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It's that time again... the winner of this months CowPie Award is...

The big, bad banks! Yes, they win yet again!

Andreas Cow Pie AwardI do hate to be the harbinger of bad news... when indeed people are seeing foreclosure filings dropping as much as 58% here in CT for the first half of the year. Cause for celebration? I think not. Don't break out the champagne just yet.

I heard from a very reliable source (journalists just don't name their sources, and neither do snitches), who heard from an even more reliable source high up in the banking industry (oh wait, is that finally a perfect example of an oxymoron???) that lenders are NOT willing to foreclose on those nice, big expensive homes.

Nope, they have too much on their plate and certainly don't want to pay for the upkeep. So, better to let the owner stay put, free of charge. The idea is the home owner will continue to take care of the property while living for free for who knows how long.

Not one word was spoken about the MERS mess, robo signing, lost documents. Of course we in the trenches know these are the things that have brought the foreclosure rate for your average home to a screeching crawl. And once the lenders figure out how NOT to get sued they will be singing "we're back in the saddle again"!

Except for those lovely, big, expensive homes. It would seem that those are going to take even longer. I have tried to wrap my head around this, it just seems so unfair to me. The poor, struggling average home owner will be out on the streets faster than a speeding bullet. But those who borrowed MILLIONS on homes and are no longer paying can live for free. What a system!

In the meantime I see many smaller homes sitting in limbo, vacant, deteriorating, no for sale sign on them. And when they do hit the market the lenders will expect what they consider to be "fair market value" based on what they are "into the house for". (Another load of cow pies). Yet after being left vacant for so long they become unsaleable, unwanted, unable to receive financing, a real blight to the community and a thorn in our real estate backside!

Me? I think short sales are the best solution. It will get people to move on, get homes taken care of again, new owners to live in them and love them. It will help our ailing real estate market along. It is a good idea on many levels. However.... why bother to buy a short sale when the lenders are historically impossible to deal with? Most buyers and agents smell a short sale they are gone like yesterday, no looking back. I know that some people are having great success with short sales, but in all honesty, when you have to wait 12 weeks or more for an answer it really is not conducive to a robust real estate market!

I am one real estate agent that is tired of the load of cow pies being heaped on us by the short sightedness and greed of the banking community and its investors in this country. And now I am heaping my coveted Cow Pie Award right back on 'em!

When you add to the above the great idea that buyers need to have MORE money down to purchase a home, this was a slam dunk for them to win my award! Again....

Eat more cow pies!

Andrea Swiedler, Realtor, Southern Litchfield County Real Estate

2017 President, Greater New Milford Board of Realtors

2017 Connecticut Magazine 5 Star Realtor

 

 Search homes for sale in Litchfield County, CT.

 

Coldwell Banker Residential Brokerage

Litchfield County Regional Office,375 Danbury Rd, New Milford, CT 06776

 

© Andrea Swiedler 2009 - 2017

 Always do right. This will gratify some people and astonish the rest. - Mark Twain

Comment balloon 42 commentsAndrea Swiedler • July 17 2011 04:47PM

Comments

Andrea - it depends how you look at it. We see plenty not expensive homes with people there free for 3 years, because the county can't figure who is foreclosing and at a rate they were doing it, it took them forever, meanwhile there were too few foreclosures.

To tell you the truth when we say that short sale is a great option, it is only good in the circumstances set by this freakin' government.

No, short sales are damaging the economy of the country, they do not do any good to anyone, this is an invention of the government trying to look good amidst the mess that they originated and created.

Every short sale, is money lost. taxpayer money.

Taxpayer loses.

