Focusing On Foreclosures

A year or more ago I try to get this fool to listen to me and write a simialr article. No mention needed for the source of information. Just wanted Mr Dan to report the facts that back then noone could ever beleive. Now he thinks hes telling us somthing newsworthy.

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This is essentially the same thing a Chapter 13 Bankruptcy judge does. They look at what the debtor can realistically pay, and the debtor agrees to pay it. It may be 80% of debts, it may be 50% of debts, but it is based on the ability to re-pay. The creditors are guaranteed to get something, rather than running the risk of getting nothing.

And in a Chapter 13 bankruptcy, the debtor is allowed to keep their home in most cases, which tells us that being able to stay in one's home is paramount.

This is not re-inventing the wheel - surely the housing industry can take what works and improve the process?

One thing that would help the market function more smoothly would be to allow loan assumptions again and have lenders waive the due on sale clause . Assumptions were common in the late eighties when a flood of HUD properties threatened to push home prices down. Banks and other lenders soon realized that it was far more profitable to write new loans than to allow existing ones to be assumed. In short order the loan assumptions disappeared . Allowing the practice again, especially since the government now has more influence on the lending industry than ever, would help in several ways. It would make it easier for sellers to sell and for buyers to buy thus cutting the number of failed sales which end in foreclosure. It would stimulate the volume of transactions thus helping those employed in the real estate industry like agents, inspectors , appraisers etc. Granted the assumption fees would not be as lucrative for lenders as new loans but any reduction in the number of foreclosures and empty properties on the market would benefit their bottom line. Allowing loan assumptions could be a partial solution to this housing crisis because it would help clear some of the huge inventory of houses for sale. It helped in the late eighties and it would help again now.

Who does the Market?
Single House-Owner or House Owners with 20,30 houses that actually Grab the opportunity loophole that create the Bank Failures?Or Greedy Bank executives ,Or administration policy failures ?

The only fair method is to do a mortgage adjustment for all morgages in areas that are impacted. For example, Florida, California, Nevada have whole ares that are devasted, often by no fault of the buyers. To give those unable to pay the mortgages they agree to but making the nextdoor neighbor pay the full maortgage price just because he or she has enough to do so is obviously unfair! To a large extent, banks and Wall Street are responsible for the bloated home value by proving easy money and supporting speculation; therefore, they are the ones that need to pay the penalty, not the homeowner forced to pay these artificially inflated prices! Take back those million dollar bonuses paid for the poor business practices; fail the banks and their owners; but provide mortgage relief in the form of reduced principals on all mortgages within a defined area by the average decrease in home value since the home financed last.

Some people are not in the financial position to own homes. Period. If you took out a jumbo mortgage thinking that house prices were going to increase 5-10% a year ad infinitum, then I'm sorry. You rolled the dice, and you lost.

One prevent play in place for senior home owners is the reverse mortgage. We are seeing this group utilize the mortgage tool to pay back taxes and refinance an existing mortgage in jeporady of being forclosed on, and establish a no installment payment plan for the entire time the homeowner lives in the house. In CT I can be reached at 800.290.3521, ext. 504.

Foreclosuers will increase, home values will continue to go lower, credit will remain difficult to get if at all, jobs will continue to be lost with unemployment possibly reaching 10% and the economy is going to get worse. We will most likely double our deficit by end of 2009.

I think FDIC should first make its available resources on rescuing bank depositors in those failed banks, as most of the bank failures are due to bad loans due to subprime lending. The FDIC assistance to home owners facing foreclosure should not include the real estate speculators and those who has no ability to make normal mortgage payment.

Sorry, but if you bought a house and cannot afford the mortgage then you get foreclosed. In the same light, banks that made too many bad loans should go bankrupt. The only affect of all these bailouts is to bankrupt the entire USA, punishing individuals who did not borrow and those businesses that were responsible.