Dishonest Banks & Fake Loan Modifications-Solving our Housing Crisis. It looks like we are just in for more and more every day. Yeah, let's just keep giving money away to people who do not need it while the rest of us struggle, that is the American way, after all. I am just sick to my stomach about all this nonsense. Do you know that if you add up all the money that was spent by the federal government on the loan modification program (Where there is less then $5k of actual money per deal doled out by federal government in compensation to all parties involved), that if you add up all the money already spent & divide it by how many loans actually got modified that it comes out to a whopping $177k per loan!! Really, as of the end of August this is a fact. So my question is, where did all the rest of all that money go? I mean, I understand the there is red tape and bureaucracy, etc, but $172k for each deal done, totally unaccounted for?! That is more then the value of a lot of the homes. The banks could almost have just given the house to the homeowner for free and been down with it.
Dishonest Banks & Fake Loan Modifications-Solving our Housing Crisis. Bring everyone's house debt down to current value & current interest rates, then if they can't keep up their house payments, take the house away from them immediately. No need to do any paperwork at all, no qualifying. This would have been a lot less expensive then what we are doing now in the long run. Most people would then be able to stay in their homes resulting in less inventory, stabilizing home prices, and then the economy. It would all have been back to normal within a year. (And still could be if done now.) This would have to be done automatically for each loan by the current lender with no paperwork, qualifications, income verification, nothing done at all except have the homeowner sign on the dotted line & start making the new payments immediately. Then, if they can't make the payments, and a few of them will probably not be able to, take the house back immediately upon missing 3 payments & sell it to someone that can p=make the payments.
Dishonest Banks & Fake Loan Modifications-Solving our Housing Crisis. But, of course, this is too simple and easy to do and how would we keep up all the bureaucracy that has to get paid & all the real estate agents that list the REO's & all the loan officers that have to write loans & all the money that the banks get from the feds, etc, etc, etc.. So we just keep keeping on & the economy goes to you know where & unemployment stays high. All because we have to keep thing so complicated.
Isaac Real Estate Team
Champions Real Estate Services
TriStar Finance #MLO-107799
Office: 425-483-6849 Cell: 206-841-9976
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