P.S. There are no short sales in normal economy. There is nothing good about them. It is time to acknowledge that we can't play with the economy and let it run its self-healing course. And if we do, there would no place for short sales, and loan modifications, and all that other.. how you call it ... cow piles

Posted by Jon Zolsky, Daytona Beach, FL, Buy Daytona condos for heavenly good prices (Daytona Condo Realty, 386-405-4408) about 7 years ago

Andrea, I don't see Short Sales as really helping a lot of people. The lack of jobs, a broken health care system and banks charging outrageous interest on credit cards is hurting more people than can ever be helped by a short sale. When the first three problems are properly addressed, we won't need short sales.

Posted by Maria Morton, Kansas City Real Estate 816-560-3758 (Chartwell Kansas City Realty) about 7 years ago

Andrea, I am sorry for coming again, but what is sad is that we are turnning against the  banks and they are not the enemy.

They should not do short sales and they would not be doing it if not the pressure from the government.

Posted by Jon Zolsky, Daytona Beach, FL, Buy Daytona condos for heavenly good prices (Daytona Condo Realty, 386-405-4408) about 7 years ago

Spot on Andrea! I think people are missing your point.

Posted by Joseph Murphy about 7 years ago

Always easiest to lay blame on the big bad banks, wall street, big oil, corporate jet owners...I think we are all smarter than this...we need to get our houses in order, let the market hit bottom and then we can begin to recover.  False reporting is what is keeping us all down.  Pull the bandaid off quickly and be done with it.

Posted by Diane Fairclough about 7 years ago

Andrea, i did a post on this the other day...are short sales the only solution...probably not but i don't see a better solution right now with the predicament we're in...i have issue with the pocketing of rent free money that is eventually coming out of all our pockets in taxes...good post.

Posted by Ginny Gorman, Homes for Sale in North Kingstown RI and beyond (RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate) about 7 years ago

Hi Andrea, great post and congratulations on the featured spot...very deserving.  Giving loans that should not have been given was a big mistake.  Also pushing up price so people would re-finance and spend the equity.  It is a nightmare!

Posted by Judith Parker, CRS, GRI, CMRS, Charlotte, NC (ProStead Realty) about 7 years ago

Jon, I would prefer that there were no short sales. However... having said that, I would prefer that there be a short sale as opposed to leaving a house vacant and letting it fall apart to the point it becomes close to unsaleable. And the lenders turn down good offers, foreclose and lose even more money. It makes no sense to me at all.

Also what seems to be totally unfair is that people who owe millions are being left alone while those who have modest homes are more readily foreclosed on. Perhaps this is a different issue, but it is to me an unfair practice. What is good for the goose needs to be good for the gander.

IF they want to foreclose, then do so, in a timely fashion and put them on the market at a price that reflects the condition of the house, not what they are "into it for". The last three lenders I have dealt with in foreclosures have told me they needed to get a certain unrealistic price because that is what they are "into it for". That doesn't work.

Maria, I see short sales as a way for people to move on and for homes to get sold before the blight hits them. You know.. the vacant blight. And yes, if we can address jobs first, then we will be ahead of the game.

Jon, perhaps not the enemy, but certainly a problem maker, not problem solver. What do you suggest in place of short sales, given the issues surrounding what happens to properties as they lay vacant for too long?

Joseph, why thank you! Glad you got it.

Diane, I lay blame all the way around. We all bought into it. Now we are paying the price, big time. If you can't bring a check to the closing table then the only other alternative would be to walk away from the house. As I said, empty homes that are neglected will not sell. Or will sell at such a ridiculous price the banks will lose even more money. And make up their losses on the backs of all their customers with even more charges.

Ginny, I missed that post, will go look for it. I also don't know of another solution, it is the one we have. I have not heard, read, seen an alternative that will work. Not one.

Judith, thank you. I know that we bought into the concept that your house is your ATM machine. We were weak and foolish. And there were many who understood that and took advantage of our weaknesses. Yes, shame on us and shame on those that profited from this disgraceful mess. The only way I can explain what I think about it is comparing this to a con run on a senior citizen that causes them to lose everything. We shake our heads, feel pity for the victim, and ARREST the person that took advantage of another's weakness.

