• MREIA

The Year Of The Foreclosure

2007 | Vena-Jones Cox


The editorial below was written in 2007. Would you agree that the statements presented below are just as true today as in 2007?


Unless you've been living under a rock on the dark side of the moon, you're probably aware that foreclosures are THE hot topic both in real estate circles and on Capitol Hill.


With delinquencies continuing to skyrocket-more than 13 million households have received some kind of foreclosure notice in 2007, and 7.3% of mortgages across the U.S. are in default everyone from the media to statehouses to congress to Wall Street to the legal community are proposing "solutions" to the foreclosure "crisis."


But you know who's REALLY on the street cleaning up this mess, right? It's the trained foreclosure investors who negotiate short sales, rehab REOs, take over payments, generally keep as many properties as possible from becoming abandoned and as many owners as possible from losing their properties at auction.


Some of the proposed answers to the crisis are reasonable ones-if banks will simply restructure some of their subprime loans to fixed rates, many owners will be able to keep their homes and ride out the slow market. Some, though, are ridiculous wastes of money. Local efforts-and there are many-to give homeowners cash to catch up their payments will result in nothing more than homeowners who are back in foreclosure (and taxpayers who are mad about making other people’s payments) three months later.


The current legal actions by cities and individual against banks and Wall Street investments firms involved in subprime financing will, if successful, have an enormous long-term impact on the lending industry and make our lives difficult for years to come, without making the lives of the foreclosees any better.


  • The fact is, a lot of loans were made in the last five years that had no real chance of succeeding.

  • The fact is, the real estate resale market is in the toilet in a lot of cities, and an owner's attempts to sell to a retail buyer to avoid foreclosure will come to naught

As investors, we didn't cause these problems, but we're in a great position to fix them. With our skills and willingness to buy in this market, our private funds and, our courage to know that the market will right itself, we are in the unique position of being able to help sellers, communities, and, of course, our own pocketbooks during this once-in-a-lifetime foreclosure property fire sale.


Reprinted by permission from The Real Deal, Vol 10, Issue 1. Visit regoddess.com, call 1-888-ASK-VENA or e-mail drewwhite@att.net


0 views

Recent Posts

See All

Will the Dodd-Frank go away?

June 2017 | Phyllis Rockower The House of Representatives passed the H.R. 10, the Financial Choice Act, along straight party lines. This is a sweeping overhaul of the Dodd-Frank Wall Street Reform and

IRA Developments

March 2016 | Dyches Boddiford For 2016, the IRA contribution limit remains the same as 2015, $5,500 and $6,500 if you attain age 50 during 2016. IRAs are allowed to invest in master limited partnershi

About Us

MREIA (Metro Real Estate Investors Association) is New Jersey's oldest real estate investors group founded in 1982. Our mission is to aid, train, motivate and share information relating to real estate investing. We are dedicated to helping both beginning AND experienced investors. We serve the New Jersey-New York metropolitan area.

We are a chapter of the National Real Estate Investors Association.

Subscribe

Watch recaps of our meetings, member interviews, and our How To series on our YouTube channel, @mreiateam.

Connect with Us

Email us at team@mreia.com

Call or text us at 908-3mreia3

(908-367-3423)

Join us on Meetup

  • Facebook
  • YouTube
  • Instagram Social Icon

©1982-2019 Metro Real Estate Investors Association, PO Box 296, Oceanport, NJ 07757. Call or text 908-3mreia3 or 908-367-3423 All Rights Reserved.

Code of Ethics |  BylawsDisclaimer | FAQs | Testimonials