FLorida – Does it make you angry when a bank kicks a family out of their home and loses money as a result? This happens all the time. Let me explain how.
A family buys a home for $250,000. The home declines in value to $150,000. At the same time, their income drops to where they can only afford a $150,000 mortgage payment.
Does their bank reduce their payment through a loan modification and allow them to keep their home? No! Instead, the bank forecloses on the home. But, it doesn’t sell for $150,000.
It sells for $140,000, because the bank didn’t keep it up and the buyers offered less because it was a bank owned home. The bank nets $120,000 on the sale.
So, instead of allowing the family to stay in their home and repay them $150,000; the bank instead chose to kick them out of their home and lost $30,000 as a result.
Isn’t this pathetic? We need to change the system, don’t we?
We need to get out of venting to just people who are in the business. They already know we have a problem. But, the average american doesn’t know about the problems.
We need to show the American Public solid examples of how they are losing money. Let’s post the banks failings online. Tell the story at ripoffreport.com.
Loan modifications and short sales will become a game of chicken. You can tell the negotiator, “Turn down this offer at your own risk. If you fail, and the house sells for less money, then I will put the entire story up online.”
That will help our cause. All we are doing is making a track record of these bank’s decisions. People who have better information will make better decisions.
This will make it easier for Fannie Mae, Freddie Mac, and the American People to make better decisions on short sales and the short sale process.
So, please post your bank’s failings online in our comment section.
Thanks for reading this, Annett T. Block.
Annett is a Real Estate Broker at Florida Connects Incorporated.
Tallahassee Phone: (850) 364-3946
Fort Lauderdale Phone: (954) 586-3930
View My homes for sale at www.FloridaConnectsInc.com.
Annett T. Block specializes in distressed sales, loan modification assistance and short sales in Florida. Celebration Loan Modification Help, Celebration Short Sales. Celebration Short Sale Realtor. FL Short Sales. Florida Realtor. Florida Boker. Florida Foreclosure. Florida Distressed sales.