Comments on: New ideas to prevent foreclosure? http://blogs.ajc.com/business-beat/2009/10/09/new-ideas-to-prevent-foreclosure/ Get inside Atlanta\'s and national business news and how it affects you. Sat, 11 Feb 2012 03:16:35 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Tonya Jones, REALTOR® http://blogs.ajc.com/business-beat/2009/10/09/new-ideas-to-prevent-foreclosure/comment-page-1/#comment-3458 Tonya Jones, REALTOR® Mon, 12 Oct 2009 14:59:45 +0000 http://blogs.ajc.com/business-beat/?p=2405#comment-3458 When homeowners are facing imminent foreclosure, sometimes the best alternative is to do a short sale. This keeps the homeowner from having the foreclosure on their record and saves the bank from having to take the house back and pay attorney's fees. Homeowners should work with an experienced licensed Real Estate Agent for this service and should never pay money to those fake "Mortgage Modification" companies who charge $1,500 and don't do anything to stop the foreclosure. A good Real Estate Agent will present the homeowner's case to the bank and work to obtain a satisfactory offer for the home. For more information on short sales and selling your distressed property please go to: http://www.tonyajones.com/Short_Sale_Info/page_2287176.html If the URL above is not a hyperlink you can view the website by copying and pasting the URL into the address bar on your browser. When homeowners are facing imminent foreclosure, sometimes the best alternative is to do a short sale. This keeps the homeowner from having the foreclosure on their record and saves the bank from having to take the house back and pay attorney’s fees. Homeowners should work with an experienced licensed Real Estate Agent for this service and should never pay money to those fake “Mortgage Modification” companies who charge $1,500 and don’t do anything to stop the foreclosure. A good Real Estate Agent will present the homeowner’s case to the bank and work to obtain a satisfactory offer for the home. For more information on short sales and selling your distressed property please go to:
http://www.tonyajones.com/Short_Sale_Info/page_2287176.html

If the URL above is not a hyperlink you can view the website by copying and pasting the URL into the address bar on your browser.

]]> By: Kim http://blogs.ajc.com/business-beat/2009/10/09/new-ideas-to-prevent-foreclosure/comment-page-1/#comment-3457 Kim Mon, 12 Oct 2009 14:43:17 +0000 http://blogs.ajc.com/business-beat/?p=2405#comment-3457 Thank goodness someone has an idea instead critisism...Anymore ideas out there Thank goodness someone has an idea instead critisism…Anymore ideas out there

