A few months ago I decided to start a community based organization that would help homeowners facing foreclosure. I have been a Realtor and Mortgage Consultant for about 15 years and became very concerned to see my clients losing their home as the Real Estate/Financial Crisis began to spread accross the nation.
I recruited the expertise of several community members acknowledging that the task in front of me was not an easy one. Some lenders have been cooperative in this process but to be honest a lot of them would rather have a property foreclosed, file closed and property sold at an auction later for 30% of the amount that it was foreclosed for. It frustrated me beyond belief that individuals in the business of making money could not appreciate the absurdity of this situation. Today I am still facing the same lack of interest from loss mitigators. I am an excellent communicator and know how to convince anyone of what outcome would be beneficial to all parties involved. The problem is that the loss mitigator appears to have nothing to gain or lose if the property is foreclosed. The only affected parties would be the family left homeless.
I write this blog searching for answers, advice, comments, etc. I welcome anyone who could enlighten me as to the magic formula that will switch a lightbulb in these bankers staff's brain. Common sense is not too common or maybe I am losing a big piece of the puzzle. Could it be that the lenders have a hidden agenda and an increase in foreclosures will actually financially benefit them? After all the government did just provide a Multi Billion dollar bailout plan for the Investors.
If there is anyone out there that is interested in helping me be a part of the solution without thinking that I am a competitor please let me know. My only goal is to help my families in my communities stay in their home. I thank you in advance.