My Thoughts On Renting YOUR Property.

RE: -- http://seekingalpha.com/article/111113-why-would-we-want-to-bail-out-this-homeowner?source=email

Being in the short sale biz and dealing day in and day out with lenders that care ONLY ABOUT THEIR BOTTOM LINE AND NOT AT ALL ABOUT HELPING HOMEOWNERS (call ANY HONEST asset manager, they will confirm this and that their ONLY job is to get back as much money as possible for the bank, and yes I can give you the contact info. for several myself).....a BIG part of me says GOOD FOR THE OWNER!!!!

I also agree, like most articles, in order to spark "interest", remember "If It Bleeds it Leads", the author here makes NO distinction between investors looking to scam banks, and, between homeowners who put money down and simply got in over their heads. There was an investor here locally in Manassas, VA that actually would break into vacant bank owned properties (he checked the Washington Post for foreclosure auction dates and times) would change the locks after the auction, THEN PLACE SIMILAR ADS ON Craigs List, low rent and month to month pocketing any cash he received.......I think we can all agree that is fraud. On the other hand, I do however, feel for those homeowners who are "getting even" and watching out for themselves.....

Keep in mind, these loan servicers get paid MORE MONEY to service delinquent loans, and currently, about 80% of ALL mortgages are handled by servicers.....translation, they have NO incentive to assist or foreclose and cut off a paycheck to themselves. Most of these loans got securitized and things are simply a train wreck b/c of current foreclsoure and securitization policies.....did you know that in some of these securitied mortgages, ONLY 4% - 6% OF THEM ARE LEGALLY ALLOWED TO BE MODIFIED......how is that statistic for those of us trying to also get loan modifications done TO HELP HONEST HOMEOWNERS DO THE RIGHT THING!!!!!! Homeowners have no control over securitization rules......yet, many fall victim thereto.

Being as blatant as this owner appears to be, I ASSUME of course the owner in the article HAS tried to do the right thing, and the bank, like MANY MANY MANY do, told him to "go screw himself" in so many words, and he is fighting back the only way he can.....he still owns the property, so, why not do what is in HIS best interest if the bank is effectively forcing him to live with the stress and non-sense for another 12 months!!!!

A GREAT reason why I HATE MOST NEWSPAPERS -- as noted above, the person who wrote the article did NOT speak at all with the owner who wrote the ad. Would it or should if matter if the owner put down 20% on the property, did EVERYTHING HE COULD to do the right thing, i.e., loan modification, deed in lieu, short sale, all without a pro like us :-), and the bank denied him on EVERYTHING! Would or should that make a difference?

I do not see this as fraud if all parties are aware of what is happening. If he owns the property and the bank is not willing to assist his efforts to do what is "right", why not then do what is in his best interest?The owner clearly does not write the foreclosure policies the servicer and investor must follow. I have tried deed in lieu's myself, just GIVING THE BANK BACK THE PROPERTY WITHOUT THE DRAWN OUT WAIT AND PROCESS, and we were denied!!!!! WHHHAAAAATTTTT? They do not want the house back today, but, prefer and are mandated to go through a long process taking months and months!!!!! Again, just dumb policy!

If the tenant is aware of the situation, it could be argued it is not too bad for the bank as they have someone living in and taking care of what would otherwise be a vacant property, subject to vandalism, transients, mold, busted piping, etc. At least when they finally take it back it will (or at least should) be relatively livable (easy there landlords, we have all had rough tenants)

As I seem to say in ALL of my messages about the current housing situation: UNTIL LENDERS GET THEIR HEADS OUT OF THEIR _______, THIS SITUATION IS ONLY GOING TO CONTINUE TO GET WORSE AS MORE AND MORE PERSONS FALL ON HARD TIMES.....AND POLICIES REMAIN THE SAME. Uncle Sam throwing cash at the problem will not make things better. Only a change in the actual "process" or "system" will make a difference.

Again, I obviously get FIRED UP about all this non-sense, but, I am in the trenches with homeowners in trouble each and every day....I know how the process works, and, I know what 99% of lenders are putting homeowners through.

PS. As always, for those offended by my lack of "political correctness", I make no apologies in the above. What these lenders are doing to homeowners is just plain WRONG!!!!!! There is NO EXCUSE for doing what they do, forcing homeowners into certain situations, lying to those of us trying to help.....yes, that is right, lenders have NO LEGAL responsibility to be honest to ANYONE but the homeowner. Again, my feeling, let those that keep their head in their ________ go under and get what they have coming to them!!!!!

PPS. Pretty nice tirade and YES I do have better things to do.....just a part of me that enjoys educating everyone I can about the REALITIES of what is going on!!!!!