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A Plan for Foreclosures. The Power of Goals. Restructure Toxic Loans.Put a Plan in Place

This letter is to share with you my thoughts on ways to help solve some of the foreclosure problems. How about this: the lender allows the owner to pay on current value amount at say, a 5%, 30-year amortized loan (giving some cash flow to the lender). The owner signs a modified deed of trust, giving the lender control over when and if the home will be sold (say, a five-year minimum) and when the home is sold, the lender will benefit from any increase in value over the reduced loan payment basis. This would give the lender the opportunity to regain losses it is taking now without any ability to regain anything. The homeowner would be able to stay in their home and could benefit in any equity earned under the reduction amount. I know there are more details needed, but let’s start the ball moving forward with some common sense before it gets much worse!

Barton Hyde
Boulder City, Nevada

“Is Goal Setting Holding You Back?”,
November 25, 2008

The Ultimate Motivator

Well written, wonderful piece. As a habitual goal setter in pretty much all that I do, I find that it is almost a must for me to know the “why” of it. Shocking to see that the percentage of those who stick to their goals is only 30%. Nonetheless, setting goals not only drives me, but I am always so passionate about my “why” that I feel like a steamroller forging forward continually to cross the finish line and when I do, the next goal is already in motion. Driven, passionate, challenging and already having the second goal in place is the incentive for me-I usually cannot wait until one is completed, just so I can go onto the next. Goals are motivators, especially in real estate.

Diane Wyman
Clarks Summit, Pennsylvania

“House Prices Must Return to Trend Levels to Stabilize Market”,
December 4, 2008

Realtor Responsibility

This article accurately sums up what needs to be done to correct the over-exuberance that was displayed in the housing market. The only thing I disagree with is the structuring of the loans of those homeowners whose homes would be affected by this plan and would probably end up in foreclosure. I believe the lenders or holders of the paper on these loans should take the hit before the homeowners. Most homeowners relied on their respective real estate professionals to guide them through the process. If the real estate professional did not do their due diligence or make an effort to ensure that the client wasn’t over-paying for the property, who should ultimately be held responsible?

I personally saw too many people enter into the real estate profession during the housing boom that had only one goal in mind…make as much money as fast as possible without regard for the consumer.

I have two suggestions: first, require that “toxic” loans be restructured so that the homeowner has a chance to make payments, even if the terms are longer; second, increase the requirements to hold a real estate license and appraiser’s license. In addition, mandate that those in the title/closing business and loan originators be licensed as well.

Nick Chuckles
Real Estate Agent/Manager
Westerville, Ohio