Well now that Congress has the "Bail Out" finalized, it should be interesting to see just WHO and HOW they will be handling the sale of these "assets".
I have an idea - since it's OUR money we should have a say from now on. Here's MY plan
- Get RID of the asset managers and the handful of bank agents they use and spread the wealth - I would like to get Some of my money back. Why over work a few agents?
- Make these "assets" salable and put some money into them instead of taking Huge losses**. That way you'll stop running the prices into the ground and causing more foreclosures.
- Price them at Market Value instead of pennies on the dollar, unless of course you would like to see "Bail Out" round 2 from the surrounding neighbors.
- Force the banks to approve a short sale within 2 weeks on the new ones coming in the pipeline. You managed to spend $7 bill in 2 weeks - they should get us an answer in 2 weeks.
- If someone is making their payments on time cut them some slack and Work with them Quickly, so they are not forced into foreclosure - we bailed you out at least you could do is help them.
- How about we collect some of the debt back from those that foreclosed? I do not mind borrowing money to help a neighbor but darn it I expect some of it back. I pay my debts.
- Anyone that did a "buy and bail", destroyed their home or pulled money out and ran should be held responsible. Why does our society keep rewarding Bad behavior?
- Do Not let HUD handle these assets - the last thing we need is more government involvement.
What concerns me is how much they are willing to sell these "assets" for here's an example**
- 03-11-05 home sold for $785,000
- 07-12-06 mortgage $675,000 and $150,000
- 11-27-07 sold at sheriff sale for $562,500
- 06-06-08 placed on market by bank agent for $379,900
- 03-11-08 Sold for $415,000 in 5 days - that's 50% which can ruin this neighborhood
Right now in Macomb County 15% (1396) homes and condos are bank owned/foreclosed and 5.5% (489) are short sales. How many more are there around the country? How many of these are figured into the "asset" pile and how many more are going to follow?
Can you see me standing up at my desk applauding?
(I'm flagging this one for a feature. OUTSTANDING job and thoughts!)