"Foreclosure Avalanche" Prompts Servicer Survey

RE:"Foreclosure Avalanche" Prompts Servicer Survey

CFSolutions — Sun, 10 Feb 2008 13:00:00 GMT

There is only one solution for the current crisis: Banks should realise that properties were refinanced or sold at an average of 30 to 40 percent above real value. Greed was the primary cause of the financial mess. In some areas in Florida, the mortgage payment is not the problem. Taxes and insurances are. I just came back from Port Saint Lucie, Florida, a town that just 2 years ago was one of the top gowing cities in the country. I drove around town and just about every other house is on the market. Banks can eather lose 100% of the loan or just 30%. Take a 30 year loan on a property tha has a loan balance of 300,000. According to the properties sold in that area, this property will only be appraised at $200,000. Take that amount, apply a 6.75% interest and use a 40 or 50 year amortization and now that borrower can afford the payment. Still we need to solve the tax and insurance problems in that area. If you don't do that, the city of Port Saint Lucie will have to file Bankruptcy.

RE:"Foreclosure Avalanche" Prompts Servicer Survey

Douglas M. Thomson Sr. — Fri, 08 Feb 2008 13:00:00 GMT

The report shows an unwilliness to lower interest rates. It also shows that the banks had nothing to do with the loans being brought current. It is so simple to see that not a thing has changed. At the expense of our economy the banks have continued to profit. Most people facing forclosure can not bring their loans current. As for refinancing they no longer qualify. Either the credit is no longer good or the property is no longer worth enough to qualify for a new loan. Also many of the original loans have been sold multiple times as banks close or bankrupt. My advise is to lower interest rates on existing loans. The people who are willing to stay in the home and are able to negotiate a reasonable and affordable loan term will. Ignor the fact that the property is worth less then they owe and care more about staying in their home. Lenders are becomming more and more like wolves taking advantage of the insurance companies, government grants and continue to waste so much time that homeowners end up walking away. Lets not forget that these tax paying citizens will not be able to use credit and will not pay property taxes. They most likely will end up seeking some type of government aid. This is a loose loose situation. It is time that the government step in and organize a task force that looks closely to see that banks actually lower interest rates and are working to help those asking for help. I have been trying for 18 months. All that happens is they waste time. Ask repeatedly for your current financial situation and then not change anything. This is no laughing matter. We will be in a DEPRESSION NOT RECESSION SOON if the banks continue to expect people to pay these high interest payments. People will simply walk away leaving their credit upside down and bankrupt. This country needs to wake up and take back the control we lost. The banks and their over paid officers decided to take advantage of the unsuspecting public. By creating unregulated and unqualified loans. If the banks dont cooperate with the public. The public will walk away leaving all their debt unpaid. Who will pay? NO ONE!

RE:"Foreclosure Avalanche" Prompts Servicer Survey

uncle teddy — Thu, 07 Feb 2008 13:00:00 GMT

having worked many short sales and dealing with a varity of mitigators it seems like they hav either no interest or no incentive to realize the effect their efforts or lack of has on these people,i have observed that many investors are losing also and they make the market but are totally ignored. ihave had many deals turned down after getting fair mkt value only to puchase later as reo at 50% less ,it would appear that someone is asleep at the wheel and the lenders care nothing except bottom line and no hardship is considered i believe the right hand (mitigators) and the lefthand(reo dept) should compare notes and ### s maybe look at bpo suppliers as looking to gain listing later?????? also any one can be a bpo agent but it is a science thank you and lets work together to help people it will come back in many ways uncle teddy