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After much consideration and many many days following this bailout and that bailout; I have come to the conclusion that the bailouts need to be bailed out.
I am not sure, they know what they are doing. Point in fact, my client called the bank to try and do a modification so that his interest rate wouldn't go up 3% and then he would be able to continue to pay his mortgage on time. You would think the bank would jump all over that; however, they responded that they haven't heard about how their bank will handle the money from the government. My client proceeds to ask, "has your bank received its TARP money." She exclaims, tarp, what are you talking about. I don't know tarp.
They need our help!!! I think they are realizing they need our help because in a cnbc statement about the $700 billion TARP money, Cohn states, "You can only stabilize prices by stemming the foreclosure rate." It also states that the systematic Foreclosure Prevention and Mortgage Modification Act of 2008, to be paid for with TARP money, would commit 24.4 million to modify half of the 4.4 million non GSE loans expected to become problems in 2009.
If this is not a cry for our help, then what is. I can help them; it is a simple formula. If the owner of the house can afford to pay $1000 per month and be on time for the next 20 years instead of the $1200 per month for the next 20 years; then I would as a bank representative would choose to make a little less on a current mortgage or I could choose to backload the minute loss. Unfortunately for the banks, they are allowing the owner of the home to not pay for up to 12 months at $1000 per month. So when an offer to purchase finally comes in, they decline it because it isn't enough to cover the principal of the loan; oh so lets just let it sit another 12 months at $1000 plus upkeep, until it is vandalized or until it becomes unlivable...... I on the other hand; (not a professional, just my opinion) as a bank rep would take the offer since my bank is loosing $1000 per month and the upkeep on a vacant home. I am not sure, but my dad always taught me that a little bit of something is better than NOTHING.
They need some help.
There are over 55 million mortgages in foreclosures. I guess there won't be any lay offs in that department. Hey, maybe if you are looking for a job.... apply at the mortgage dept and become a loss mit person or just answer the phone, and maybe you CAN HELP.... PLEASE!
...... and I thought the "change" only happened in women. Now days everything is changing..... the leaves, the weather constantly, the moods of our peers, the gas prices, the market, the dow, and yes even MEN.
I know we all want change to happen fast. At least I know women want to zip through the "change." But through the storms are when we really learn how to survive and conquer. We change our perspective on life, we look at the leaves as they turn color; we appreciate those warm sunny days in the winter months, we miss those first steps our child made because now they are making large footprints out of the home.
Just going through life is not WORTH living. Our forefathers went through trauma. For some of our "grands," they lived through slavery and for some the holocaust. For many, they survived the recession; and if we want to dig deep in our past generations; Joseph helped save his 6 brothers (who sold him into Egyptian slavery) get through the famine that was affecting everyone.
What we must do during these times of change is learn from them. Start a new budget.... stick by it. Change your spending habits; only get what you need and cut out the wants. Don't give your kids "everything." Lets not look at this time of slumber as a totally bad thing because I know what doesn't kill us will make us stronger. I become stronger through each adversity whether it is personal, financial or physical. I say become and not became because I know that I am still alive and I will have more to overcome.
This is the time to start a new thang. Don Ward stated, "if you are going to doubt something, doubt your limits." Now go start!
Being from the North, I was not aware of the Nascar sport until I moved to Charlotte almost 10 years ago.
Like so many transplants, I did not have a clue that Nascar was just as big as the NFL or even NBA. I thought
it was a bunch of cars going around in a circle.
Now for the budget crunch; Brian France says that they will continue to work with its partners. The article is interesting; check it out for yourself. We know the economy is scaling back a tad. The necessary things are becoming essentials and the entertainment companies are feeling the heat.
Drivers are almost like the free agents in the NFL and are changing teams more than they did in the past.
Petty http://www.nascar.com/2008/news/headlines/cup/12/10/blabonte.rpetty.announcement/index.htmlSponsorship has hit the elite and the players that just want to play.
Sara W.
We continue to hear that we are in the worst of the worst recession in over 30 years. So why is it I still see folks shopping everyday at retail stores. I go to a chain store and can't find a parking space. So I have to park 20 cars away with crutches and everything. I notice the items in the carts and it doesn't look like all of it is "need." We are still spending money.
I spent dozens of hours preparing for a buyer who was in need of an acre or more, a master down, all brick and some tranquility to go home to after a very long day at work. As I search the homes and read every detail of the hundreds of homes in their price range, I then looked at photos hoping to capture the peace and stillness of the nature through the photography. A few grabbed my attention; so off we go in search for the perfect home; almost like the perfect mate ( that no one can seem to find). I was determined that we would be successful.
About 25 + houses later, we narrowed it to two. I am saddened by the fact that some agents are misrepresenting their homes via virtual tour or still photos. Yes, we want our listing to look great; but by no means should we do a "switch and bait." Do we really think that if we got the buyers to our listings and give them less than expected, that they will be happy? Or should we give them more when they view our property and they are overjoyed.... matter of fact they will probably keep us in mind for their next transaction because of our honesty.
Lets get real. We know the market is horrible. Heck I am sitting on alot of listings that I would love to sell next week; but I know the economy is down. However, no matter how hard times get, I refuse to misrepresent my clients.
Sara
Welcome to a new thing I decided to do after viewing my son's blogging for gaming magazines. I figured "I raised this intelligent young man." Heck I too can blog.
As you notice, I will be using large fonts for those of us that can use reading glasses occasionally.
Please feel free to add to my opinions.
