BANKS HALTING FORECLOSURES........? IT TOOK LITIGATION TO DO SO.......

By
Real Estate Broker Owner with People first then business! Ran Right Realty Riverside, Ca BRE LIC #00636943

In several articles that just came out, the banks are halting the foreclosure processes because they found errors in their procedures....These errors are being brought to the surface via lawsuits filed by foreclosed upon homeowners who fought back

Let's not debate weather someone should be in foreclosure or not. Instead, I just wanted to mention how the 3 foot hole that the banks found themselves in has just turned into a 6 foot hole...of their own doing.

Why would the banks not heed the advice of trying to work things out with homeowners....? Because the government offered them a cushion or bail-out enabling them to conduct irresponsible business practices and when that failed, guarantee their recovery.....no matter what

Now, where did all the money that was lost really go....? What you will not hear about is from the people who made fortunes. They got in and out with the money and then went underground.....

POINT OF THE POST: What is so hard about rolling back interest rates, lowering monthly payments or reducing principal amounts......? Surely anyone who has had to depend on cash flow knows the value of having something coming in versus nothing coming in.

Just subsidizing millions of people for 5 years so that unemployment and being kicked out of your home doesn't line up. When you lose consumers via their lack of confidence, everyone suffers.......

Now, the courts will be clogged, the Real Estate recovery will be averted, and millions of people would have suffered needlessly...for what....the love of......MONEY  ?

 

 

 

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Topic:
ActiveRain Community
Location:
California
Tags:
foreclosures
loan modifications
economy
banks
litigation
bailout

Comments 10 New Comment

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Rainmaker
1,113,779
Richie Alan Naggar Author PEARLS SERIES of books
on LIFE and LOVE plus Real Estate too!
People first then business! Ran Right Realty Riverside, Ca

Tish....you are making sense...it takes years to figure somethings out. I know more about banking than I ever did...through its failing. I know more about Iraq & Afghanistan through war, I know more about oil via our mishandling it and raising gasoline prices through the roof, and finally, all the flaws that our country's systems have are being revealed. None of this is a pretty sight....

October 05, 2010 08:07 PM
Rainmaker
132,526
Fred Hookham
Keller Williams

I'm in Wisconsin, and most of the banks named in the order have a significant number of properties in the foreclosure process......Not sure about the effect of the order, or the ripple effects on the local market. No one seems to know about the timeline for these changes.

October 05, 2010 09:05 PM
Rainmaker
1,113,779
Richie Alan Naggar Author PEARLS SERIES of books
on LIFE and LOVE plus Real Estate too!
People first then business! Ran Right Realty Riverside, Ca

Thank you Fred for letting us know the dynamics of your neck of the woods.....We are all learning as we go here it seems......

October 05, 2010 10:05 PM
Rainmaker
296,638
Ernie Steele
Lebanon, PA Real Estate 717-273-3774
Prudential Homesale Services Group

I love the post Richie...And everyones interesting comments, especially Lisa's simple solution...Enjoy the day.

October 06, 2010 08:25 AM
Rainmaker
1,113,779
Richie Alan Naggar Author PEARLS SERIES of books
on LIFE and LOVE plus Real Estate too!
People first then business! Ran Right Realty Riverside, Ca

Why thank you Ernie....I agree with you that Lisa rules.....she actually just represents the common thought of many professionals in the biz. Things can get so regulated that we forget it is supposed to serve mankind and not dominate him....Ernie....we got a mess on our hands and people who we pay top dollar are not showing us anything..

October 06, 2010 10:12 AM
Anonymous
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Rainmaker
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Richie Alan Naggar Author PEARLS SERIES of books

on LIFE and LOVE plus Real Estate too!
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