'Where's our Bailout?' is the question that many distressed homeowners are asking. This owner seems to be shouting it to the heavens, hoping someone will hear...
We are hearing so many stories of homeowners that can't afford to pay their mortgage payments any longer. Whether it's because their adjustable rate mortgage has adjusted up, their taxes and insurance went up, or they were laid off from their jobs, many have found themselves in precarious positions.
Some people are crying out for help.
Are they getting the help they need?
Are lenders working with homeowners on mortgage modifications?
Are they more receptive to short sales than in the past?
Are they working to help owners avoid foreclosure?
This article is authored by
Sandy Shores REALTOR®, Melbourne/Palm Bay FL Real Estate
Brevard County Real Estate & Investing
I also buy, sell, rent, own and manage Investment Property.
that for you
In so many cases they are not getting the help they need. Last month we had a contract on a short sale that the bank said no after many months of dealing with them and we were the highest bidder and only $7,000 under appraised value of the home. Bank wants it in foreclosure instead of us buying it and they could use their bail out money to cover their losses and move on. Now its in foreclosure that is costing the bank money and the house will go back on the market I am assuming but it will only appraise at $77,000. It just does not make sense.
June, Sometimes it just really doesn't make any sense, does it?
The government is slowly starting to admit that the bailout money so far has been mostly pay back for the election. That being said they could have already had us back on the road to recovery if they had of allowed just 50% to remain. Our local bank here foreclosed and allowed the owners to rent back for less money as long a sthey quit claimed the titles. They have sold some to investors that are keeping for the rental income. Win Win in my book, but it is such a small back it wouldn't make much of a difference. But if some did it nationally it would be awesome.
It really makes you wonder with all of these bailouts in Washington with AIG, the banks, GM ect... I think there is more funny business going on behind closed doors than we will ever know about.
Sandy, It is so sad to hear of these people and then to meet them. I don't know where all the help is but they don't seem to be getting any. My clients can't even get to speak to anyone at the bank...they don't care.
Hi Sandy, I don't feel like I am in a very good area to have much expertise on this topic. Yet everything I read ( unless it is from the government) says that people aren't getting the help they need.
Sandy, this reminds me of the homeowners after a bad hurricane struggling. We all have to voice our opinion about our pain. But good luck for any of our individual selves getting a bailout.
Hi Charles, Thanks for the feedback.
Jerry, It's really hard to get a good grasp on what's going on.
Carole, It is indeed sad, to hear the stories and meet some of the people involved. Our hearts do go out to them.
Hi Mary, It seems so sad.
Gary, I remember that too, especially being here in Florida.
I'm sad that people have to resort to painting their roofs to get the word out of the injustice...
The help never seems to come fast enough. It's heartbreaking to think about what some of our neighbors, and sometimes family, are going through....
Hi Sandy
The government has missed the plight of the homeowner's defaults, as they waste billion of dollars on pork projects and special interests pay backs. All the information is in the bills.
We have to continue to speak up the elected officials.
Good luck and success.
Lou Ludwig
I know of a few people who were not given help they so desperately needed, Sandy. The only way they could get any help was to make their situation worse first. For those who just wanted a little help to not get behind, there was nothing for them. I don't understand how that would be more beneficial.
Sandy - Any meaningful hope seems painfull slow in reaching those needing it most. I would label the housing market as being another painfully slow Katerina response.
Sandy,
There are many who are in trouble. I know of several who have lost everything and have to rent now because they claimed bankruptcy.
Sad,
Ann
Hi Sandy-There is a lot of people in this predicament and it is heartbreaking. I sure hope something changes soon. Have a great weekend. Thank you for the e-mail. That is something I should have done quite a while back and have been going thru and doing that now with folks that I missed doing so with. I am most glad to have you as a associate. Have a super weekend. :-)
Sandy-Lou Ludwig said it perfectly.