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Berkshire Hathaway HomeServices New England Properties) about 7 years ago

Andrea...

Amen to that. Sometimes I wonder if we'll ever get out of this mess that we are in.

Posted by Richard Weisser, Richard Weisser Retired Real Estate Professional (Richard Weisser Realty) about 7 years ago

Richard, I wonder the same thing. I don't know how we will until more jobs are created. Seems we take one tiny step forward and 10 steps back. I don't like this dance.

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Berkshire Hathaway HomeServices New England Properties) about 7 years ago

It's just a sad situation all around.  Short Sales aren't great from our perspective, they take too darn long to close on, not to say all the work one does to follow through (and I don't mean the Finance side).  Great Cow Pie Post.  From one CT person to another (well used to live there)

Posted by Susan Gaieski, Director for Social Media & Technology (Water Pointe Realty Group) about 7 years ago

I do not understand why would we inject the notion of fairness to foreclosure. If the Lender figures that foreclosing an expensive villa is not in their financial best interest, thhey should not foreclose. Bringing fairness into the mix only muds the issue. It is not about fairness. Bringing fairness into foreclosure is socialism.

Foreclosure is not about fairness, less so than when a trooper stops you on the highway and writes you a ticket, and another guy flies past you even faster.

Does not matter. You answer for  your speeding, and there is no notion of fairness, so that if he misses this guy, he should let you go. NO, No, No. But this is what you are asking for here. Why?

The problem is that we start bringing a lot of social ideas into foreclosures, and as a result the  economy is suffereing.

There is no place for social services in foreclosure. One person loses and another is gaining, according to signed contract, so that is fair. Every change to that original agreement IS UNFAIR.

And instead of demanding that the government gets out of the market and lets it heal itself, we now are questioning whether it is fair to foreclose on this guy and not this guy.

It is very popular to jump on banks. Yes, Does it make it right. No.

This is darn wrong IMO

Posted by Jon Zolsky, Daytona Beach, FL, Buy Daytona condos for heavenly good prices (Daytona Condo Realty, 386-405-4408) about 7 years ago

Susan, they are no fun at all. Thanks for stopping by!

Jon, I really had to laugh, I hope all these years of living with a former member of the communist party didn't taint me. Now you have me scared. Yep, a social worker at heart, you have me on that one. I am horrified at the treatment of those that have less, less money, less social standing, less ability to stand up for themselves. I admit it. Having money does not make one better than another. I actually have a huge issue with this, passionate doesn't even begin to cover it, LOL.

You said it yourself. Let's talk legal. The contract states if you don't pay, you lose the property. Why are the banks picking and chosing which contract to uphold and which to let lie? A contract is a contract, not like when you are the one that got caught speeding.

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Berkshire Hathaway HomeServices New England Properties) about 7 years ago

Andrea, It truly is a mess.  A few years ago I would have told you that we were not involved but the national turn of events has drug us in to the mess.

Posted by Marchel Peterson, Spring TX Real Estate E-Pro (Results Realty) about 7 years ago
Very good clip art and very good post. Which vendor did you use?
Posted by Cheryl Ritchie, Southern Maryland 301-980-7566 (RE/MAX Leading Edge www.GoldenResults.com) about 7 years ago

Andrea:

I see you point.  It does seem unfair that very large homes are not being foreclosed while average home held by average buyers are being foreclosed sometimes when there is a loan modification in process.

Posted by Evelyn Kennedy, Alameda, Real Estate, Alameda, CA (Alain Pinel Realtors) about 7 years ago

The value of a house is not the key. The key is that the banks have figured out that their assets (the collateral for the loans that are delinquent) are better maintained by the folks who are no longer making their payments but are living rent free. Whether the owners remain or the banks foreclose and throw them out, no payments are coming to the lenders. The difference is that the banks do not have to maintain homes that they do not own. In most cases, the people who live in the homes keep them in much better shape than if the banks had foreclosed and the homes sat empty. Banks have begun to understand that short sales are good for them, too.

