A Conversation with Bob Durbin, American Hero….About Foreclosure & and Opportunities.
February 10th, 2008 | by paulcauthen |Paul,
It would seem that the mortgage companies are now intentionally forcing persons out of their homes…..strange as that may sound. After two close together prime rate reductions my daughter’s floating interest rate was just raised to 10% on an under $200,000 note. Another friend living in Las Vegas just received the same news, on a considerably larger note, and were forced to default on their mortgage.
I cannot believe these are isolated events.
Hi Bob,
You are right. Americans are being forced out of their homes by the millions. Lenders who make the loans and the government that regulates how they operate should be held accountable. Most people would prefer to keep their homes and make up for missed payments or get adjustable mortgages under control. Lenders are losing big money to forecloses. In my humble opinion it’s a big mess that could be avoided by just using common sense and keeping people in their homes using reasonable loss mitigation techniques which would be a lot more effective than having millions of foreclosures and millions of people with ruined credit… And this is not even taking into consideration the millions more who will be doing short sales, owing taxes on the loss, having a debt to the lenders, and having ruined credit. So much for the consumer driving the economy.
All of this creates a tremendous opportunity for those who can take advantage. There will be plenty of renters for investors who buy foreclosures. And the United States will experience 15% growth in new households purchasing real estate in the next decade. The opportunity is presenting itself. You should see the great buys here in Oceanside, CA.
Call me and I’ll show how to ease the pain on your daughter’s note.
(Bob Durbin is President of the USS Cassin Young Historical Society, United States Naval Maritime Museum. And proud shipmate of my father Master Chief Marion Douglas “Tex” Cauthen, USN.)
