The Mortgage Meltdown
December 14, 2008 4:00 PM
Scott Pelley reports on the mortgage crisis that's far from over, with a second wave of expected defaults on the way that could deepen the bottom of the U.S. recession.
A Second Mortgage Disaster On The Horizon?







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Just when you think the real estate and banking scam is over, we hear this news that the worst is yet to come. Like we all know, where there is a disaster in one industry, an opportunity exists in another. Looks like the business to be in is any one that services the foreclosure mess, and having been in the construction, real estate and mortgage industry, the short-sale-cash.com sellers assistance industry is where those in conventional business of real estate have to look at. With millions of foreclosures, and banks dumping all the default properties they can at any price, new opportunities arise.
Success to all,
This mortgage meltdown has created opportunity but we have to say??Buyer Beware.? Mortgage professionals and real estate professionals are jumping on the bandwagon and now providing Loan Modification services. We have researched a myriad of ?Loan Modification? companies over the last three months and there is one thing in common. They all are charging a substantial up-front fee to take on struggling homeowners cases. These up-front fees are starting at $1,500 dollars and exceeding $3,000 dollars. Our opinion is that these new ?Loan Modification? companies are charging these fees because "they can." Homeowners are desperate, they?ve missed some payments and should have a bit of a ?cash reserve,? to pay the fees. The phone jockey - loan mod expert - gets a feel of what the homeowner can pay through a free initial analysis and quotes a fee accordingly. His commission is tied directly to the size of the up-front fee.
If you are having problems paying your mortgage, you can tackle your loan modification yourself or hire an expert; however, you need to do something in a timely manner to save your home, and you need to beware of unscrupulous companies.
I am thankful that I live in a country where people have encouraged me to think for myself, and question people. I am thankful that I live in a country that have more strict rules about what is allowed and is not allowed in regards to Banking as we are only country where our banks are NOT owned by the government.
One bad thing about the curent system, is that the listing cointarcts FORCE the buyer to pay the sellers listing agent, no matter if they are a "little thief" or a "big thief". Realtors should never receive a fee for just listing a house. The system where we are is typical. 3% to sellers broker, 3% to buyers broker. The broker can split off a 50% to an associate, or not. The broker has nothing to do but cheerlead the associates and have a small office to entertain the buyers--make it look "official".
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