Comments on: Foreclosure chart of the day http://blogs.reuters.com/felix-salmon/2009/07/29/foreclosure-chart-of-the-day/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: Dan H http://blogs.reuters.com/felix-salmon/2009/07/29/foreclosure-chart-of-the-day/comment-page-1/#comment-4897 Sun, 02 Aug 2009 02:49:28 +0000 http://blogs.reuters.com/felix-salmon/2009/07/29/foreclosure-chart-of-the-day/#comment-4897 The banksters ought to at least be out of a job if not in jail. They, after all, nearly sank the world economy(and maybe still will) The CEO of GM was trashed for ineptitude in leadership. The banksters are guilty of malfeasance, now they are living it up with huge bonuses at taxpayer expence. You know who owns our politicians. Next, they will steal what money we have left through inflation. With these representatives, who needs a king?

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By: Fred http://blogs.reuters.com/felix-salmon/2009/07/29/foreclosure-chart-of-the-day/comment-page-1/#comment-4885 Sat, 01 Aug 2009 03:56:25 +0000 http://blogs.reuters.com/felix-salmon/2009/07/29/foreclosure-chart-of-the-day/#comment-4885 I have been a responsible real estate investor for over 10 years. I did not get in over my head during the 2003-2006 madness. All my mortgage payments are still current but I am having a tough time keeping them up. The economy already forced me to shut down my restaurant as well as having to keep rent low to compete with all vacancies out there. Many of my properties are now like many others “underwater”. Every government rescue programs so far only aimed to help regular homeowners and not responsible investor like me. I am not too much underwater so I want to hold on but talking to banks is like talking to a wall. Even with my 790+ credit score and current payment, I could not get them to give me real help in any ways. There is just no incentive for me to hold on. I’m barely getting by in this economy. I’m doing my best not to add to the foreclosure problem but with curent policies, it’s better to dump it then keep it. I think I will be joining the foreclosure list soon. It make me sick to see banks received government rescue loans and still paid out bonuses in billions. Small investors received nothing.

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By: Robert Chouinard http://blogs.reuters.com/felix-salmon/2009/07/29/foreclosure-chart-of-the-day/comment-page-1/#comment-4880 Fri, 31 Jul 2009 21:44:15 +0000 http://blogs.reuters.com/felix-salmon/2009/07/29/foreclosure-chart-of-the-day/#comment-4880 Job losses and real estate prices have escalated beyond where many buyers can afford conventional mortgages, regardless of interest rates. A Fee Simple ownership, which endures far beyond the lifetime of an individual, is a luxury that many can no longer afford. The best solution for cost reduction is the Life Estate form of ownership. The purchaser, for a reduced price, would purchase a form of ownership that would terminate on his/her death (or the death of the last surviving spouse).

For example, a 50 year old who just lost his/her job with no prospects in this economy for new employment might have enough paid up equity in their home for a fully paid up Life Estate equity.

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By: Tony Youngs http://blogs.reuters.com/felix-salmon/2009/07/29/foreclosure-chart-of-the-day/comment-page-1/#comment-4873 Fri, 31 Jul 2009 18:18:15 +0000 http://blogs.reuters.com/felix-salmon/2009/07/29/foreclosure-chart-of-the-day/#comment-4873 I think there should be tax incentives and rehab loans available for the average real estate investor to buy up all these repossessed houses and fix them up for homebuyers. It will give new comps inthe neighborhoods and help with home values.

Every time we investors fix up a house, neighbors drive by and tell us that we are doing a great job. They thank us for doing something about the delapitated properties in the neighborhood.

Perhabs the Government should provide grant money to the average investor because that creates jobs for the unemployment problem we are seeing.

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By: Steve http://blogs.reuters.com/felix-salmon/2009/07/29/foreclosure-chart-of-the-day/comment-page-1/#comment-4789 Thu, 30 Jul 2009 14:26:39 +0000 http://blogs.reuters.com/felix-salmon/2009/07/29/foreclosure-chart-of-the-day/#comment-4789 Who wants to modify a loan on a 600,000 house that’s only worth 250,000 – 350,000 now and falling? Taking the 7 year hit on my credit for a forclosure sounds like a better business plan than waiting 15 years to break even on an overpriced house.

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By: Victoria http://blogs.reuters.com/felix-salmon/2009/07/29/foreclosure-chart-of-the-day/comment-page-1/#comment-4783 Thu, 30 Jul 2009 13:57:23 +0000 http://blogs.reuters.com/felix-salmon/2009/07/29/foreclosure-chart-of-the-day/#comment-4783 Don,

I am with you in spirit. I see this upclose everyday as I am an attorney working for a non-profit who defends homeowners against foreclosures. Since last fall my state has instituted “mandatory settlement conferences” for the subprime/high cost loans. It has worked to some extent, more so in my are than in NYC, b/c in NYC the property values are much higher and it pays the lenders to litigate rather than just modify the loan.

We also see tons of bad behavior from the lender attorneys — lying to the court, foreclosing while we are presumably “negotiating”, and as AG Cuomo recently has been unearthing even wide-ranging schemes to defraud (guilty parties include creditors, their attorneys, process servers, etc). Their behaviour is punishable but it takes attorney time to make that happen, and our funds are low.

The lenders won’t just come to the table unless they are almost forced to. To even get the attention of someone on the phone, or who has any decision making power is challenging even for an attorney once we are in litigation; almost impossible for the homeowner-borrower looking for a modification. Many of these settlement conferences get “adjourned” b/c the lender does not bother to send anyone with settlement authority, or claims they did not receive papers. So, unfortunately it is not as simple as getting two sides to sit down at the kitchen table — oh, how much fairer the world would be if that were the case…. for the moment we’re stuck fighting the banksters (and their minions) through legislation and litigation.

But hey, Ron Paul in 2012 — one can always hope. In the meantime, END THE FED!

Victoria

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By: Don the libertarian Democrat http://blogs.reuters.com/felix-salmon/2009/07/29/foreclosure-chart-of-the-day/comment-page-1/#comment-4752 Wed, 29 Jul 2009 15:40:22 +0000 http://blogs.reuters.com/felix-salmon/2009/07/29/foreclosure-chart-of-the-day/#comment-4752 I generally agree with what the Center says. The one area of disagreement that I have is over Judicial Loan Modifications. In normal times, this could be a very good idea. But in a bubble situation, lenders could rightly fear a sort of elevator effect. They suspect that they have to take the elevator to the ground floor, and the judicial modification in this situation could simply be delaying the descent by temporarily stopping at the third floor, say. While an orderly decline is generally best, this bubble was so bad that working our way through it more expeditiously might simply be the better idea.

To the extent that people need help with housing, we could offer a general housing subsidy for those in need. Otherwise, the idea above seems much better in these circumstances. Simply make sure that there was no fraud in the loan and see if the parties can work it out with some intervention.

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