About Short Sales

The controversy over bank foreclosure properties just keeps growing

As of the end of September reports, the number of bank foreclosure properties is up a whopping 71% over the previous year. The root cause of these astonishing figures lies with the banks and mortgage lenders. During the period of the well-touted ‘ownership society’, just a few years back, banks were making loans to many people who were clearly not qualified to assume a home loan which their income could not support.

It was recently revealed, largely through corporate whistle blowers, that mortgage brokers were encouraging applicants to not supply relevant information and even to inflate their income on paper, so that their loan would go through. Many such borrowers could barely make the payments at the lower initial rate. When the higher rates kicked in, the number of bank foreclosure properties began to rise rapidly, as almost none of these home owners were then able to meet mortgage payments.

It’s disingenuous to believe that the banks did not see this coming. However, they did receive their money for a while, including interest and whatever late fees might be involved. As borrowers began to default, the banks, on the whole, failed to attempt renegotiate lower rates in order for the borrower to avoid foreclosure.

The result? People lost their homes, their investment and their credit standing. Millions of bank foreclosure properties flooded the market. Often, the values of homes, in entire neighborhoods across the country, plummeted. Therefore, people who owned homes and made their payments are now faced with property values that fall far below what they owe on their mortgages. Perhaps these are future bank foreclosure properties in the making.

This $700 billion bailout of the banks is a thinly veiled payoff, leaving the banks hale and hearty, while saddling the taxpayers with this debt for generations to come.

Following the initial approval of this bank bailout, AIG brazenly threw a $440,000 party to celebrate their largess, while they and other failed banks threw millions in ‘golden parachute’ packages at the CEOs, who logically and ethically were accountable for making the loans in the first place. At the same time, banks were still refusing to loan, even to other banks. Now they are reportedly moving $2 trillion amongst themselves and won’t disclose to whom they are lending!

Other controversial issues arise in this scandal of bank foreclosure properties. Falling values make this buyers market. With the current credit crunch, few can qualify. This invites foreign investment, which doesn’t bode well for our economy.

How about all of the people who already lost their homes, pre-bailout? Why did the government wait until bank foreclosure properties had reached such a crises point?

Moreover, this proposed home owner bailout addresses only home owners who are at least 3 months behind, owe more than the property is worth and who face imminent foreclosure. This represents only 20% of mortgage delinquencies. Will this make a real difference to resolving the crises in the end?

It remains to be seen what the final resolution to the problem of bank foreclosure properties will be. The situation begs the question, how much more quickly might the economy be stimulated if some of this $700 billion were paid to working people, instead of buying up the debt of failed and unscrupulous bankers?

instead of the rescue at the top, give some of this money to working people ” this will stimulate economy if no one qualifies, consumers aren’t buying, small business will go out of business, job losses

When searching for WI home builders or any others in the US there are going to be plenty of them for you to choose form. But finding one not only do you feel confident with but who is able to keep within your budget requirements can prove even more problematic.

You can either find someone who has recently had a home built if they have a builder they can recommend, or you can go online and search for one instead. When it comes to finding builders online there are plenty of websites who will have carried out research into them before hand. These sites will be able to suggest WI home builders who are not only local, but who meet your particular requirements and suit your budget.

However, when you are looking for WI home builders in order to construct a custom home for you there are certain things you need to take into consideration. Below we take a look at just what a couple of these things are.

Firstly, you need to ensure that the builder you select has the relevant experience in this area of property construction. Ideally arrange to inspect current building projects or ones that have recently been completed. As well as seeing if they will be able to meet your particular requirements you will be able to see if their standard of work is what you are after.

You shouldn’t just inspect the outside of the property, but the internal features as well if at all possible. Not only will you get a better idea of the quality of the work that they builders do, but there may be some ideas used in the property that can incorporated into yours.

However, as you wander around don’t just look at the major items but take a closer look at the smaller details as well. This way you can really see just what standard of work they offer. If they cannot allow you to see any work they are currently doing inside then ask them to provide photographs instead.

Secondly, you need to make sure that you get references from the builders you are considering using, and make sure that you are able to contact the clients who provided these to confirm them. If the builder is unwilling to provide such then drop them from the list and move on to the next one on it. Even if they do provide you with a written recommendation also make arrangements to contact the client.

It is when you speak with the WI home builders previous clients you will be able to find out how their employees behaved when carrying out the work. Plus they may also make you aware of any unexpected expenses that they incurred when the project was completed and if the project was in fact completed on time.

If you keep the above points in mind then finding WI home builders to construct your perfect home becomes much easier. Remember you want one who is going to meet not just your requirements but who is willing to work for you to ensure that you get exactly what you want.