Posted by John Juarez, ePRO, SRES, GRI, PMN (The Medford Real Estate Team) about 7 years ago

Andrea - I think that John Juarez is right.  The banks are strategically deciding NOT to foreclose on certain homes.  I suspect that they are still foreclosing on the lower priced homes because they get absorbed faster by investors who can turn them into rentals.  The multi-million dollar foreclosures have higher carrying costs and are more expensive to heat in the winter.  There is more that can go wrong with them.  I don't see the financial point of banks doing more foreclosures.  They should be doing principal reductions and loan modifications for those who want to stay in their homes.  Short sales for those who have to relocate.  Periods of forbearance for those who are unemployed.  It doesn't make economic sense for them to continue to foreclose.  The market can't absorb all the inventory and it just drives prices lower causing more strategic defaults by homeowners.

No it's not fair, but then again it's not fair that my tax money went to the banksters and that they gave themselves lavish bonuses and faked affidavits to foreclose on properties where they already made money when they securitized the mortgage.  It's not fair they were paid once for the mortgage when they securitized it and then paid again for the mortgage in a short sale.  How many times can they collect on the same house?  It's all being done with smoke and mirrors.  In Connecticut the lender doesn't even have to produce the note to foreclose.   There is a specific law that state they don't have to do this.  State Senator Musto and a few others have tried to repeal this law, but it's stuck in committee and may never see the light of day. 

The rich are getting richer on the backs of the poor.  This is a problem for a democratic nation, because revolutions are always fostered by great disparities between the small number of rich people who rule and the angry, ever growing mob that is poor.  The most stable time for a democracy is when there is a large middle class and our middle class has been shrinking since the 50's and 60's, but is now almost at the vanishing point thanks to the Great Recession.  Fairness has nothing to do with being a social worker, communist, or socialist.  It has to do with keeping our democracy strong and preventing the social upheaval that comes from disparities between those who have and those who have not.  Financial institutions have to be regulated or they will regulate us (oh, that's right they already are).  Too late!

Posted by Gail Robinson, CRS, GRI, e-PRO Fairfield County, CT (William Raveis Real Estate) about 7 years ago

Andrea- I don't like it... but I think I know why it happens the way it does.  The family in the $50,000 home never took care of it.  The bank can foreclose and turn it quickly.  The family in the $1,500,000. is still mowing the lawn, still fixing the leaky toilet and still living in the house even though no one is buying his  homes he used to build anymore and his wife's salary isn't enough to pay the mortgage and keep the special needs child in the special school and the baby in diapers.  The bank lets them stay because there is NO consumer out there waiting to JUMP on that house if they foreclose this month so it will sit empty and devalue even further.

is it fair... perhaps not, but it is a fact.

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) about 7 years ago

Andrea, what is that saying, "the rich get richer and the poor get poorer." Certainly seems to apply here.

Sharon

Posted by Sharon Alters, Realtor - Homes for Sale Fleming Island FL (Coldwell Banker Vanguard Realty - 904-673-2308) about 7 years ago

Trying to figure out the logic is giving millions of people a migrane.

Posted by Dave Halpern, Louisville Short Sale Expert (Keller Williams Realty Louisville East (502) 664-7827) about 7 years ago

Andrea: Awesome post... For me the whole thing started going south when the whole MERS thing showed up. The real nightmare to me is, how can a bank now foreclose on a home when they don't even really know who holds the note? They're servicing whom? I'm not a fan of short sales, but I agree with you that we need to move this inventory and put it in the hands of people that will care for them...

 

Posted by Rene Fabre, Marketing in the Digital Age (First American Title) about 7 years ago

A thorn in our real estate backside! I love it and I agree. Did I just step in something???Sniff!

