Banks must also work with investors

Editor,

I believe investor-owned homes are now being added to the foreclosure tsunami as investors experience increased vacancies, increased costs and reduced rental rates. The banks/investors are not working with such borrowers, however. They would rather foreclose than accept reduced payments.

It’s easier to save investor-owned homes than resident-owned homes, in which an owner can lose his job and only source of income.

Currently, the investor has to rent the property for less; in order to keep it rented, however, he cannot pay his mortgage and expenses using the reduced rent.

I hope someone will get some business sense and start working with the landlords who are not scumbags, but just hardworking business people. Failure to do so will result in more foreclosures and more unemployed homeless people (landlords).

Tenants are also affected – they have to keep moving when they cannot afford to do so. Tenants will also be homeless if they cannot afford moving expenses and a deposit on a new place.

Major banks/servicers such as Bank of America, Chase, IndyMac Bank and GMAC are not doing anything, except to cause untold stress to the landlords. They pretend they are working with them, and then say at the end of the process that they cannot assist them because they are investors. They know upfront whether someone lives in a home or not, but they still request documents and go through the process, only to tell the landlord/borrower they cannot be helped because they are not living in the home.

I believe the foreclosure crisis will continue for a long time as lenders and servicers have a vested interest in not preventing foreclosures. The qualifying process can and should be streamlined, ending with a good faith attempt to actually prevent foreclosure.

However, VULTURES are not able to comprehend this. Nothing will be done until investors lose everything and are flat on their faces in the streets!

Kamala Minto
The Green Team Realty
Pembroke Pines