Comments on: Foreclosure Mitigation Deemed A Flop: Congressional Panel Tells It Like It Is; Administration Plan Fizzles; Foreclosures Rise; More Expected; Don’t Expect Much More Government Help; Forget About The Banks Bailing YOU Out; Don’t Bother Rationalization; Treasury Strategy Derided As Not Long Term Solution; Did I Leave Anything Out???; No, I Didn’t!!

By: Aaron Norris

Aaron Norris — Mon, 19 Oct 2009 16:07:05 +0000

Couldn’t agree more. Many of the panelists at I Survived Real Estate from the Realtor, banker, appraiser, auction, and service industry all said the same thing. We know the inventory is there. “Shadow Inventory” may not only be the foreclosures the banks are withholding but also the homes that they haven’t started the foreclosure process on. How many of us know family, friends, or colleagues that have stopped paying for over a year and still have yet to hear from the bank. Throw in strategic defaults in states like California with increasing unemployment heading into winter and it’s a real mess.

Many of these “modifications” are also being recycled because we already know they have a very high re-default rate. When will they let the market take care of itself?

By: Liz

Liz — Thu, 15 Oct 2009 02:19:06 +0000

In all the games of life you have to pay to play. Why is it for the people who are struggling the same as everyone else and making their payments are forgotten about. Let’s again reward the people who don’t pay with more incentives and freebies. The harder you work for something the more value it has.

By: Bob

Bob — Wed, 14 Oct 2009 17:58:42 +0000

I have yet to see a Loan Mod turn out good for someone. In fact the initial trial periods can actually hurt someones cash flow because I have seen the trial payments actually be higher than a persons current payment. A agree that much more work kneeds to be done. .-= Bob´s last blog ..Inventory is extremely low for San Ramon Real Estate =-.

By: Dave Sharp

Dave Sharp — Wed, 14 Oct 2009 17:25:31 +0000

That may be the greatest blog title ever! I’m shocked that Congress can admit that this program has been a complete failure, but we didn’t need them to tell us that, did we?

By: Lucas

Lucas — Wed, 14 Oct 2009 16:47:29 +0000

I agree 100%.

I just wrote a post about this exact same problem over at our blog and can tell you from first hand experience this writer is correct on all fronts.

Problem is what to do?

If the government had a brain they would have realized they screwed 90% of us by passing over those of us who already own a home. A home that has lost 50% of its value. Where is the help for all the good people out there trying to hang on.

So they gave $8k to those first time home buyers….what exactly did it do for the big picture???

Where is the motivation for those whose home is now worth less than when they bought it to keep paying their mtg and taxes? How long will it be before they become even again?

Lucas
TheNewSelfEmployed.com