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response to a query for real estate article

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Today I read a request for a reporter that wanted some response help for an article she was writing on the following topic:

"Tens of thousands  of homeowners are getting home loans modified
into more affordable terms, but research shows many of those
borrowers are defaulting even on newly modified loans -- prompting
criticism from some federal politicians who argue current
modifications may amount to little more than a Band-Aid approach. I
am eagerly looking for real people with a modified mortgage, people
struggling to pay a modified loan, realtors, lenders, brokers, and
other experts "

Here is my response

Hi Stephanie, I am writing in response to your query. And I have to say OMG. Someone finally is acknowledging this "fix' isn't working.  My Husband and I are the owners (along with my sister her husband)  of a 18 condo units that we invested in 3 years ago. We owned a corporate housing company for 20+ years and we bought these condos when the all of the properties we had been utilizing for our business converted to condos. I cannot possibly write to you about everything that has transpired since. Readers digest version and one great example: One property had 320 units we purchased 9 and we also sold more than 40-50 to investors at the conversion offer time. Since then, 30% have gone into forclosure. That process takes one to two years. During that time these owners collected rent and had no expenses. When renters were noticed, by the sheriff ,that the unit was in forclosure, owners would drop the rent to keep them. This started a snowball effect to unit owners, that were paying their loan, having to drop their rent. Now we were having to add thousands of dollars, every month, for the last two to three years. The bank agreed to modify our payments ( I can't even tell you how much work that took!!!!) They gave us a lower interest rate and a longer 40 year payout time. This brought our payments down about $500.00 per month per unit. For a very short time,That was working out. Then the bank began to sell off some forclosed units. They sold units, that we paid $250,000 + for $95,000 !!!! consequently,  we are in a worse place than before. New people buy these units for less than half of what we paid. How can we ever drop our rents to match what they can afford to rent them out at? Why would we keep on supplimenting the income we receive to make the loan payments. There is no way , in my lifetime I will ever see this unit comr back to $250,000 plus the money we had to add every month for the payments. (Also don't forget , many time renters default too and florida law takes 30-90 day to evict and $400.00 out of my pocket to do it Another topic to write about !!!) Conclusion. and Question I just can't get an answer for. Why will the bank sell this utit to a new buyer for an amount that they don't offer the owner? The owner has already put in the down payment , closing costs, operating expenses, and he gets no consideration. The bank loses money for the 1-2 years they collect nothing during the forcloser process, has to pay 6 months of back association fees, has to pay for the forclosure process, and then has to first sell it. The new buyer has nothing but gain. This is the craziest situation. Oh and worse, If you are and investor.!!! Previously they wined and dined to get our business, Now we are the enemy. Every program the bank comes out with is NOT FOR THE INVESTOR !! We are currently having an attorney, that represtents us ,and alot of other unit owners (including the attorney)  contact the bank to inform them that if they cannot make us the same offer they will be in possession of 40 + units that they can add to the 30% already in foclosure. I will stop bending your ear, but you asked about a subject i have unfortunatley become an expert on.