Friday, September 26, 2008

Who needs a life ring?

(this is my house)
So many of us are treading water with our heads about to go under, yet we persevere. With heads barely afloat, we are just making it. But although I am one of the has cost many Americans their homes, their cars, their savings and retirement, some their families. That is a high price tag for the US Economy. So where is their bail-out. The government is working hard to bail out numerous banks that made poor financial decisions at the cost of many American families, one of them could have easily been my family. So what about all the Americans seeking recovery. What about all of the Americans that despite the bail out are going to lose everything anyway.

I get it, we need a plan, we need government intervention. But if those CEO's of those failing banks make out with fat pockets, I am going to be livid. It's just not fair.
But damn-it... make it work. If anything George Bush, go out of office making something work for once!!!!!

I work in the mortgage industry. We get so many calls from families about to lose their homes, begging for help. We can't help. The best advice I can give them, sell and fast. Some are so far in the hole we refer them to a lawyer that can help file bankruptcy, this way the bank can't foreclose and they will have to short sell. Some might even get a re-evaluation of their loans.
These bad banks tell borrowers to pay all this money upfront to get caught up and then they will re-work the loan on more favorable terms. IT'S A LIE. They get the money, all that you have, and then tell you you don't qualify. So now it's impossible for you to even start over. You just depleted your 401k to save your home.

I love my home. I know now that I overpaid for it. I know that the house I sold to get my the home I am in now, is probably 100k under value now and the people I sold to are screwed. But I find myself in the same boat. But it's my home, I am not walking away from it. I will work at McDonald's to try to save it if I have to. It's not an ATM that I can pull cash out of when I am low or want a new car. It's not any less valued b/c it's not worth as much, I love my yard, I love my neighborhood and I love my house. Then I think of the millions of Americans just like me that were willing to do something to save their homes.

Millions, just like me.

The government better do something now. We are headed for a major downfall. It's costing America more than money. Don't they see that?


Anonymous said...

Don't pretend that because you think you're "one of the good guys in real estate" that you are. Because thats a lie. It's even worse when you lie to yourself.

You're part of the problem. If you had offered people realistic mortgages and stopped throwing money at people you knew couldn't make it (because you know more about money than they do, because youre a financial professional) we wouldn't be in this mess.

Ellie said...

I don't normally get mad at ignorant comments like that, but who the f*** are you to say what I am and what I am not?

Why stay anonymous to voice your opinions.

My company is an honest lender. This office and the people I work with do so with integrity. That is why my company is still here.

Intead of telling me to do some research, do some of your own.

you really are a peice of shit.

Anonymous said...

You're in a bloodsucking industry. Don't pretend like you're not.
There is no such thing as an honest lender. If you really were, then you would have folded a long time ago.

Ellie said...

without lenders, realtors and title would you buy a home?
through the you really think that your interests would be better served?
No, it wouldn't.

The lenders that did the dishonest lending are those that are out now.

My branch is struggling, but we are here. We never did reverse mortgages, or state arm products that people couldn't afford.

In the 7 years, I have had one borrower turn his house over. ONE.
reason being, he got fired from his job right after he sunk all his savings into updating the home.

Is that my fault? no.

So many people used their homes as ATM's thinking that the value would keep increasing. We all knew the bubble would burst sometime. It was crazy to think that townhomes in Germantown were worth 500k. But people wanted to buy them. If we say don't buy in this area buy in that area... that is called steering and your government prohibits lenders from doing so.

Your realtor isn't even allowed to tell you what type of neighborhood you are buying in. Is that right?

Also, think about all those builders, building communities at high prices, selling homes that were not worth the price tag and then the market soured. What happened? They slashed the prices of all the other homes in the neighborhood. So new buyers bought houses for $500k when the same houses months before were selling for $800k. Now there are a ton of homeowners stuck with 800k mortgages, and can't even sell to help them out of it. My sister is in this type of boat.

Virginia is going under and fast because of an illegal immigrant law they just passed. The government wanted to buy all the foreclosed homes and sell them to government employees for lower prices. Is that fair? the government using tax payer money to buy homes, but not all tax payers have the advantage of purchasing the lower priced homes?

The government sets the tone for the rates, not the mortgage companies.

The bad guy in all this mess is the 'broker'. the guy who shops a rate with different lenders and charges a yeild spread premium.
And uses bait and switch tactics.

If you think that all lenders are bad, then maybe you fall into that category of American's that go hurt in all that mess. For that, I am sorry if you are going through a hard time.

But some of the borrowers in these situations, need to realize, they knew the terms, knew the risks, knew the lies they were willing to tell to get certain loans. It isn't all the loan officer's fault.
Some of it is circumstance.

I think that regulation is falling into where it needed to be a long time ago. Houses are no longer inflated in their values.

It's a tough market, but if you are honest, more than likely, your business survives.

Ben said...

Ignore him, Ellie. Clearly he doesn't understand how this works.

In unrelated news, this bailout is going to make things much, much worse. Basic history will tell you after WWI, when the Germans just printed more money to pay their sanctions, the economy was destroyed. Let's hope we start making top notch cars and beer in the near future, otherwise I shudder to think what will become of this economy.

The saddest part of all is Barack Obama is going to shoulder the blame for it in his first administration. Hopefully the news and history will remember he inherited a shit sandwich.

Anonymous said...

Sometimes you talk like a knee-jerk Republican, and sometimes you talk sense. I don't know what you make of you, Ellie.

So maybe I stand corrected. A bit.

Ellie said...

who ever makes it in has a tough road ahead.

Our dollar is going to fall. It's going to be a tough one. But don't you agree something needs to be done?

Hopefully we will bounce out of it like in the 90's, which I have to read up on a bit. But if big CEO's get their pockets filled after this is that helping?

Do you really think that Democracy can't work Ben?

If not..what do you suggest..socialism?

This election has been an eye opener. The first time I have ever been really really 'involved'.

Anon..I am not all that bad. and I am always open to opinions that are presented rationally. Not everything has to be an attack.

Close minded people are those that don't contribute to this world but hinder it. If we aren't willing to hash out the differences of opinions, how will change ever occur?

I try to be as open minded as I can. There are some things about me, that will never change. But we can always discuss it.

Anonymous said...

Maybe a little socialism is what's called for here. I really agree with Michelle Obama when she said that in order for this country to get fixed, someone is going to have to give up a little of their HUGE slice of the pie so that someone else can have a little slice. That's equality, it's not evil.

Laissez-faire capitalism does NOT work. And since the castration of the SEC, that's what we have.

Nicole said...

Ellie..I just went and looked thru my stats counter and clicked outclicks and nobody from my blog ( or the blog formerly known as mine :-p) outclicked to yours so I have no clue as to who your visitor is, but I doubt it is anyone I am familiar with.

seems like things have come to an agreement of sorts here anyhoo.

Off Top, but i'm well...busy but enjoying life. Off to Vegas for a whole glorious week next Friday.
email me your address so i can send you a

how come you had the vaycay from hell? where did you go?