foreclosure solution if they listen

[Barton Hyde]

The following is what has been sent to many of our elected officials that have done nothing of substance to help the housing market! If we can get some lenders and politicians on board we may be able to save many homes from foreclosure & give lenders the opportunity to regain some losses!

Being a 30 year real estate broker in what is now the worst area for foreclosures “Las Vegas” it’s amazing how short sighted our leaders are! What they should have done (and still could) is this, before committing all of our money (yes and our children’s) try this for a simple concept.

Owner “A” owes $400,000 (home now worth $250,000) can’t make the payments (do to escalation of interest) Lender “B” has three choices, allow short sale (loose $150,000) foreclose (loose $150,000 or more) or my way!

My way redo the trust deed (parties to agree) allow Owner “A” to pay on $250,000 current value at fixed rate say 5%. Deed of trust to give lender control of sale of home in the future (say 5 yr. minimum) and if and when home sells Lender gets the benefit of price over the $250,000 amount. Benefits should be obvious: less deterioration of properties, cash flow to lenders (although less) and the ability to regain loss they are taking now under their plans! Benefit to Owner should be clear, but includes not only staying in home but opportunity to build equity under the $250,000 figure. There can be a number of safeguards in place that I have not mentioned here!

I realize that only 20-25% of the troubled mortgages would be affected but look at the possibilities. Maybe this seems too simple for the experts, but being a high school dropout it’s the common sense I grew up with!

Sincerely,

Barton Hyde
Hyde & Associates
1325 Arizona Street
Boulder City, NV 89005
702-683-9296 cell

[DWCAP]

First off, Why does the government need to be contacted about your plan? I mean, it isnt like this isnt already being done with IndyMac (writedowns for future appreciation) so any bank that sees this as a viable option to what is happening now already has a template in place to follow. Why does any federal offical need to be involved in this at all?

[DWCAP]

First off, Why does the government need to be contacted about your plan? I mean, it isnt like this isnt already being done with IndyMac (writedowns for future appreciation) so any bank that sees this as a viable option to what is happening now already has a template in place to follow. Why does any federal offical need to be involved in this at all?

[DWCAP]

First off, Why does the government need to be contacted about your plan? I mean, it isnt like this isnt already being done with IndyMac (writedowns for future appreciation) so any bank that sees this as a viable option to what is happening now already has a template in place to follow. Why does any federal offical need to be involved in this at all?

[DWCAP]

First off, Why does the government need to be contacted about your plan? I mean, it isnt like this isnt already being done with IndyMac (writedowns for future appreciation) so any bank that sees this as a viable option to what is happening now already has a template in place to follow. Why does any federal offical need to be involved in this at all?

[DWCAP]

First off, Why does the government need to be contacted about your plan? I mean, it isnt like this isnt already being done with IndyMac (writedowns for future appreciation) so any bank that sees this as a viable option to what is happening now already has a template in place to follow. Why does any federal offical need to be involved in this at all?

[j]

Foreclosures are the solution, not the problem. The problem is that people with good jobs cannot “really” afford to live in their community. Foreclosures will reduce prices to a level that average people can afford to buy a house and pay it off. What pay off a house, how will mortgage brokers live?

My grandparents can afford to live in San Diego, because they paid off their house. The baby boomers are not paying off their houses and will need to move to less expensive areas as they retire. It should be about reducing your cost of living as you retire, not amount a paper gain.

[j]

Foreclosures are the solution, not the problem. The problem is that people with good jobs cannot “really” afford to live in their community. Foreclosures will reduce prices to a level that average people can afford to buy a house and pay it off. What pay off a house, how will mortgage brokers live?

My grandparents can afford to live in San Diego, because they paid off their house. The baby boomers are not paying off their houses and will need to move to less expensive areas as they retire. It should be about reducing your cost of living as you retire, not amount a paper gain.

[j]

Foreclosures are the solution, not the problem. The problem is that people with good jobs cannot “really” afford to live in their community. Foreclosures will reduce prices to a level that average people can afford to buy a house and pay it off. What pay off a house, how will mortgage brokers live?

My grandparents can afford to live in San Diego, because they paid off their house. The baby boomers are not paying off their houses and will need to move to less expensive areas as they retire. It should be about reducing your cost of living as you retire, not amount a paper gain.

[j]

Foreclosures are the solution, not the problem. The problem is that people with good jobs cannot “really” afford to live in their community. Foreclosures will reduce prices to a level that average people can afford to buy a house and pay it off. What pay off a house, how will mortgage brokers live?

My grandparents can afford to live in San Diego, because they paid off their house. The baby boomers are not paying off their houses and will need to move to less expensive areas as they retire. It should be about reducing your cost of living as you retire, not amount a paper gain.

[j]

Foreclosures are the solution, not the problem. The problem is that people with good jobs cannot “really” afford to live in their community. Foreclosures will reduce prices to a level that average people can afford to buy a house and pay it off. What pay off a house, how will mortgage brokers live?

My grandparents can afford to live in San Diego, because they paid off their house. The baby boomers are not paying off their houses and will need to move to less expensive areas as they retire. It should be about reducing your cost of living as you retire, not amount a paper gain.

[Author]

Posts