BofA Reductions

[NotCranky]

deleted, wrong thread.

[CA renter]

[quote=Nor-LA-SD-guy]Well if there is one thing the banks have learned in the last 3 or so years is that Nothing begets foreclosures like foreclosures .

I would guess there will be no Tsunami , it’s not in the banks interest, and it’s not in the gov’s interests.[/quote]

I’d bet we’d have 25% fewer foreclosures now if they would have hit the deadbeats hard and fast from the beginning, without any kind of interference from the govt.

What’s causing all the “strategic defaults” is the fact that deadbeats are being painted as “victims” who need our sympathy…and our money.

If people knew they’d be tossed out of their houses within 90 days of a NOD (and be prohibited from buying another house for ten years?), they’d probably be more willing to tighten their belts and make their payments (if they’re able).

As long as we keep trying to “keep people in their homes,” we’re going to see wave after wave of defaults. That’s what you get when you take away the negative consequences (or balance them out with too many positive consequences — like free rent, or promises of lower payments, or principal reductions).

[CA renter]

[quote=Nor-LA-SD-guy]Well if there is one thing the banks have learned in the last 3 or so years is that Nothing begets foreclosures like foreclosures .

I would guess there will be no Tsunami , it’s not in the banks interest, and it’s not in the gov’s interests.[/quote]

I’d bet we’d have 25% fewer foreclosures now if they would have hit the deadbeats hard and fast from the beginning, without any kind of interference from the govt.

What’s causing all the “strategic defaults” is the fact that deadbeats are being painted as “victims” who need our sympathy…and our money.

If people knew they’d be tossed out of their houses within 90 days of a NOD (and be prohibited from buying another house for ten years?), they’d probably be more willing to tighten their belts and make their payments (if they’re able).

As long as we keep trying to “keep people in their homes,” we’re going to see wave after wave of defaults. That’s what you get when you take away the negative consequences (or balance them out with too many positive consequences — like free rent, or promises of lower payments, or principal reductions).

[CA renter]

[quote=Nor-LA-SD-guy]Well if there is one thing the banks have learned in the last 3 or so years is that Nothing begets foreclosures like foreclosures .

I would guess there will be no Tsunami , it’s not in the banks interest, and it’s not in the gov’s interests.[/quote]

I’d bet we’d have 25% fewer foreclosures now if they would have hit the deadbeats hard and fast from the beginning, without any kind of interference from the govt.

What’s causing all the “strategic defaults” is the fact that deadbeats are being painted as “victims” who need our sympathy…and our money.

If people knew they’d be tossed out of their houses within 90 days of a NOD (and be prohibited from buying another house for ten years?), they’d probably be more willing to tighten their belts and make their payments (if they’re able).

As long as we keep trying to “keep people in their homes,” we’re going to see wave after wave of defaults. That’s what you get when you take away the negative consequences (or balance them out with too many positive consequences — like free rent, or promises of lower payments, or principal reductions).

[CA renter]

[quote=Nor-LA-SD-guy]Well if there is one thing the banks have learned in the last 3 or so years is that Nothing begets foreclosures like foreclosures .

I would guess there will be no Tsunami , it’s not in the banks interest, and it’s not in the gov’s interests.[/quote]

I’d bet we’d have 25% fewer foreclosures now if they would have hit the deadbeats hard and fast from the beginning, without any kind of interference from the govt.

What’s causing all the “strategic defaults” is the fact that deadbeats are being painted as “victims” who need our sympathy…and our money.

If people knew they’d be tossed out of their houses within 90 days of a NOD (and be prohibited from buying another house for ten years?), they’d probably be more willing to tighten their belts and make their payments (if they’re able).

As long as we keep trying to “keep people in their homes,” we’re going to see wave after wave of defaults. That’s what you get when you take away the negative consequences (or balance them out with too many positive consequences — like free rent, or promises of lower payments, or principal reductions).

[CA renter]

[quote=Nor-LA-SD-guy]Well if there is one thing the banks have learned in the last 3 or so years is that Nothing begets foreclosures like foreclosures .

