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How long are we going to tip toe around this big huge elephant in the room anyway?

October 25, 2010

How long are we going to tip toe around this big huge elephant in the room anyway?

Elephant in the roomTruth be told, any halts to foreclosures will not happen. No one in our legal system or government is going to do anything about the atrocities that have happened, no one is going to admit mistakes openly. Laws won’t change. Lenders, their investors and our government are all afraid of the big class action lawsuits that are probably already brewing in the minds of some smart attorneys and people who have nothing more to lose.

I really didn’t fall off the cabbage truck, I know there is not an answer around the corner, not at this rate. I would think, however, I would have heard more ideas from all the candidates with their thoughts and ideas. Nope, all I hear is mud slinging crapola sliding out of the mouths of these Bozo’s who are going to represent us. I am scared.

I feel the only solution is to force the lenders to actually do REAL loan modifications.

Like have the house appraised, rewrite the loan for the appraised value, write off the rest. For those that qualify that is. And how would they know if they qualify? Local panels made up of 3 people, an attorney to represent fairness, a real estate agent for local market knowledge and a social worker to keep the human aspect alive. Notice I didn’t say a bank rep….

Silly me, the lenders will stand to lose money here. WAKE UP MR. AND MS. LENDER, you are already losing money. If you don’t do a real loan modification, not some smoke and mirrors crap that you are trying to hand out as loan modifications you will end up with less than what the loan mod would have cost you. But no, your loan modification goes more like this.  Pay us $5,000, we will lower your payments by $300 per month, but you still owe us the same amount of money. Then when the poor home owner realizes they have to sell anyway, they are looking at a short sale. Which you may or may not approve. Or you let it hang out there until the foreclosure happens. HANG ON THERE, do we really look that dumb and stupid?

Lesson number one to all you lender yahoos. People will just walk away from the home. Yep, then you do acquire the home in a foreclosure, broken pipes, filled with mold, on and on. An unsaleable POS, that’s what you get. Some investment that is. And when we poor Realtors® bring you an offer, you moan and groan, you make us wait, you ignore us, how DARE we bring you a price of $50,000 when you have it listed for $150,000. I dunno, perhaps we are just dumb. Perhaps you are afraid you will get what you have given out. A good screwing…

Just how long are we the people going to tip toe around this big huge elephant in the room anyway?

Just after I wrote this my broker came in and told me she thought she heard on the news radio this morning BofA wants to pack up their dolls and dishes, they do not want to participate in short sales anymore. Anyone else heard this? I can’t find it anywhere.

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