With 7 million homes in default, unemployment not getting better, other than by just a decimal of a percent every few months , at least to this tax payer it seems to be time to make a few adjustments to the train tracks we are on. I am tired of seeing the “Crash” it’s depressing. Let’s talk about twin track, that is contributing to the public pain. Here is a link to what the National Counsel of State Housing Agencies says about twin tracking, as it was discussed in the U.S. Senate.
I know how I would modify Twin Tracking , I would end it. The Servicers are doing a very poor job, in many cases I see the Loan Modification Division of the Bank and Short Sale Division, acting as separate management components. The CEO’s need to end this separation of the divisions. There is no notification of the” time line” of the Modification and Foreclosure process to the client, and it hits them as a surprise when they think they can still short sell.
Frankly, I think that Congress is trusting Treasury to do the job right, and they are now getting frustrated with the results Foreclosures are on the rise, I hope we are only hours away from some change in the policy, I don’t want to see my community hurt any more than necessary.
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