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Where are they going?

November 1, 2010

Where are they going?

ConfusedI have written a few posts recently about my thoughts as to loan modifications. I am convinced that there is a better way, that loan modifications with principal reductions, where appropriate, are a great idea. A new directive from the US Government can help, banks will recoup losses when homes gain value again and then sell. The reduction will be given back to the lender at that point in time. Read it here, Principal Reduction Alternative.

Some disagreed, no hand outs, they should pay for their frivolity. Of course I know that many were not frivolous. Some are behind because of a job loss, pay cuts, the rising cost of living. What do you pay when you have kids? Do you keep the power on, do you keep the house warm? Where there is no real access to public transportation do you keep the car payments up so you can get to work? Do you keep up with your health insurance, or car insurance? What do you do? Hope that you can catch up later?

Yes, I know. People should pay for their mistakes. People should have known better. Yes, yes, yes. They were conned, we all know that fact. If a con man bilks an old lady out of her savings we all stand up and scream, they arrest the con man… cons are illegal, right? Disagree with me, but please answer this burning question I have… where are they living now? Where are the children living?

Where are all these people going? I know I can’t find them rentals. Owners hire agents to rent properties to protect them from meeting with people face to face, from hearing their horrible stories, from feeling sorry and renting to them. Bad credit equals no rent. End of story. So, where are they going? Where are they living now?

We have all walked into vacant homes and seen the kids rooms, empty, some toys left behind, screaming out to us that an innocent victim (the child) was forced out of their home to live…. WHERE?

I have had to tell people to check the local paper to find a rent, so that they can speak directly to the owner. They might be able to talk them into renting to them. I know that sending them to Social Services in town is probably not going to work as we have minimal affordable housing. But it makes me feel better to say that. Towns and cities, our states, have no money. Programs are being cut right and left. But… still the burning question, where are they living?

So what is so bad about real loan modifications with reductions in payments that will keep people in their homes. Because if you think it is really so bad, please tell me….

Where are these families going? Where are they living?

This post was partially inspired by Richard Weisser and Lenn Harley. The rest of the inspiration came from deep within, each and every time I walk into a foreclosure or have someone call me for a rental because they lost their home, credit ruined.

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