DISQUS

I googled the quote above to see who deserves credit for it and there was no Author. So I hereby proclaim that Ken Brand Authored and owns that quote!

Good blog, things will change when perception of all parties involved changes.

Wow! Good stuff, looks like writing come pretty easy to you!

You've got my vote......President Brand actually has a nice ring to it!

If someone is having a life event, yes, the lenders should work immediately with the borrowers for a temporary loan modification. The Mortgage Broker as well should be accountable for someone with a life event to help them through the process. I don't read that this is the case with these folks.

"The builder we bought from still has approximately 30 homes to build in our subdivision, Basically the construction stopped as soon as we moved in."

What appears to have happened is they bought the top of the market and now are upside down in their house. Given that they bought new construction, this could be a calamity of bad decisions.

I've spoke to many people in my area that are in the same position. Not only did the builder screw them, but also the appraiser, Mortgage Brokers, Title Company and Realtors. They are all equally guilty of putting good people in bad situations. We have all seen and read about this situation many times in the past couple of years.

Trust me, I have a great deal of compassion for all of these people and feel horrible when I talk to them and don’t have a solution to bail them out.

The real question is who is accountable, and who should bail out who? Who should go to the people and have to make it right? The lender that purchased their loan or the people that facilitated and encouraged them to make a bad decision?

There needs to be a lemon law for Real Estate I suppose. They do it in other industries, why not in Real Estate?

Kris Berg wrote a great article on her frustration with short sales, I hope that every Asset Manager at every Servicer reads it. Different subject though that maybe I'll editorialize on another blog post.

I could write volumes about this subject.

I can't believe that options 4-6 would even be mentioned.

They need to stay where they are. To walk away from a home and leave the lender hanging is wrong.

At some point Lenders may require a letter of explanation as to why the foreclosure happened. The explanation alone might disqualify them from getting a new loan.

I totally agree with the above. LOs need to be more innovative, or move to a shop that is. They need to stop saying "I tried that two years ago and it didn't work."

There are some really innovative and forward thinking Mortgage Banks out there doing all of the above you mentioned.