Posted by Rosalie Evans, The Evans Group, Sioux Falls, SD Homes For Sale (Meritus Group Real Estate) about 7 years ago

I have a listing, current market value of somewhere around $500K, where the owners haven't made a mortgage payment since 2/09 and they are still there, with no sale date set.  Also know a man, whose home in the same price range, was foreclosed on many months ago.  He is still there, and hasn't heard a word from the bank.

Posted by Janna Scharf, Coeur d'Alene Idaho Real Estate Expert (Keller Williams Realty Coeur d'Alene) about 7 years ago

Andrea, great discussion, but I have to add my two cents. In my market, there are many, many lower end homes that home owners have not made payments in 3+ years. This is no joke. This is fact. So the banks are choosing when to foreclose on properties that make sense to foreclose on. A lower end home, is usually in a less desirable area, the borrower may owe 300K plus, and the market value is somewhere around 60K. The banks are telling borrowers they are not going to foreclose.

As you say in your post, the banks are now choosing not to foreclose on higher end properties for those reasons. It's the middle end priced homes, the ones that are sought after by investors and first-time home buyers that are going to foreclosure. It's what makes sense financially to the banks. Why keep properties as REOs that are low-end that no one wants to buy, or so expensive no one can afford? Investors are not purchasing the more expensive homes. They could care less about buying a mcmansion with granite countertops, travertine floors, custom cabinets, etc. Investors are looking to purchase modest homes for rental cash flow.  Absolutely great post! Thanks,

Posted by Pamela Seley, Residential Real Estate Agent serving SW RivCo CA (West Coast Realty Division) about 7 years ago

An interesting post that I enjoyed reading. Thank you for sharing!

Posted by Sarasota & Manatee Counties FL, QuickFreeMLS.com - Listings In Paradise (SaraMana Properties - QuickFreeMLS.com) about 7 years ago

The disparity between the haves vs. the have nots has been growing at an alarming rate and this is just one more example of how unjust our society has become.  I don't recognize my country any more and have lost the pride I used to have in my country.  The super-rich need a loooooong soak in a tax tub so that the money that is being hoarded can circulate.  If that makes me a socialist - I'm proud to be one.  SOAK 'EM GOOD and LOOOONG. 

Note - that I am NOT referring to the merely well-heeled, I'm referring to the hedge fund managers, the wall street moguls, the banksters  and the CEO's that got us into this mess in the first place.

Frankly, if the governement doesn't shake that tree pretty soon you may indeed face another American Revolution.  The answer is to force money into circulation that is bening hoarded.  The super-rich are those that are doing the hoarding - and shaking that loose is essential to any kind of recovery.

Posted by Ruthmarie Hicks (Keller Williams NY Realty - 120 Bloomingdale Road #101, White Plains NY 10605) about 7 years ago

Extremely well written post. It depends where you are as to how the banks are handling short sales and foreclosures. Where we are both short sales and foreclosures have been handled fairly well. Though that might be due to the very low instance of both in this part of NC.

Posted by Dawn Crawley, Find Pinehurst Homes (Dawn Crawley Realty) about 7 years ago

Andrea, an interesting post that has a wide variety of comments each way. There is little understanding as to how the banks chose their targets, but the idea that a higher end property continues to be maintained does have substance, even though it's not fair.

Posted by Ed Silva, Central CT Real Estate Broker Serving all equally (RE/MAX Professionals, CT 203-206-0754 ) about 7 years ago

If you realy want to be disgusted, watch "Inside Job", the documentary narrated by Matt Damon.  Talk about Cow Pies.....

Posted by Karen Crowson, Your Agent for Change (Coldwell Banker Residential Brokerage) about 7 years ago

Andrea, all I can say is they are well deserving of your CowPie award.

Posted by Michael Setunsky, Your Commercial Real Estate Link to Northern VA about 7 years ago

Banks have a stranglehold on communities in general.  I had a neighbor who tried to work with the bank.  She abandoned her home about 3 years ago.  She filed for bankruptcy, and put her home in the matter.  The bank (BofA) did not foreclose, leaving her name on the deed.