]]> By: I Know How http://blogs.ajc.com/business-beat/2009/10/09/new-ideas-to-prevent-foreclosure/comment-page-1/#comment-3448 I Know How Mon, 12 Oct 2009 12:53:42 +0000 http://blogs.ajc.com/business-beat/?p=2405#comment-3448 A simple way to fix the problem. Start a Federal Gov equity program that works like this. Example homeowner with 200K mortgage. Gov assumes half of mortgage for 5 years and pays bank 2% interest only. Homeonwer pays fix 4% interest only on other 100K with no pmi. Cuts payment from 1600 to 800. After 5th year 1/3 of mortgage is added back, 6th year next 1/3 and at end of 7th year homeowner is back to paying full mortgage that they agreed to at first and home is never depreciated. Homeowners that have been foreclosed on could get their homes back as long as the house is available and they can show that they can afford the reduced payment plan. This would create a market for these houses and stabalize home prices. Local and state gov would not take the hit of house being depreciated and losing tax revenue. Homeowners who did it right would not be penalized by falling prices because this program would ensure that the full purchase price would be paid. After emerging from the program a homeowner would be required to pay a 1% additional interest charge for the next 8 years to pay for the first 5 year break in payments. This would cost less than 1/3 of the billions the gov is now wasting on the problem. The gov would recoup billions in addtional taxes as the homeowner would not be able to claim a full tax deduction for interest. No closing for the loan is required instead the bank would send troubled owners a form electing to go in the program and thus be adjusted. The banks and lending institutions that were a big part of creating this mess would not now profit from predatory refinancing cost. The program would be quick to istitute and could help most owners within 30 days of inception. Ran it by bankers and real estate persons they think its a great way to fix the problem. The economy will be bad for the next 8 to 10 years without a fix of the house market. This will get it done fast A simple way to fix the problem. Start a Federal Gov equity program that works like this. Example homeowner with 200K mortgage. Gov assumes half of mortgage for 5 years and pays bank 2% interest only. Homeonwer pays fix 4% interest only on other 100K with no pmi. Cuts payment from 1600 to 800. After 5th year 1/3 of mortgage is added back, 6th year next 1/3 and at end of 7th year homeowner is back to paying full mortgage that they agreed to at first and home is never depreciated. Homeowners that have been foreclosed on could get their homes back as long as the house is available and they can show that they can afford the reduced payment plan. This would create a market for these houses and stabalize home prices. Local and state gov would not take the hit of house being depreciated and losing tax revenue. Homeowners who did it right would not be penalized by falling prices because this program would ensure that the full purchase price would be paid. After emerging from the program a homeowner would be required to pay a 1% additional interest charge for the next 8 years to pay for the first 5 year break in payments. This would cost less than 1/3 of the billions the gov is now wasting on the problem. The gov would recoup billions in addtional taxes as the homeowner would not be able to claim a full tax deduction for interest. No closing for the loan is required instead the bank would send troubled owners a form electing to go in the program and thus be adjusted. The banks and lending institutions that were a big part of creating this mess would not now profit from predatory refinancing cost. The program would be quick to istitute and could help most owners within 30 days of inception. Ran it by bankers and real estate persons they think its a great way to fix the problem. The economy will be bad for the next 8 to 10 years without a fix of the house market. This will get it done fast

]]> By: 2Cents http://blogs.ajc.com/business-beat/2009/10/09/new-ideas-to-prevent-foreclosure/comment-page-1/#comment-3438 2Cents Mon, 12 Oct 2009 09:49:51 +0000 http://blogs.ajc.com/business-beat/?p=2405#comment-3438 Make no mistake, the problem(s) is big enough to be shared by all, but at the core is greed. People and business made bad choices in good times. Bad times came and the government joined that group. It's made more complicated by the promise of "help is on the way". When the government said "help is on the way" business dried up. Who is willing to part with their profit margin when the hope exists, "if you look pitiful enough", you too can get a government handout. Stop the bailout(s) and let business get back to normal. Create a nationwide fair trade law....Oops, we already have that. Just no one left to enforce it. Dang....another bailout please. Make no mistake, the problem(s) is big enough to be shared by all, but at the core is greed. People and business made bad choices in good times. Bad times came and the government joined that group. It’s made more complicated by the promise of “help is on the way”. When the government said “help is on the way” business dried up. Who is willing to part with their profit margin when the hope exists, “if you look pitiful enough”, you too can get a government handout. Stop the bailout(s) and let business get back to normal. Create a nationwide fair trade law….Oops, we already have that. Just no one left to enforce it. Dang….another bailout please.

]]> By: antoinette bell http://blogs.ajc.com/business-beat/2009/10/09/new-ideas-to-prevent-foreclosure/comment-page-1/#comment-3431 antoinette bell Mon, 12 Oct 2009 01:30:52 +0000 http://blogs.ajc.com/business-beat/?p=2405#comment-3431 ...and maybe Jimmy Carter (love him!) …and maybe Jimmy Carter (love him!)

]]> By: antoinette bell http://blogs.ajc.com/business-beat/2009/10/09/new-ideas-to-prevent-foreclosure/comment-page-1/#comment-3430 antoinette bell Mon, 12 Oct 2009 01:29:18 +0000 http://blogs.ajc.com/business-beat/?p=2405#comment-3430 Banks must be willing to remodify loans to bring them in line with existing property values. I attempted to do a remodification but all bank was willing to offer was a forebearance (where everything owed is placed on the back of the loan). They were not even willing to lower interest rate and take loan from an ARM to a fixed...not to mention the no. of times my loan was sold during this process. @Shananeeeeeee Fananeeeeeeeee : Don't be so judgemental. I did not buy a house I couldn't afford. I bought I condo when I had a job and before I had surgery. One day you too could lose your job or business or God forbid, have a medical issue that impacts your ability to continue your current standard of living. Until people become more important than profits in this country, nothing will change. I don't know if God is coming back to judge all, but if S/HE does...the only thing left standing will be the houses we can no longer afford. Banks must be willing to remodify loans to bring them in line with existing property values. I attempted to do a remodification but all bank was willing to offer was a forebearance (where everything owed is placed on the back of the loan). They were not even willing to lower interest rate and take loan from an ARM to a fixed…not to mention the no. of times my loan was sold during this process.

