Facing Foreclosure ?

  I'm going to start this, and not finish for a while, let alone check the grammar, I will do the spelling though. Again, I am proud of myself, I actually watched a little news on TV ... well, as much as I could stand. Then again, lately I've noticed ads on what are considered respectable sites that are just as deplorable. Again, I'm sure I will score no brownie points here with the big boys, but then again, the truth as I see it hurts.

   There are plenty of people and websites dedicated to foreclosures and the act of doing so. Some are actually designed for and from people, some probably look the part but aren't. What is the truth? Why are many lenders not working with people? Is the housing crash really causing stock market crashes? Is the ":Housing Bubble Burst" really to blame for the economic collapse, and it is collapsing. Well, set back, hang on, here we go.

  Are lenders really losing on Sub prime Loans? -  To answer that we must look at their definition.

       This came from About.com

Wikipedia's definition is found here, reads like, well you figure it out. Looks like a politician's speech.

Ok, Now that you have read the above, and maybe confused about what the online definition is, let's look at it with common sense.

• People that have a high debt ration are less likely to have 20% or more down. As a matter of fact, any or all of the above would have less than that to pay down. That is the majority of people in America, and from the way Wikipedia reads, 90% of us could be in the sub prime category, even if we had 20% or greater. Hang with me here.

Now, knowing this, we get a bit closer ... but not close enough. If you do not have 20%, minimum to pay down, even with an 800 credit score, you get the privilege of paying Private Mortgage Insurance or PMI. But what is that? Click Here. Read this carefully. To sum it up I will borrow their statement, but click and read the whole thing:

• Where in that statement does it say that Lenders lose? It doesn't! Just the opposite.
• Why are the big lenders crying they are losing money?
• Any questions why they are hard to work with on foreclosures?
• There are additional fees associated with foreclosures, are they correct in amount?
• Unless you bought stock in the insurance company, why would your CD, 401K, and other investments drop?
• Who pays this Insurance that protects the LENDER? You do.
• Is it voluntary? NO
• What about the trumped up charges, late fees and other fees applied and how much is made from them?
• Why are retirement funds, 401k's and others effected if lenders are not losing money?
• Biggest Question: Could this be to take the focus off the fact that pay hasn't increased, jobs are going overseas, inflation (counting left out fuel & food), up 14%, China & Japan have more US Treasury bills and have bought up most assets we have due to the country's debt?
• Could the be the Fleecing of America?
• Why are people not filing class action lawsuits against fraud?
• Another big question. Why are the news and media not reporting these facts and supporting the lies?

  Now that you know the facts, the real facts, are there any questions as to why lenders are not working with customers, or why they foreclose so fast. These are not cheap payments, then again, show me any cheap insurance. There are steps to take to assist you, unfortunately, the contracts that lenders draw up are pretty much like credit cards, one sided, and it ain't on your side.

   Now some might ask me, are you in foreclosure yourself. No, thank God my houses and farm are paid for. My cars are paid for, 1 credit card, paid. I will stop here tonight because it makes me angry that good and decent people are homeless. That there is a total of about 2.3 trillion dollars that people owe other than house related loans, credit cards, etc. I have 2 contracts to present tomorrow, and it's 2 am, but before I quit, here are some numbers to think about:

“In 1970, 51% of Americans had a credit card, compared with 93% today. The average cardholder has 7 cards. Americans owe $850 billion in credit card debt. The world’s 54 poorest countries owe $412 billion in foreign debt. Since 1996, when the Supreme Court struck down limits on credit card fees, the average late penalty has jumped 162% and the average fee for exceeding credit limits is up 138%. Credit card companies earned $90.1 billion in interest last year. They earned $55.2 billion in fees. In 2005, Congress tightened bankruptcy rules at the behest of credit card companies. In 2006, the top 5 credit card companies - JPMorgan Chase, Bank of America, Citibank, Capital One and HSBC - made $8.5 million in congressional campaign contributions.” Dave Gilson, Mother Jones, Sept/Oct Issue

 "Countrywide CEO Angelo Mozilo announced yesterday that in light of his role as the spearhead of the greatest housing bust since the Great Depression, he’ll forfeit $37.5 million of his severance pay. The poor guy will now be stuck with a measly $24 million pension."

"Guess who's helping Bank of America pay for its $4.1 billion purchase of Countrywide Financial? Answer: The taxpayers of the United States." cnn

"Countrywide doubles foreclosures"ft.com

http://www.responsiblelending.org/issues/mortgage/quick-references/a-snapshot-of-the-subprime.html

Now tell me this: Does it really matter about a fictional character does on TV, or who wins the Super Bowl? There is so, so much more, but that's enough for now.

As Always, That's Just My 2 Cents,

Anthony Kimbrough - Affiliate Broker - American Homes & Realty Inc