Our HOA, stupid as they are, .. continued to go after her for the last few years for her dues!  The judge put it into arbitration.  There were no legal fees awarded, and the HOA foreclosed on it.  BofA will someday realize they have NO house to foreclose on any longer, and will probably pursue legal claims against our HOA.  The house was put up for auction by the HOA.   It is still empty!  And will it "help" my property values?

I do have the key to get inside, and it is full of cock roaches and the back yard is like a weed forest. And BofA??? OMG, they are now calling her, and mailing her telling her they would like to work with her.  She spent $10,000 defending herself, after her bankruptcy, from our HOA, and now they "want to work with her"??  

She had originally put down $30,000 on a $200,000 home, and she walked away.  Houses like hers, are now on the market for under  $100,000, and are going for less money than the property sold for 12 years ago, brand new!  

Are millionaires more savvy when it comes to playing the real estate game??  Are they too, too big to fail?   It seems someone like my neighbor is getting squeezed a hell of lot more than the millionaires. 

 

Posted by Liz Murray, Professional Home Stager (Renaissance Home Staging & Redesign) about 7 years ago

OH... and one more thing.  By not foreclosing on those McMansions in those upper class neighborhoods, those higher priced homes retain their values, don't they???  Unlike the middle and lower class neighborhoods who see their property values plummet because the banks consider the more modest housing "rentable".  

Their solutions to resolving the mess they created are creating a huge blight within neighborhoods like mine.   I'm shocked at how they are unloading properties that are in such horrible condition! 

Posted by Liz Murray, Professional Home Stager (Renaissance Home Staging & Redesign) about 7 years ago

Andrea...I hope you don't mind, I have been wanting to bash B of A lately and hadn't got around to it. They continue to plague (literally) the industry with non-conforming and performing tactics similar to a bully who takes away a a ball from a bunch of kids playing with it. Trying to even discuss the return of the ball is out of the question as you are concerned about getting punched in the nose. B of A is the leader in being the worse bank you can be and no public relations firm even if it is run by the prince of darkness will help them...Cow-pie award..? How about about a sewer treatment plant? thank you Andrea....good post

Posted by Richie Alan Naggar, agent & author (people first...then business Ran Right Realty ) about 7 years ago

Andrea- I agree with you. I too would not like to see so many short sales either but unfortunately you are right. I prefer not to see homes just fall apart vacant rather than have someone maintaining them. That wont do any of us any good in the long run. It's certainly a scary scenario presently.

Posted by Robert and Lisa Hammerstein -201-315-8618, Bergen County NJ Real Estate (Keller Williams Valley Realty) about 7 years ago

Unfortunately, the inmates are running the asylum. It will be interesting to see if the American electorate wakes up in 2012 and regains control of the situation. However, with unlimited money to convince "us" to vote against our best interests the prospect does not look promising.

Posted by Gordon W. Miller (Green Mountain Real Estate ) about 7 years ago

Hi Andrea,

You certainly stirred up some good discussion here. We see many variations on the theme around here. We just closed on a foreclosed mansion two weeks ago and see many homes where the home owners received foreclosure notices, but no further action has taken place, some as long as 18 months ago. Short sales are painfully slow, and neither type of distressed property is for the faint of heart.

Posted by John McCarthy, Realtor - Seacoast NH (Bean Group Portsmouth NH) about 7 years ago

Andrea,
What you've brought to light is a case of an industry scrambling to dig themselves out of a worm hole but don't know which way is up. It's an injustice, wrong on so many levels. I wrote a blog about the robo-signing and the foreclosure mess recently and I have more questions that answers to it all.  They deserve the biggest and smelliest in-you-face cow pie.

Posted by Dee Mayers, San Gabriel Valley, CA about 7 years ago

Marchel, we can't get away from them although I wish we could. It is really dragging us down.