@Shananeeeeeee Fananeeeeeeeee : Don’t be so judgemental. I did not buy a house I couldn’t afford. I bought I condo when I had a job and before I had surgery. One day you too could lose your job or business or God forbid, have a medical issue that impacts your ability to continue your current standard of living.

Until people become more important than profits in this country, nothing will change. I don’t know if God is coming back to judge all, but if S/HE does…the only thing left standing will be the houses we can no longer afford.

]]> By: 1000ton http://blogs.ajc.com/business-beat/2009/10/09/new-ideas-to-prevent-foreclosure/comment-page-1/#comment-3429 1000ton Mon, 12 Oct 2009 00:58:18 +0000 http://blogs.ajc.com/business-beat/?p=2405#comment-3429 there are too many different situations. Not enough people under payroll to evaluate or consider each case. Is just imposible and also remember this never happened before in this Country. It's always about money and everyone wants to make a profit "what's in there for me, is it worth it?". It's not, unless you're the one in the hole, if that it's the case, guess what? You're on your own, sad but true. You will not get any help because no ones cares, there will be many waiting till you fail so they can profit. That's another good reason why H. Paulson and our Feds let Lehman Bros failed, there were waiting for this to happened...only a few profit from it, it was a great feeling for Paulson and his associates to see them failed. If you have cash, you'll be OK, if not, step aside. there are too many different situations. Not enough people under payroll to evaluate or consider each case. Is just imposible and also remember this never happened before in this Country. It’s always about money and everyone wants to make a profit “what’s in there for me, is it worth it?”. It’s not, unless you’re the one in the hole, if that it’s the case, guess what? You’re on your own, sad but true. You will not get any help because no ones cares, there will be many waiting till you fail so they can profit. That’s another good reason why H. Paulson and our Feds let Lehman Bros failed, there were waiting for this to happened…only a few profit from it, it was a great feeling for Paulson and his associates to see them failed. If you have cash, you’ll be OK, if not, step aside.

]]> By: Concerned Citizen http://blogs.ajc.com/business-beat/2009/10/09/new-ideas-to-prevent-foreclosure/comment-page-1/#comment-3428 Concerned Citizen Mon, 12 Oct 2009 00:31:29 +0000 http://blogs.ajc.com/business-beat/?p=2405#comment-3428 Our mortgage payment is going up by $100 a month for what?? You guessed it...increase in property taxes. Now's whose fault is that? Our mortgage payment is going up by $100 a month for what?? You guessed it…increase in property taxes. Now’s whose fault is that?

]]> By: FaceSitter http://blogs.ajc.com/business-beat/2009/10/09/new-ideas-to-prevent-foreclosure/comment-page-1/#comment-3416 FaceSitter Sat, 10 Oct 2009 16:38:16 +0000 http://blogs.ajc.com/business-beat/?p=2405#comment-3416 Lisa Wu can come and stay at my house. Lisa Wu can come and stay at my house.

]]> By: Shananeeeeeee Fananeeeeeeeee http://blogs.ajc.com/business-beat/2009/10/09/new-ideas-to-prevent-foreclosure/comment-page-1/#comment-3415 Shananeeeeeee Fananeeeeeeeee Sat, 10 Oct 2009 16:32:05 +0000 http://blogs.ajc.com/business-beat/?p=2405#comment-3415 Yeah, don't buy a house you can't afford. Yeah, don’t buy a house you can’t afford.

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