Foreclosures are way down in Nevada. The banks have their hands in their pockets staring at the sky wondering what to do next. They’d love to throw the homeowner out on the street but the getting kind of scared to do that nowadays. The government started to step in some. The banks are being investigated for their escapades and digressions of the past. The air stinks with lies and deceit and sooner or later things will be uncovered and some of the dirty dealings we all have been hearing about will be exposed on places like 60 Minutes and CNN.. by Robin Basichis
Sooner or later the banks are going to have to do something with the homeowner who is sick of being upside down in equity or it’s stalemate for the economy. Nobody in their right mind should continue to pay on a toxic asset that they will never climb out of in this lifetime or the next. Even if you believe in reincarnation and you come back you probably won’t be able to pay the house off in your second life. Of course there are some Saints among the Sinners but they are lost in the shadows of the minority and in this case the minority is shrinking. People are getting pissed off.
How many choices are left when you get stuck in an upside down investment? You owe $500,000 on your home and it is worth $230,000 on a sunny day. Either the banks have to come in and make a deal with the homeowner by adjusting the balance owed and resetting the mortgage or pay them to leave. If the banks don’t want to make a deal and insist on short selling properties to parties other than the current homeowner then they should give the homeowner and incentive to disappear – give them money so they can get a fresh start.
If the bank offered me between $15,000 and $20,000 to walk away from underwater property I would do it in a heartbeat. It would give me options to rent a place for awhile or do a Lease Purchase if I found the right deal. I’d be out of the house in 30 days and the bank could go sell it. I’ll even sell it for them for short money just to be a nice guy and do my part to help kick start the economy.
Wouldn’t it be a lot cheaper for them to give me the money than to have to come in and foreclose, fix up the property, then market and pay a real estate agent commission to sell the property. It really just doesn’t make any sense.
Just give me the money you bunch of cheap rotten crooks.