I would guess there will be no Tsunami , it’s not in the banks interest, and it’s not in the gov’s interests.[/quote]

I’d bet we’d have 25% fewer foreclosures now if they would have hit the deadbeats hard and fast from the beginning, without any kind of interference from the govt.

What’s causing all the “strategic defaults” is the fact that deadbeats are being painted as “victims” who need our sympathy…and our money.

If people knew they’d be tossed out of their houses within 90 days of a NOD (and be prohibited from buying another house for ten years?), they’d probably be more willing to tighten their belts and make their payments (if they’re able).

As long as we keep trying to “keep people in their homes,” we’re going to see wave after wave of defaults. That’s what you get when you take away the negative consequences (or balance them out with too many positive consequences — like free rent, or promises of lower payments, or principal reductions).

[jpinpb]

CAR – I agree w/you on this. Reminds me of that one song “Everybody wants some.”

In any case, I don’t see foreclosures happening as much as SS. Now that there are no fed or state tax implications, maybe there will be more short sales. From what I’m seeing out on the front of the REOs, some of the banks are listing for loan amounts of the first, some even higher than attempted short sale amounts.

[jpinpb]

CAR – I agree w/you on this. Reminds me of that one song “Everybody wants some.”

In any case, I don’t see foreclosures happening as much as SS. Now that there are no fed or state tax implications, maybe there will be more short sales. From what I’m seeing out on the front of the REOs, some of the banks are listing for loan amounts of the first, some even higher than attempted short sale amounts.

[jpinpb]

CAR – I agree w/you on this. Reminds me of that one song “Everybody wants some.”

In any case, I don’t see foreclosures happening as much as SS. Now that there are no fed or state tax implications, maybe there will be more short sales. From what I’m seeing out on the front of the REOs, some of the banks are listing for loan amounts of the first, some even higher than attempted short sale amounts.

[jpinpb]

CAR – I agree w/you on this. Reminds me of that one song “Everybody wants some.”

In any case, I don’t see foreclosures happening as much as SS. Now that there are no fed or state tax implications, maybe there will be more short sales. From what I’m seeing out on the front of the REOs, some of the banks are listing for loan amounts of the first, some even higher than attempted short sale amounts.

[jpinpb]

CAR – I agree w/you on this. Reminds me of that one song “Everybody wants some.”

In any case, I don’t see foreclosures happening as much as SS. Now that there are no fed or state tax implications, maybe there will be more short sales. From what I’m seeing out on the front of the REOs, some of the banks are listing for loan amounts of the first, some even higher than attempted short sale amounts.

[sdrealtor]

25% is way too high. Dont believe 25% are strategic in nature around here and most of the strategic defaulters I run into just want to get it over with asap. They feel like they made a mistake, want to get the property sold asap, feel some sense fo guilt about it and just want it over so they can get on the road to recovery. At least that is what I see.

I did say “most” as I have run into some real slimebags.

[sdrealtor]

25% is way too high. Dont believe 25% are strategic in nature around here and most of the strategic defaulters I run into just want to get it over with asap. They feel like they made a mistake, want to get the property sold asap, feel some sense fo guilt about it and just want it over so they can get on the road to recovery. At least that is what I see.

I did say “most” as I have run into some real slimebags.

[sdrealtor]

25% is way too high. Dont believe 25% are strategic in nature around here and most of the strategic defaulters I run into just want to get it over with asap. They feel like they made a mistake, want to get the property sold asap, feel some sense fo guilt about it and just want it over so they can get on the road to recovery. At least that is what I see.

I did say “most” as I have run into some real slimebags.

[sdrealtor]

25% is way too high. Dont believe 25% are strategic in nature around here and most of the strategic defaulters I run into just want to get it over with asap. They feel like they made a mistake, want to get the property sold asap, feel some sense fo guilt about it and just want it over so they can get on the road to recovery. At least that is what I see.

I did say “most” as I have run into some real slimebags.

[Author]

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