The American Dream was Owning a Home

The american dream of owning a home of your own has since changed to renting your own home.

I just found out that our property taxes and homeowners insurance has gone up by $400 per month.
We can't pay our monthly mortgage payment as it is, so are we going to do?

Option 1
Get more jobs to pay the already high mortgage on our home.

Option 2
Work out a short sale with the bank and loose our shirts.

Option 3
Let the bank proceed with foreclosure on the house.

We are already working with Option 1 and it doesn't seem to be working.
I'm working 3 jobs and we're just paying our bills now.

With Option 2 we will end up with nothing except long drawn out session with the bank,
buyers and trying to work out some happy medium that the bank won't except anyway.
An if they do, then we loose about $150,000.

Or
If Option 3 is to be used then, we stay in the house for about 6 months to 2 years mortgage free.

I choose Option 3
Why not the bank is eventually going to own it anyway, might as well go along with
the ride and save some money.

Roger Holden

Structured Settlement Sales - Starts and Ends with the Banks

The banks started the Structured Settlement Sales / Short Sales / Loan Modifications so they could pull themselves out of the mess they got us all in, the financial crisis in the US economy. And they were saved by the Federal Bailout.

I have seen the low side and the high side of the real estate market values. In the height of the real estate housing boom the prices were at their highs. Everyone was buying a home and some people were buying 2 and 3 homes to buy and flip to make more money.

The mortgage brokers were real happy with all the money they made. The banks were so happy they decided to offer creative financing so people could buy more homes. It got so anybody that could sign their name would be able to get a home loan.

A lot of people jumped in just because they could. The majority of these purchasers signed into so many different types of loans I couldn't even count them all.

Now that the dust has settled from the 5 year spike in the housing market, proud owners of recently purchased properties are finding that the paperwork they signed, they had no idea what it really meant. The adjustable rate mortgages and / or interest only mortgages with 5 year maturities were about to become due.
Most people after being hit with their new monthly mortgage payment that had increased 2 to even 4 times the amount they had been paying for 5 years, quickly found out they could not afford to retain the home.

All of a sudden the banks had found out what a mistake it was to offer they're creative financing avenues.
Foreclosures, bankruptcies and short sales had started to come across the bank's desks. At first most banks just ignored this issue until it cascaded into a real estate market bubble bursting.

Now the bankers and mortgage brokers found themselves on the other end of the stick. Consumers complained they were not told what they were signing and the broker never disclosed the inner workings of the mortgage contracts they were about to sign. Full disclosure is very important especially when hundreds of thousands of dollars are at stake. What were the mortgage brokers thinking, "I don't care, it's not my money"?

With millions of properties for sale because people lost their homes and the bank foreclosed on them. Basically threw the owners out of their home. The banks had to resell the properties for a much lower price than what the mortgage payoff price was. Do you think the banks started to care be now?

Please let me take the time to summarize the real estate market issues.
1) Real Estate Property Values shoot to the roof. Highest prices ever in history.
2) Every one is fighting to buy a home.
3) The banks could hardly keep up with the extra business. Money coming out of their ears.
4) Mortgage brokers push whatever loans they can through to get more money.
5) Underwriters/banks decide to allow some of the normal qualification procedures be waived.
6) Thus creating a new type of lending criteria or creative financing era.
7) Consumers don't care what they are signing as long as they get the loan to purchase.
8) Banks and mortgage brokers neglect to point out the finer details to consumers.
9) The Federal Government receives complaints from consumers.
10) Some mortgage brokers go to jail because of non-disclosure.
11) Second home owners can't resell/flip their properties to make more money.
12) One home owners can't sell their homes to move or better their situation.
13) The majority of new homeowners can't pay their bills or their mortgages.
14) Banks foreclose on homeowners and take back the properties to resell.
15) Properties are placed back on the market for sale but their are no buyers.
16) Prices drop hard and fast because of the number of homes for sale.
17) The unemployment rate skyrockets because people loose their jobs.
18) Banks have to think of something fast to recoup their lost assets from mortgage defaults.
19) Home prices are lowered for quick sales.
20) Banks retained home ownership for nearly pennies on the dollar.
21) The general public attempts to receive bad credit remortgages.
22) The banks offer to restructure bad loans as per the Feds request.
23) People try to remortgage with bad credit because they lost their jobs.
24) Secure loans are only available to people who have not pulled equity out of the home.
25) Remortgage problems take place in the banks because they gave out bad mortgage loans.



This United States real estate boom and bubble bursting was felt around the world.
Investors were afraid to invest in the US properties, stocks went down and people lost a lot of money.
Counties were afraid to invest in purchase structured settlements to bail out the paper holders.
Loan consolidations were not available through the banks because of the risk factor.


The financial structure of the whole world was in jeopardy.

The United States Government stepped in to bail the banks out of this financial crisis they started.
Where is the bail out for all the persons that not only lost their jobs but their homes as well?
The government called them structured settlement sales to appease the public.
I for one am not clouded be this hocus pocus.

The banks got us all into this deep hole and now they don't want to help dig the general public back out.
And the banks have been legislating to get into the real estate market for years. What a joke that would be.

We can all see what a mess you bankers made of this failing economy because of your greed. What would happen if you had the power to sell properties just like real estate brokerage firms?
If you ask me, it would be a big mistake to allow financial institutions into the real estate market because they would really mess up the economy and the lives that have to absorb your mistakes.