets to work this out, we will see the light at the end of the tunnel several years from now.  Thanks for your comments, Jason

Nov 18, 2008 05:19 PM #9
Rainmaker
42,236
Margaret Rodgers
Keller Williams Realty - Karns, TN
Realtor, AHWD

I do not think he will do anything

Dec 15, 2008 02:08 AM #10
Rainmaker
551,631
Wendy Rulnick
Rulnick Realty, Inc. - Destin, FL
"It's Wendy... It's Sold!"

It doesn't matter who the president is.  The "market" is the "market".  Home prices cannot be instantaneously buoyed, Unemployment won't drop to 4% in six months. 

Dec 16, 2008 10:35 AM #11
Ambassador
1,495,762
Jim Crawford
Maximum One Executive REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Under the US Consitution - it is Congress not the president that should be fixing this.  Civics 101.

Dec 16, 2008 10:40 AM #12
Rainer
20,742
Jason Ian Hector
Action Investments and Hawaii Pacific Realty - Porter Ranch, CA
Real Estate Broker in California and Hawaii

Jim,

You are absolutely right.  The president can only guide, push, encourage and have restrain with his veto power.  He does nominate treasury secretary who is going to have to take a role in solving this problem.

Jason

www.jasonhector.com

Feb 08, 2009 12:59 PM #13
Anonymous
Helen Fry

I know it sounds harsh but people cannot continue to blame everyone else for bad mortgage products. You know when you over commit yourself and if you do that then sometimes foreclosure is the price you pay. Yes the banks made bad loans and they have their role to play - but it's time to let the adjustable loans reset - if that causes foreclosures then so be it. Don't delay the inevitable - get it over and done with and then - and only then - will there be hope for recovery. 85% of people who get loan mods default again within 6 months. You can't make a mortgage low enough for financially irresponsible people - they most likely fall behind again and then expect more help. If we let it all happen now then we can recover - stretching it out over several years trying to save people from themselves will only prolong the financial crisis. I'd rather take a deeper hit for a shorter period of time (by way of diminishing home value and losses on investments) than take a sustained hit for years to come so the people around me who had no business buying a home well outside of their price range can hold on for dear life. I understand job losses and medical emergencies can impact people - but that is not what the majority of the problem is here - and of course I expect the bank to take my house if I cannot pay for it for whatever reason - hopefully smart financial planning on my part, the appropriate medical and disability insurance and savings will see me through any tough times if I get unlucky - if you don't have the means to plan like this should you commit to a mortgage? Just a thought.

Feb 17, 2009 04:05 PM #14
Rainer
5,193
Darlene E. Johnson
J. Johnson Investments Group - Beverly Hills, CA

Well, our President  did admit that this economic crisis will take more that a year, maybe a president's full term to recover. With that being said, I believe that we (agents) should do everything we can to help our clients by educating them . It it much too late to point fingers, we need to get busy, and work hard on trying to keep the homeowners in their homes. We may not get a commission check right now, but I am convinced that helping homeowners now, could be will rewarding down the road. For example, the more homeowners who remain in their homes could help stabilized this declining market. Keep in mind, this is my humble opinion.

Feb 23, 2009 04:29 PM #15
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
20,742

Jason Ian Hector

Real Estate Broker in California and Hawaii
Ask me a question
*
*
*
*

Additional Information