Posted by unregistered user at 3/28/08 3:20 p.m.

Could it be cheaper to just offer these people a complete, no cost, no qualifying refiance at a fixed 4% interest rate, with no payments due for 6 months?

Someone like this gets caught in a bad situation, can't get work due to the economy, and loses everything. Maybe a quick & dirty no-strings refinance would be best for everyone, lenders included.

Keeping a huge number of repo houses off the market at one time seems to me to be an important step in avoiding futher destruction of our economy.

Posted by unregistered user at 3/28/08 3:23 p.m.

And yes, there would be people jumping into this bandwagon, but there could be a credit report stigma attached, so that those with basically good credit won't feel the need to destroy what they have built.

This is a catch-22 situation that requires some drastic action, for individuals as well as bank bailouts. And, a moratorium on foreclosures till September would be smart.

Posted by Johnny Wang at 3/29/08 6:34 a.m.

people who would trash a house that they couldn't afford in the first place, i wouldn't want to continue doing business with anyways

Posted by unregistered user at 3/30/08 7:12 a.m.

It's a cycle. Let the people get foreclosed on. It's most often their fault, not the banks. What do you expect when you put no money down, or you payment is so small it's less than rent would be? Read the paperwork people before you sign.

Posted by unregistered user at 3/31/08 11:39 a.m.

"Could it be cheaper to just offer these people a complete, no cost, no qualifying refiance at a fixed 4% interest rate, with no payments due for 6 months?"

As someone who has made every payment and NOT trashed my house, can I get that same rate with no payments for 6 months? Or are you just suggesting that we reward the irresponsible and transfer the burden to the people who take responsibility for themselves?

Posted by Mack McCoy at 3/31/08 3:43 p.m.

That's a very common problem in civilized society. "Hey, I checked my boat for leaks before I went out on the lake; now, you expect me to pull that fool in from the water and bring him back to shore?"

There is one thing of which I'm certain: living well is it's own reward. I've made my payments, if I was abducted (with my heirs) by space aliens, the bank would have the property in excellent shape.

Here's a question: should you and I have the global economy collapse around us simply to prevent some people from getting an undeserved break?

Posted by unregistered user at 4/4/08 5:37 p.m.

Please be aware the banks are not innocent in this mess. They allowed the looser regulations, the "creative financing programs" and now they are arguing with REALTORS who have for the last year brought them offers to sell homes before they get them back. I have called a bank for days and been transferred to another person who would "help" only to be transferred again and again. There are a few banks that are working with the REALTORS and they will be fine because they did not have the loose regulations to begin with, and include the sub prime mess into their holdings. I can list off several homes where if the bank had cooperated (even a little) they would have had more money in their pocket 6 mos to a year before they took a much worse hit. Yet they are still placing homes on the market that are in deplorable shape because they refused to negotiate a better deal when the opportunity was right in front of them. NO BAIL OUT! (remember SNL)

Posted by unregistered user at 4/5/08 3:11 p.m.

It's easy to be shrewd when you are in the money.But it's even worse to be taken to the bank by your g string and tossed out.Even if you got a couple of bucks in the process.
Wait,aren't we all Americans here.Aren't we all talking about our neighbors? If it sounds too good to be true,it probably is.That's what I saw during the R.E.boom.Now it's busting which we all knew would happen.People are you surprised? The easy credit standards went awry because of wall street,and they themselves bought it,the paper!Huh, who is deserving of being bailed out first,I.B.'s.Go figure!!! Power to the People
Signed an ex L.O. Who still loves this country,w/no bipartisanship

Posted by unregistered user at 4/9/08 12:36 p.m.

The basic problem is that the banks are not using the foreclosure process as they should. Go to a foreclosure sale at your local county courthouse steps and you will see that virtually all of the "sales" are to the lenders themselves. They cannot accept, say, something close to a current market value of $350K for a house whose defaulted mortgage is $450K; they'd rather put that house on their books for a fictional $450K, hiding the loss, and send good money after bad, having to pay the property taxes and make repairs - and/or the bribes in this article - etc. It would make far more sense to allow a real person to get that house, live in it, mow the lawn, and help keep the neighborhood from declining further. The banks simply cannot admit their losses lest it become obvious they are insolvent. As a result of this fraud, those houses sit vacant and decaying, dragging down the values of the neighbors' houses, increasing the likelihood they'll default too.

Anyone remember the Resolution Trust Company from the late 1980s...? It might take another year or two while the bank executives perpetuate their fraud, desperate to hold onto their fat paychecks for a while, but reality will prevail eventually: the government will liquidate these dead institutions and sell off all those foreclosed properties in a gigantic fire sale. Until then, my friends, there will no bottom of this market!

Posted by unregistered user at 4/21/08 10:21 a.m.

my house has been bought back buy the bank an they are offering me cash for keys to vacate the premisis now they want a garage cleaned out that is a hazard an i can't afford to do so so now they want to go thru eviction process an my home is not trashed at all i don't see what anybody gets out of that.

cindy

Posted by unregistered user at 5/2/08 4:01 p.m.

Fraud alert! Fraud alert! Fraud alert! Fraud alert! Fraud alert! Fraud alert!

More money lost in fraudulent cash for key programs. Some agents offer friends or strangers to participate in the cash for keys program even if there is no occupant in the residence. In return the resident splits the payment with friend or stranger.

Example: An empty foreclosed home an agent offers a friend or stranger cash for keys even though the friend or stranger does not reside and never has resided at that residence. The previous owners of the foreclosed home never rented to the said cash for keys recipient.