Sharp rise in foreclosures as banks move in.(click link to left for article)
Dealing in the trenches on a daily basis I have to say the information in the news media regarding foreclosures is not in-depth and therefore, not accurate. There are most definitely the heartbreaking situations that if only banks would help the owner, it could be a win/win. Banks don’t foreclosure, make interest and owner stays in their home. But there are a large number of foreclosures that are second homes, or purchased on spec and those owners are just walking away. Our system does not go after their primary residence, so except for a hit to credit, they can do it without jeopardizing their primary home. Don’t get me wrong, a hit to credit is tough, but you can recover from it in a period of time. So, I am actually for ripping off this final band aid – get the property foreclosed, on the market and into the hands of new owners who are better vetted by the banks in today’s lending practices. This way it will no longer be news and the home buying market can’t get down to business.