Cheryl, thank you. The first photo is my own, the clip art at the bottom is from a program called iClipart.

Evelyn, the worst is when we are racing against the clock and lose. Makes no sense to me at all.

John, if banks are beginning to understand short sales are good for them I haven't seen it yet.

Gail, the whole thing is seriously such a mess. I don't like the idea of short sales, but homes do so much better as a short sale as opposed to a foreclosure. We have what we have been dealt and it is truly not a good situation. I believe that we need to be right and just, but perhaps we that believe that are a dwindling few. And you are right, there is an angry and ever growing mob of poor people... not a good thing.

Tammy, I understand what you are saying, but it is not right at all. I do have a question, where are all those people who lost their homes? I saw a documentary about the homeless families in Florida, it focused on the children in school. It scared the hell out of me.

Sharon, a sad, but true, saying... or so it would seem these days.

Rene, I am convinced that we need to move the homes asap, not let them sit. And give the previous owners their lives back. Thank you.

Rosalie, we all stepped in it!

Janna, have the same situation here too. And they really want to do the right thing and move on. They want their lives back, but want to keep the house in good shape for the next owners. Sad state of affairs.

Pamela, what I have seen is that many are not even on the market that should be. It will end up a bigger crisis than we have already. Thank you!

Quickfree, thank you.

Ruthmarie, I am not smart enough to know what we should do to fix this mess, but I am smart enough to know they aren't doing enough. It scares the hell out of me.

Dawn, we are seeing more and more here, so our tough times are probably just beginning. Many have been allowed to just sit, and when action is taken it will be a disaster.

Ed, it is not fair, I have no idea how they make their decisions, and I don't like it one bit. I see nothing but trouble for us for a long time to come.

Karen, I will look for it, and probably will be very upset that I watched it! Thanks?

Michael, thank you!

Liz, this can kill neighborhoods as you point out. I do have my ideas on what should be done, but know that I have no voice in the matter. So we sit and watch things crumble around us. Not good at all. It seems to unfair, so damned one sided.

Richie, thank you, and feel free to bash away. They make me sick too. I hear things about them on a daily basis that turn my stomach. And not just where real estate is concerned.

Lisa & Robert, I wish it were different, but what can be done? Either make deals to keep owners in their homes, if they can pay something, by reducing the debt. Hell, they lose money anyway. And if they can't keep it, have a realistic purchase price set up front, put it on the market and get it sold in a timely fashion, not the crap short sale we have now. I know.. pie in the sky and it will never happen.

Green Mountain, the prospects have not looked promising for years. I don't know who can right this ship.

John, there has to be a better way, it is truly a disaster. And not for the faint of heart, you are right about that!

Dee, it is an injustice, in so many ways on so many levels, you are right about that. When I really try to wrap my head around the mess I get so frustrated and upset. Something has to give!

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Berkshire Hathaway HomeServices New England Properties) about 7 years ago

Well said... COW PIES.....

Posted by Sussie Sutton, UTR TEXAS Realtors - Rep for buyers and sellers. (UTR Texas Realtors) about 7 years ago

Yikes, Andrea, I was unaware of this situation - clearly worth a blue ribbon cow pie or two!

Posted by Karen Hawkins, MBA - Langley & Surrey, BC (Royal Pro Real Estate Network) about 7 years ago

Andrea, what a brave and smart post.  Thank goodness Karen Hawkins reblogged and brought it in front of me.  I like Jon Zoltsky's posts but I respectfully disagree with him.  We are a sad and sorry nation if the idea of fairness and legality cannot co-exist.  I enjoyed Ruthmarie's #28 comment and have to say once I hear socialism described as such - where can I order the t-shirt because it fits me.  Richie Naggar #35 also brings up great points.

Very well deserved feature post.

Posted by Mona Gersky, GRI,IMSD-Taking the mystery out of real estate. (MoonDancer Realty, Dillsboro,NC) about 7 years ago

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