Foreclosures instead of modifications aids big business

Editor,

What a joke. Once again, we are rewarding big business for having no common sense. A lot of homes and losses could have been avoided a year or two ago when people were calling their lenders to get their loans modified. Banks didn’t want to hear it, wouldn’t do it, and forced a lot of people into short sales – or even worse foreclosure. Now “Lenders say their top priority is keeping people in their homes, and their own and the government’s loan modification programs are taking the bulk of their resources.”

Common sense says losses could be cut dramatically by modifying these loans and keeping people in their houses. It took a tax bailout for them to open their eyes, even just a little, on that.

Now, while people are still waiting months for answers because the banks have five short sale processors for every 100-plus files, we want to reward banks for pushing these short sales through. Once again, common sense says it’s a smart and cost-effective thing to do because it’s cheaper than going through the foreclosure process: Hire more processors and keep in mind that a bird in the hand is worth two in the bush – just don’t give away my tax dollars to do it, especially when these banks should have sense enough to think of that on their own.

Lisa Jones
Avalar Real Estate Services
Clermont