Comments on: Minnesota Foreclosure Prevention Options http://www.aaronsold.com/blog/2008/06/minnesota-foreclosure-prevention-options/ Updates on the Twin Cities real estate market from Edina Realty REALTOR Aaron Dickinson. Sat, 28 Nov 2009 02:48:40 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: homebuyerfirst http://www.aaronsold.com/blog/2008/06/minnesota-foreclosure-prevention-options/comment-page-1/#comment-6005 homebuyerfirst Wed, 02 Jul 2008 14:41:56 +0000 http://www.aaronsold.com/blog/2008/06/minnesota-foreclosure-prevention-options/#comment-6005 I believe that this great. I am glad that some places are trying to help those who "bite off more than they can chew". Lots of newly married couples take the plung and get trapped. This is great thanks for the post. hoembuyerfirst http://first-time-home-buyer-s.com I believe that this great. I am glad that some places are trying to help those who “bite off more than they can chew”. Lots of newly married couples take the plung and get trapped. This is great thanks for the post.

hoembuyerfirst

http://first-time-home-buyer-s.com

]]> By: John Tancabel http://www.aaronsold.com/blog/2008/06/minnesota-foreclosure-prevention-options/comment-page-1/#comment-6002 John Tancabel Sat, 28 Jun 2008 21:00:05 +0000 http://www.aaronsold.com/blog/2008/06/minnesota-foreclosure-prevention-options/#comment-6002 Unfortunately it is already too late for most "distressed homeowners" to learn of "available help before it is too late." Help in the form of counseling is much too late. The government regulators are supposed to act as policemen protecting consumers from predatory lenders. Our regulators failed. In this instance, government regulators are acting as undertakers, showing up when the bodies are all room temperature. I have met with all too many married couples - often both on anti-depressants. The government should not have allowed these hyper-complex loans to be peddled. If Merill Lynch and Morgan Stanley could not assess the risk associated with ARM loans (as evidenced by the billions in losses they have sustained), how could an the busdrivers, clerks and teachers on main street be expected to weigh the risk? What are the great benefits of counseling? Inform them of the exact date they will be evicted. Tell them to purchase several rolling suitcases from Target. Tell them the truth: You were screwed. Our government failed to reign in the greed of lenders, and Wall Street because they were both making huge campaign contributions. The excesses went on too long. If your loan is in a CDO, the likelihood of working out a modificiation agreement is very small. The government will bail out lenders -- and thereby protect lenders (who pretend to worship at the altar of the free market) from the consequences (losses) of their bad decisions. They people - however - will continue to twist in the wind. It is all very sad. Many wonderful innocent people were harmed. This "self inflicted wound" was altogether avoidable. We will be dealing with the carnage for years. Unfortunately it is already too late for most “distressed homeowners” to learn of “available help before it is too late.” Help in the form of counseling is much too late. The government regulators are supposed to act as policemen protecting consumers from predatory lenders. Our regulators failed. In this instance, government regulators are acting as undertakers, showing up when the bodies are all room temperature. I have met with all too many married couples – often both on anti-depressants. The government should not have allowed these hyper-complex loans to be peddled. If Merill Lynch and Morgan Stanley could not assess the risk associated with ARM loans (as evidenced by the billions in losses they have sustained), how could an the busdrivers, clerks and teachers on main street be expected to weigh the risk? What are the great benefits of counseling? Inform them of the exact date they will be evicted. Tell them to purchase several rolling suitcases from Target.

Tell them the truth: You were screwed. Our government failed to reign in the greed of lenders, and Wall Street because they were both making huge campaign contributions. The excesses went on too long. If your loan is in a CDO, the likelihood of working out a modificiation agreement is very small. The government will bail out lenders — and thereby protect lenders (who pretend to worship at the altar of the free market) from the consequences (losses) of their bad decisions. They people – however – will continue to twist in the wind. It is all very sad. Many wonderful innocent people were harmed. This “self inflicted wound” was altogether avoidable. We will be dealing with the carnage for years.

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