Category — short sale home

Gorgeous new short sale home, tons of upgrades and lots of custom finishes!!  HURRY!

Bank of America will be paying 8.5 Billion to settle claims with investors who lost money in mortgage backed securities.

That’s all wonderful and fine but does the American consumer get any of that money?  Does the family down the street that overpaid by $300,000 for their home get any help?  Or how about any of the families who have been forced into foreclosure by the banks because their mortgage rates doubled or tripled after their “teaser” rate expired?

It’s interesting that people see a huge settlement and say “Good, they deserve it!!  Rotten banks, it’s about time they get what they deserve!!” yet many of these lenders still show profits in the billions, have been bailed out by the government, and continue to process business as usual while the average American is stuck trying to work 2-3 jobs to pay the interest on their exorbitant mortgage for a home that isn’t worth even half of what they owe!

So, what can the average American do?  Short sales are one answer and in most cases after a short sale there is no deficiency amount owed.  Walking away from a property is an option however it’s usually worth trying a short sale first.  There is also the possibility of a loan modification however those haven’t been as successful as everyone has hoped.  So far short sales have been the most successful way we have found of “fighting back”!!!

JPMorgan Chase has settled a civil fraud suit for just over 153 million which was a result of misleading buyers just before the big mortgage collapse.

To the average individual this certainly sounds like a lot of money but considering JPMorgan showed a net income in 2010 of over 17 billion dollars I find it slightly disgusting.  This settlement amount is less than what JPMorgan Chase makes in a week!!!!!!

I’d be curious to see exactly how much money Chase actually made on the alleged “misleadings” and something tells me they still ended up in the black on the profit line…

Foreclosures are hurting values our real estate market and suckering people into bad investment deals coupled with lowly interest rates makes the perfectly bad banking trifecta.  

Right about now short sales are about the only thing consumers can use to fight back against these large banking conglomerates and even short sales don’t give people back the money they’ve lost investing in bank securities, real estate investments, or lost interest.

 

Approved Scottsdale short sale!!  As Scottsdale short sale specialists we work hard to help our clients short sale their Scottsdale homes!  Here’s another one of our APPROVED short sale properties:

Beautiful McDowell Mountain Ranch short sale at an approved price!! This beautiful Scottsdale home is a steal at this price and features a wonderful floor plan, great mountain views, and tons of upgrades!!