The Ill Advised ... - Oklahoma City Metro Real Estate Market

As my niece would say, you can?t fix stupid, and you can?t fix crazy? on that note I place the banks in the highest rating in both categories.

I get appalled at our government at there excitement on ?there was only 210,000 foreclosures? last month, and great news-only 395,000 new jobless claims.

Let?s take a look at reality,

First and foremost, we have thrown out families from their homes, with potentially nowhere to go!

1. When a foreclosure happens, our property values go down
2. The banks are not liable to pay property taxes or upkeep on the home-so it erodes even further our values, and the house sits there and rots to the ground.
3. The state, cities, and local government, schools ALL lose tax revenue, which now pressures them to raise OUR property taxes.
4. That is one reason you see states getting a debt downgrade.
5. Million of properties in inventory and growing, good luck selling.
6. Try and get a mortgage?good luck

Let?s talk about the 395,000 new jobs claims-that is 395,000 potential new foreclosures (that?s each week). That does not include the fuzzy math on unemployment, like the thousands whose benefits have run out and have shifted to welfare, food stamps, Medicaid (they have turned them from capitalists to socialists), which by the way is up 54%.

Our government throws money at the foreclosure pit, zero results except more debt. Mortgage companies sending out letters of intent to foreclose after only 45 days, non-sense, why-the mortgage company gets paid from Fannie/Freddie, keep the property on the books as an asset-where is he incentive to not foreclose?

Solution:

Keep the neighborhood whole, find the payment the homeowners can handle, tax/maintenance is kept up, helps the us with ?foreclosure? signs, and our values, gives them an opportunity to get back on their feet (forget about the ?we can help? stuff from the government-it is piles of paperwork and you almost always get turned down.

Second solution:

Make the banks responsible for the property taxes, upkeep on the home, and make available quick easy loans (not the 3 months to close, 20-30% down payments garbage), and cannot collect from Freddie/Fannie until all these measures are complete.

This helps keep all values up, schools, fire, police, and other services that will get cut without the revenue generated by property taxes. Your opinion matters, as a registered voter make your vote heard!

Article source: http://ezinearticles.com/6517210

Source: http://oklahomacityrealestatemarket.net/2011/09/28/the-ill-advised-consequences-of-mortgage-foreclosures/

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